OLA Statement On Merkley Bill

Posted by: Liz Jones

“OLA believes consumers should have access to more credit options when they need it and in the safest, most convenient way.  We’re concerned this legislation could limit consumer access to credit,” said Lisa McGreevy, President and CEO of the Online Lenders Alliance.  “We understand and share the goal of Senator Merkley to crack down on fraud and illegal lenders out to harm consumers, but we do not believe the arbitrary rate caps on short term credit products contained in this bill is good federal policy.  Instead, OLA supports bipartisan HR 6139, the ‘Consumer Credit Access, Innovation and Modernization Act,’ provides a more balanced approach and gives consumers access to innovative credit products while maintaining current, strong federal and state consumer protections.”

 

The Online Lenders Alliance is a professional trade organization representing the growing industry of companies offering online consumer small, short-term loans. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully-informed and fairly treated.

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