Online Lenders Alliance statement regarding CFPB release of Small Dollar Rule
“The Online Lenders Alliance has always supported sensible regulatory reform to protect consumers, but this rule puts politics before people. OLA is deeply concerned this rule will be devastating to consumers seeking access to credit, thereby doing irreversible harm to the very Americans the CFPB purports to be helping. It will crush innovation in the fintech industry at a time when more Americans than ever need these products and services. We will continue urging the Administration and Members of Congress to help everyday Americans, and demand regulations that protect access to credit and put consumers first.”
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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.