Posted by: Liz Jones
A federal charter will allow nonbanks to provide more credit options to meet consumer demand
July 19, 2012 (Washington, D.C.) – The Online Lenders Alliance (OLA) today expressed strong support for the bipartisan HR 6139, the Consumer Credit Access, Innovation and Modernization Act introduced by Reps. Blaine Luetkemeyer (R-MO) and Joe Baca (D-CA).
“A federal charter, as opposed to the current conflicting state regulatory schemes, will establish one clear set of rules for lenders to follow. This will lead to the creation of innovative financial products for consumers demanding them,” said Lisa McGreevy, President and CEO.