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 it will unnecessarily confuse consumers.
“OLA has set industry-leading standards and best practices that ensure customers have access to the most innovative and responsible products in the market. We will continue to work with the CFPB to help shape this rule so that it preserves the innovation needed to meet the growing consumer demand online, and ensures that customers are fully informed and fairly treated. We also hope that the CFPB will listen to the customers who use these products.”