Posted by: Jeff Brownlee
July 16, 2013 (Washington, D.C.) — The Online Lenders Alliance (OLA) today issued the following statement after the U.S. Senate confirmed Richard Cordray as the Director of the Consumer Financial Protection Bureau:
“Since the CFPB’s creation, OLA and its members have enjoyed a cooperative and productive relationship with the bureau. Our members meet with Director Cordray and his bureau chiefs regularly to educate them about the short term, online lending industry and the consumer demand that drives its growth,” said Lisa McGreevy, President and CEO of the Online Lenders Alliance.
“The CFPB was created to confront 21st Century financial challenges. Consumers are increasingly using 21st Century technology to pay bills, access credit and purchase goods and services online and our industry is using technological innovation to meet their short term lending needs. We are working with the CFPB to ensure the regulations recognize the innovations in the financial services industry used by industry and consumers.”
We congratulate Director Cordray on his confirmation and look forward to our continued collaboration.”
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.