• Online Lenders Alliance Statement on New Small Dollar Rulemaking

    WASHINGTON, DC – January 16, 2018 – Online Lenders Alliance president and CEO Lisa McGreevy today issued the following statement: “We have always supported sensible regulations that protect access to credit and put consumers first.  We look forward to working with the CFPB to create a rule that accommodates innovation that leads to better options […]

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  • Morning Consult: CFPB Needs a Professional 21st Century Regulator

    Morning Consult: CFPB Needs a Professional 21st Century Regulator By: Lisa McGreevy, president and CEO of OLA We expect President Donald Trump to announce the appointment of a new leader of the Consumer Financial Protection Bureau in the coming weeks. After years of being driven by partisan politics and political agendas, the CFPB now has […]

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  • Now is the time for a professional regulator to lead the Consumer Financial Protection Bureau

    The CFPB needs a professional regulator to take over at the agency.  Many can debate whether or not there should be a CFPB, but until such time as Congress passes legislation to abolish the agency, we need the best possible professional and modern agency.

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  • Online Lenders Alliance Applauds Bipartisan Passage of H.R. 2706, The Financial Institutions Consumer Protection Act of 2017, by the House of Representatives

    Online Lenders Alliance Applauds Bipartisan Passage of H.R. 2706, The Financial Institutions Consumer Protection Act of 2017, by the House of Representatives  Legislation to End Operation Choke Point. WASHINGTON, DC, December 11, 2017 – By a vote of 395 to 2, the House of Representatives today passed H.R. 2706, The Financial Institutions Consumer Protection Act […]

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  • 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 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’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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