Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement about the Federal Trade Commission’s (FTC) cases against AMG Services, Inc. and MNE Services, Inc.:
“OLA and its member companies appreciate that these cases have been resolved, and recognize there are many lessons from this situation which will be important to consumers and other online lenders. (AMG Services and MNE Services are not members of OLA.)
“OLA members adhere to the industry’s strictest best practices, and are committed to ensuring that all consumers are fully informed and treated fairly. Through this commitment, OLA members launched the “Look for the OLA Seal” consumer education initiative to take the guessing game out of choosing a reputable online lender.”
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.