OLA was featured in an American Banker article, providing comments on the Bureau of Consumer Protections Small Dollar Rule.
American Banker: CFPB’s payday rollback plans don’t go far enough for some lenders
Those affected by the CFPB’s payday lending rule hailed the agency’s announcement last week of plans to propose changes next year. But they expressed disappointment that the CFPB will address just the rule’s “ability-to-repay” provisions, and not limits on how often a lender can debit a borrower’s account.
“We would prefer to have the CFPB redo the whole rule,” said Mary Jackson, CEO of the Online Lenders Alliance. “The payment section of the rule is already outdated, and if the current rule goes into effect it seems duplicative and unnecessary.”