January 28, 2015 (Washington, D.C.) – The Online Lenders Alliance (OLA), today praised the Federal Deposit Insurance Corporation’s (FDIC) Financial Institution Letter further clarifying banks can continue to do business with legal online lenders.
“The FDIC sent a clear message today that banks can do business with online lenders. This is important news for the millions of consumers who rely on us for access to short-term credit, said Lisa McGreevy, President and CEO of OLA.
“The directive requiring FDIC examiners to provide notice in writing when they direct a bank to sever a relationship is an important and necessary check on the potential for government overreach. This is a critical first step to ending the subversive Operation Choke Point campaign by a few overzealous government bureaucrats designed to cut off entire industries from the banking system.”
The Online Lenders Alliance is a professional trade organization representing the growing industry of companies offering consumers small, short-term loans online. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.