• OLA Applauds Creation of Small Business Borrowers Bill of Rights

    August 6, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA), today praised small business lending leaders’ creation of the Small Business Borrowers Bill of Rights. “I applaud small business lenders’ dedication to transparency and fairness with the creation of the Small Business Borrowers Bill of Rights.  Companies like Fundera, Lending Club, and Lending Circle […]

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  • ASAE Honors OLA’s “Look for the OLA Seal” Campaign

    WASHINGTON (July 23, 2015) – The Online Lenders Alliance (OLA) has earned the 2015 American Society of Association Executive’s (ASAE) Power of A Silver Award for its “Look for the OLA Seal” Campaign, aimed at educating consumers on the importance of doing business with companies committed to the strictest best practices and protecting them from […]

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  • Online Lenders Alliance Praises FTC Action Against Lenders That Intentionally Defrauded Consumers

    WASHINGTON, July 8, 2015 — The Online Lenders Alliance (OLA), today praised the Federal Trade Commission’s (FTC) action against a group of online lenders accused of funding loans that consumers never approved then making unauthorized debits from their bank accounts. “Online lenders that defraud consumers should be prosecuted and put out of business,” said Lisa McGreevy, […]

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  • Indiana Licensing Requirements

    A lender wanting to make Non-Mortgage Consumer Loans or Small Loans (payday loans) in Indiana must complete an Indiana Loan License application or an Indiana Small Loan License application. A loan transaction occurs in Indiana if a consumer who is a resident of Indiana enters into a loan transaction with a creditor who is based […]

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  • OLA Asks CFPB to Promote Innovation, Access to Credit in New Rule

    The Online Lenders Alliance sent the attached letter to the CFPB’s Consumer Advisory Board (CAB) in advance of its meeting tomorrow in Omaha where it will discuss its proposals to regulate short-term loans. “The CFPB’s final rule must promote innovation in the market place and preserve access to credit for the millions of Americans who need […]

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  • OLA Praises FTC for Obtaining Money for Defrauded Consumers

    May 15, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) today praised the Federal Trade Commission (FTC) for obtaining refunds for consumers defrauded in a phantom debt collection scam. “We applaud the FTC for securing refunds for consumers victimized by this fraudulent debt collector,” said Lisa McGreevy, President and CEO of OLA.  “OLA member […]

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  • CFPB Proposal Would Hurt Consumers it’s Designed to Help

    The following op-ed was published on The Hill website on April 28: By Samantha Bentson I recently attended the CFPB’s Richmond hearing where the agency released its draft proposal governing short-term credit.  During the public comment period I heard many of the same stories from customers and employees that I hear every week in my […]

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  • Payday Lenders Warn That Proposed New Rules Could Hurt Consumers

    By Jim Puzzanghera Los Angeles Times March 27, 2015 Payday lenders complained loudly that tough new federal regulations proposed for their industry would force many operators to shut down and leave cash-strapped consumers with fewer options for getting short-term loans. “It’s apparent to me that literally hundreds of businesses would be so adversely affected by […]

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  • Feds Outline New Rules on Payday Loans

    By Lindsay Wise McClatchy Washington Bureau March 26, 2015 Federal regulators on Thursday will outline a proposal to place limits on high-interest, short-term loans – the first step in the government’s efforts to curb payday debt traps. The long-awaited rules drafted by the Consumer Financial Protection Bureau would cover payday loans, vehicle title loans and […]

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  • Payday Lenders Face New Rules Amid Allegations of Consumer Abuse

    By Carter Dougherty Bloomberg March 26, 2015 Payday lenders face their toughest federal regulations to date following a years-long campaign by consumer groups that accused the firms of charging astronomical interest rates and leaving borrowers in an inescapable debt trap. The U.S. Consumer Financial Protection Bureau will propose Thursday that payday lenders verify a borrower’s […]

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  • Obama Pushes Payday Lending Rules in Alabama

    Gregory Korte USA Today March 26, 2015 President Obama pushed for stricter payday lending rules Thursday as he defended the federal government’s consumer protection watchdog against Republican efforts to defund the agency. “The idea is pretty common sense: if you lend out money, you should first make sure that the borrower can afford to pay […]

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  • OLA Releases Statement on the CFPB’s Small-Dollar Rule Proposal

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the Consumer Financial Protection Bureau’s small-dollar rule proposal: “At a time when consumers are demanding choices for flexible, responsible credit products, we’re very concerned that this initial proposal could severely restrict their options.” The Online Lenders Alliance represents the growing industry […]

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  • H.R. 766 Financial Institution Customer Protection Act of 2015

    Full text of H.R. 766 to provide regulatory relief to community financial institutions, and for other purposes.  

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  • Preserving Innovation and Access to Credit Essential in the CFPB’s Small Dollar Rule

    The following op-ed was published on The Hill website on March 3, 2015: By Lisa McGreevy There has been a revolution in financial technology and in the way consumers expect to conduct their personal business online.  The Internet has democratized communications, banking, and commerce in ways that are changing on a daily basis where the limits of […]

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  • OLA Letter to Director Cordray on CFPB Rule

    Read: 02-20-2015 Letter to Director Cordray

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  • Online Lenders Alliance Praises FTC Action Against Debt Relief Scammers

    February 24, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) today praised the Federal Trade Commission’s (FTC) action against firms allegedly running a debt relief scam targeting short-term loan customers. “We applaud the FTC’s efforts to put fraudulent debt relief companies out of business.  The sole business interest of many of these companies is […]

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  • OLA Praises Rep. Leutkemeyer Legislation to Stop Operation Choke Point

    February 5, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) praised Congressman Blaine Leutkemeyer’s (R-MO) reintroduction of his Financial Institution Customer Protection Act written to curtail the harmful effects of Operation Choke Point.  The bill would ensure that the policies outlined in last week’s FDIC Financial Institution Letter become law. “We appreciate Congressman Leutkemeyer’s […]

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  • FDIC Action is Critical First Step to Ending Operation Choke Point

    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 […]

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