• Online Lenders Alliance applauds bipartisan passage of H.R. 2706 The Financial Institutions Consumer Protection Act of 2017 by the House Financial Services Committee

    Online Lenders Alliance applauds bipartisan passage of H.R. 2706 The Financial Institutions Consumer Protection Act of 2017 by the House Financial Services Committee  Legislation to end Operation Choke Point. WASHINGTON, DC, October 12, 2017 – By a vote of 59 to 1, the House Financial Services Committee today passed H.R. 2706, The Financial Institutions Consumer […]

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  • Online Lenders Alliance statement regarding CFPB release of Small Dollar Rule

    Online Lenders Alliance statement regarding CFPB release of Small Dollar Rule “The Online Lenders Alliance has always supported sensible regulatory reform to protect consumers, but this rule puts politics before people. OLA is deeply concerned this rule will be devastating to consumers seeking access to credit, thereby doing irreversible harm to the very Americans the CFPB purports to be helping.  […]

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  • Letter to Commissioner – Virginia Bureau of Financial Institutions

    The Online Lenders Alliance is participating in the Legislative Working Group on modernizing the Virginia code for consumer finance. The working group is part of the Bureau of Financial Institutions (BFI), a regulatory division of the Virginia State Corporation Commission (SCC.) This division is involved in consumer protection through the administration of state laws regarding […]

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  • Huffington Post: Don’t Allow Politics to Rush Credit Access Rules

    The following op-ed on the CFPB and small dollar rule was published in the Huffington Post on August 23 by Lisa McGreevy, President and CEO of Online Lenders Alliance. 

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  • Online Lenders Alliance Commends FTC for Taking Action Against Discount Club Scam

    WASHINGTON, D.C. – Today, the Online Lenders Alliance commended the FTC for charging a group of marketers led by EDebitPay and Saving Pays Club that bilked consumers out of millions of dollars for services they did not authorize. 

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  • BCCA and Consumer Finance Association Announce Merger

    The directors of the BCCA and the Consumer Finance Association have announced that the two organizations will join together and form a new organization to represent alternative lenders and allied services, including a range of firms from new start-ups to the market leaders. “The Online Lenders Alliance (OLA)has had a long standing relationship with the […]

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  • OLA Response to Blue Global Media/FTC Settlement

    OLA Response to Blue Global Media/FTC Settlement For immediate release Contact Stephanie Schlesinger at 703-567-0327 or sschlesinger@oladc.org Today the Federal Trade Commission announced a settlement with Blue Global, a lead generator for online loans.  The FTC alleged that Blue Global did not adequately vet its affiliates and customers; sold leads for purposes other than securing […]

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  • OLA Applauds Introduction of The Financial Institutions Consumer Protection Act of 2017

    For immediate release Contact Michael Day at 703-567-0327 or mday@oladc.org Online Lenders Alliance Applauds Introduction of The Financial Institutions Consumer Protection Act of 2017  Legislation to End Operation Choke Point WASHINGTON, D.C. – A multi-agency effort initiated under the Obama Administration to deny licensed, legitimate businesses access to the federal banking system may soon come […]

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  • OLA Responds to CFPB RFI on Use of Alternative Data

    On May 19th, OLA submitted a comment letter to the CFPB in response to an RFI issued by the agency in February. OLA members have been leaders in the alternative data field, building new and innovative models to assist in broadening the availability of capital to consumers. The letter focused on a broad range of topics […]

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  • OLA Opposes California AB 784 Limiting Consumer Credit Options

    The Online Lenders Alliance sent a letter to Members of the California Assembly Apparitions Committee expressing strong opposition to AB 784. This legislation seeks to impose an interest rate cap for consumer loans between $300 and $5,000, greatly limiting an important source of funds for millions of underbanked consumers in California. If enacted, AB 784 […]

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  • OLA Opposes California Interest Rate Cap Bill – AB 11109

    The Online Lenders Alliance expressed strong opposition to AB 1109. This legislation seeks to impose an interest rate cap for consumer loans between $2,500 and $10,000, greatly limiting an important source of capital for non-prime consumers in California. If enacted, AB 1109 will negatively affect consumers who are legitimately searching for fast and convenient credit, […]

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  • OLA Submits Letter Opposing Maryland SB 527/HB 1270

    The Online Lenders Alliance expressed strong opposition to SB 527/HB 1270 and requested that the bills be vetoed. One of the many benefits that online lenders provide is the flexibility to use varying terms and conditions to offer consumers capital. Should SB527/ HB1270 become law and establish a combined fees and interest rate cap of […]

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  • April is Financial Literacy Month!

    April is Financial Literacy Month and we at the Online Lenders Alliance believe that the best borrower is an informed borrower, especially when it comes to shopping for an online loan. In addition to our consumer resources and OLA Hotline, we developed these tips so consumers can protect themselves against fraud and have a more informed […]

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  • OLA Letter to Google regarding AdWords Financial Services Policy

      Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), sent a letter to Google’s Senior VP & General Counsel in regards to the Ad Words Financial Services Policy update in July 2016. OLA and our Members believe that the terms of the policy cause harm by preventing consumers who are legitimately searching […]

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  • OLA’s Letter in Support of CA Senate Bill 297

    OLA expressed its support of Senate Bill 297 by sending a letter to Senator Dodd, Chair of the Senate Banking and Financial Institutions Committee. OLA represents the growing industry of innovative companies that develop and deploy financial technology which include proprietary and innovative underwriting methods, data analytics, and non-traditional delivery channels to offer online consumer loans […]

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  • OLA Files Comments with CFPB on Consumer Data Access

    In response to a Request for Information (RFI) by the Consumer Financial Protection Bureau (CFPB) regarding Consumer Access to Financial Records, OLA filed Comments with the CFPB regarding the industry’s views on consumer data and their ability to share that data with third-party organizations. Dodd-Frank Wall Street Reform and Consumer Protection Act Section 1033 outlines […]

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  • OLA’s Letter to the FTC in Response to “Follow the Lead” Workshop Staff Perspective

    The Online Lenders Alliance drafted a letter to the Federal Trade Commission that lays out OLA’s Best Practices for Lead Generation, the advantage for consumers of the Ping Tree and discussed ongoing policing activities.   View the full Response Letter: Response to FTC Staff Perspective on Online Lead Gen  

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  • OLA COMMENTS ON FTC ACTION AGAINST JOEL TUCKER

    WASHINGTON, January 9th 2017 – Recently, The FTC filed a Complaint against Joel Tucker in federal court in Kansas. In commenting on the action Lisa McGreevy President and CEO of the Online lenders Alliance stated: “The members of the Online Lenders Alliance are committed to ensuring customers have fair, transparent access to the credit they […]

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  • ONLINE LEAD GENERATION IN THE SMALL DOLLAR LOAN MARKET: SERVING NONPRIME CONSUMERS

    Lead generation is a long-established marketing and advertising method used throughout the American business community that has become increasingly important in the age of internet commerce. Consumer focused companies use third-party lead generators to reach people who are looking for specific goods and services. Through their own independent marketing and advertising, lead generators create marketplaces […]

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