Posted by: Jeff Brownlee
September 27, 2013 (Washington, D.C.) – Lisa McGreevy, President & CEO of the Online Lenders Alliance (OLA) today issued the following statement commending the Federal Deposit Insurance Corporation (FDIC) for publishing a Financial Institution Letter confirming that banks can continue to process transactions between online lenders and consumers.
“We applaud the FDIC for publishing guidance that confirms banks and processors are not prohibited from processing transactions between online lenders and the customers who authorize them,” McGreevy said. “We pledge to work with the banks and bank regulators to ensure that all necessary compliance programs will be undertaken. Millions of consumers nationwide rely on short-term credit to meet the needs of their families. Taking away this credit option would have left them very few alternatives.”
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.