OLA Members are leaders in the industry and strictly adhere to industry Best Practices. We want to be sure all OLA members–and the entire industry–are aware of the importance of industry standards to their businesses.
Best Practices
OLA Code of Conduct:
Treat people fairly and with respect.
Self-Policing and Enforcement
OLA is a self-policing organization. If OLA discovers or receives a report of any violations of the Best Practices, Antitrust Statement, or Self-Regulatory Principles, the OLA Board of Directors will take immediate action. OLA’s board will investigate the reported violations and will request and direct that the OLA member address the issue immediately. The board will monitor the member to ensure future compliance. The board has the authority to suspend and terminate membership if any member is found to be in violation of any Best Practices, the Antitrust Statement, or Self-Regulatory Principles.
OLA Best Practices Overarching Guidelines:
- Ensure consumers are making educated financial decisions by fully disclosing all loan terms in a transparent and easy to understand way.
- Give consumers a chance to change their mind by maintaining a reasonable cancellation policy.
- Be a company in good standing with the officials and regulatory bodies that govern you. Comply with all applicable laws and regulations.
- Never engage in activities that are unfair, abusive, or deceptive.
- Protect every consumer’s personal data with comprehensive website security and a privacy policy and ensure that your vendors protect consumer personal data in the same manner.
- Provide consumers with a copy of your privacy policy and an ability to opt out of information sharing.
- Help consumers help themselves by providing referrals to credit counseling, education, and assistance when appropriate.
- Use advertising and marketing practices that promote the responsible use of short-term credit services. Do not engage in any false, misleading, or deceptive advertising campaigns.
- Take applications from consumers and originate loans consistent with all applicable laws.
- Ensure that payments are authorized and processed consistent with federal laws and that consumers fully understand the options for sustained use of loans.
- Provide comprehensive website security and fraud prevention practices that include timely and accurate reports on loan activity, consumer notification of account use, and validation of routing numbers. Always treat consumers with respect and use fair, professional, and non-abusive collection practices. Never use threats, intimidation, or harassment to collect accounts.
- Appropriately manage third-party service providers to ensure that consumer information is shared and protected consistent with applicable law.
Policing the Internet to Protect Consumers: A Decade of Leadership
A new report out by the Online Lenders Alliance, whose members account for 80 percent of online loan volume in the U.S., provides a detailed look into an industry-wide policing effort to protect online borrowers from fraud and abuse.
OLA’s policing efforts include clear Best Practices that all members must comply with; a robust web-crawling initiative aimed at weeding out improper behavior; an active OLA Consumer Hotline; a widely recognized OLA Seal; and a steady flow of reporting to the Federal Trade Commission.
