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 to an end if legislation introduced by Congressman Blaine Luetkemeyer becomes law. Operation Choke Point was devised purportedly to halt the unlawful use of the banking system, but in reality, this was a campaign by ideologically-driven political appointees targeting a few industries they deemed as unacceptable. Commenting on the legislation, President and CEO of the Online Lenders Alliance Lisa McGreevy said:

“Stop playing politics with banking services.  OLA commends Congressman Luetkemeyer for moving forward with legislation to tell the banking regulators and examiners to stop playing politics with banking services.  Banking regulators and examiners should not be allowed to intimidate banks about doing business with lawful companies.”

The proposal, titled The Financial Institutions Consumer Protection Act of 2017, would prohibit a federal banking agency from “suggesting, requesting or ordering a depository institution to terminate a specific customer account, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer, unless the agency has a material reason to do so, and the reason is not based solely on reputation risk.” Similar bipartisan legislation passed during the previous Congress only to die in the Senate.  McGreevy encourages members to support the legislation, stating:

“Relationships in the banking system should be a business decision – nothing else. We already have consumer protections, safety and soundness standards regulating the industry – there should not be a political litmus test, as well. We need to pass The Financial Institutions Consumer Protection Act of 2017.”

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The Online Lenders Alliance (OLA) is the center for lending, technology, and innovation, representing the growing industry of companies offering loans online. OLA members abide by a rigorous set of Best Practices and Code of Conduct to ensure their customers are fully informed and fairly treated.

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