COVID-19 Updates

The Online Lenders Alliance understands that this is a time of extreme uncertainty. As it is our mission to protect consumers and ensure safe access to credit, we are consistently urging our members to be sympathetic to consumers current situations and alter their business operations to suit their needs during these trying times. We are constantly monitoring the economy and providing weekly snapshots to our members, as well as monitoring any legislation coming out of DC.

  • U.S. and State Factsheets on Consumers During COVID

    OLA curated several state factsheets (AZ, CA, HI, IA, IL, NE, NM, NV, TX, WI) that provide data around consumers and financial services during COVID-19. From the data, it is clear that a vast majority of consumers in each state believe that nonprime consumers should have access to credit, and consumers have rarely submitted complaints […]

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  • Internal Revenue Service Communications and Liaison Division Engagement

    The Internal Revenue Service Communications and Liaison Division is working with OLA to share some important messaging about the stimulus payments. The main message they are focused on right now is about the stimulus payments to ensure everyone who is entitled gets a payment. Although most Americans will automatically receive their Economic Impact payments, there […]

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  • Washington Update

    March 27, 2020 Today, President Trump signed the CARES Act, providing relief to the American economy. This is the third aid package from Congress meant to support businesses during the COVID-19 pandemic. At each stage, our team in Washington has reviewed the legislation and we want to highlight a few portions that are most relevant […]

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  • COVID-19 Lender Guidance

    March 23, 2020 Over the weekend, U.S. Senators Chris Van Hollen (D-Md.) and Sherrod Brown (D-Ohio) released legislation capping consumer lending rates at 36% during the COVID-19 outbreak. The good news is that it did not make it in the final phase three aid package. Our team in Washington is working diligently to make sure […]

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  • COVID-19 Resources

    March 18, 2020 Our lobby team at Brownstein Hyatt Farber Schreck, LLP is providing a daily email on the COVID-19 economic impacts. This email provides an update on actions from Congress, the President and the private sector. This is a great resource as we all try and navigate this difficult time. Click here to review […]

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  • Senate CARES Bill Overview

    March 18, 2020 The Senate passed a multibillion-dollar emergency aid package today that will provide paid sick and family leave for many Americans. It is now on its way to the White House for President Trump’s signature. The second phase of legislation from Congress will address the impacts of the virus on Americans and the […]

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  • Consumer Resources

    March 17, 2020 The Online Lenders Alliance understands the need to help consumers impacted by COVID-19. The current crisis demonstrates in stark terms why we need to protect credit access for non-prime consumers who may be experiencing income lapses due to illness, reduced ability to work due to social distancing requirements, or other factors. Now, […]

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  • Employer Resources

    March 17, 2020 As we continue to monitor the COVID-19 crisis, we wanted to share some great resources with some employer guidance from Littler. The first article is information on the bill the House passed last night for FMLA and Paid Sick Leave requirements that would go into effect for companies with under 500 employees. […]

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  • OLA COVID-19 Message to Members

    March 11, 2020 OLA Members: As the United States Government takes measures to respond to the health threat and economic consequences of COVID-19 (Coronavirus), OLA is asking members to keep consumers protected and assist them as necessary. During this time, we urge that our members keep in mind and be sympathetic to financial volatility of […]

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