After the United States Supreme Court issued a 5-4 ruling in Seila Law v. Consumer Financial Protection Bureau finding that the director of the Consumer Financial Protection Bureau can be removed by the President at will, Online Lenders Alliance CEO Mary Jackson issued the following statement:
“We are pleased with today’s ruling as it settles an issue that has been fiercely debated since before the CFPB even opened its doors. With this decision now in the rear view, the Bureau can fully dedicate itself to the important mission at hand without any uncertainty around the constitutionality of its structure.
“The Online Lenders Alliance has long been a fierce advocate of responsible consumer protections. Our organization has led the industry in implementing our robust set of best practices which were developed with consumers in mind, and we have gone above and beyond to protect consumers in other ways. This includes the OLA Consumer Hotline, the OLA Seal, and our policing efforts to catch, investigate, and report (when warranted) fraud and abuse. OLA’s state of the art web-crawling program that searches Internet sites to identify any misleading claims. Once identification is complete, OLA works with the websites to delete or change any misleading statements. The effort has been successful: since initiating the program in 2016, more than 1 million websites have been reviewed for potential violations of OLA Best Practices with remediation rates that annually reach approximately 98 percent. Violators who do not comply are published and details turned over to the appropriate federal regulator.
