• 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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  • LA Times: Trade group promises stricter scrutiny of payday loan ads

    OLA was featured in the Los Angeles Times focusing on our efforts to monitor fraudulent activity in Online Lending. Trade group promises stricter scrutiny of payday loan ads By: James Rufus Koren A trade group for online payday lenders has started to comb the Internet for sites making misleading claims, part of an  effort to clean […]

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  • OLA Releases Statement In Response To The CFPB’s Small Dollar Lending Rule

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the CFPB’s Small Dollar Lending Rule: “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. This proposal is complex and we are concerned that […]

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  • OLA Releases Statement In Response To Google’s New Advertising Policy

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to Google’s decision to ban advertisements from online lenders: “It’s disappointing that a site created to help give users full access to information is making arbitrary choices on the advertisements users are allowed to see from legal businesses. […]

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  • OLA Releases Statement In Response To US Treasury Department Report On Marketplace Lending

    Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the U.S. Treasury Department Report On Marketplace Lending: “The report released today by the Department of Treasury recognizes that there is a strong demand among consumers and businesses for online loans. What we need is a […]

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  • OLA Releases Statement In Response To CFPB Online Loan Payment Study

    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 Online Loan Payment Study: “Bank account overdrafts are a lose-lose for online lenders and their customers. It is in the customers best interests as well as the lenders best interest for […]

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  • Testimony of CFPB Director Richard Cordray From HFSC Hearing

    Testimony of Richard Cordray Director, Consumer Financial Protection Bureau Before the House Committee on Financial Services March 16, 2016 Click here to view the full hearing  Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau ‘s Semi-Annual Report to Congress. […]

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  • OLA Submits Testimony To California Hearing On “The State Of Consumer Lending”

    California Senate Assembly Banking and Finance Committee “The State of Consumer Lending in California” Statement of Lisa McGreevy President & CEO Online Lenders Alliance The Online Lenders Alliance (OLA) represents the growing industry of companies offering online consumer loans and related products and services. OLA members include online lenders and vendors and service providers to […]

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  • OLA Submits Testimony To HFSC Hearing On Small Dollar Lending

    United States House of Representatives Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit * Thursday, February 11, 2016 * Statement of Lisa McGreevy President & CEO Online Lenders Alliance The Online Lenders Alliance (OLA) is the center for lending, technology, and innovation. OLA represents the growing industry of companies offering online consumer […]

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  • Operation Choke Point Bill Passes The House Of Representatives

    OCP Bill Passes House of Representatives I am delighted to share with you the news that Congressman Luetkemeyer’s bill to stop Operation Choke Point, the Financial Institution Customer Protection Act of 2015 (H.R.766), has passed the House of Representatives.The bill passed by a vote of 250-169. This is a major win for our industry as […]

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  • Online Lenders Alliance Expresses Grave Concern over IG Findings of FDIC Conduct in “Operation Chokepoint”

    Following is a statement from Lisa McGreevy, President and CEO of the Online Lenders Alliance in response to the FDIC Inspector General’s Report on FDIC’s Role in “Operation Chokepoint” In its recently released report, the IG exonerated five FDIC officials who were accused of pursuing “their own personal, political, or moral agendas aimed at forcing […]

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