OLA Federal Affairs
As the voice of the online consumer loan industry, one of OLA's primary objectives is to track and affect change on legislative issues related to the online consumer lending
industry at both the Federal and State levels of government.
The Online Lenders Alliance support
consumer friendly legislation that protects the consumer's right to online lending solutions
and access to cash. Our members also support legislation that protects the customer's right to
full financial disclosure that makes practical sense.
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CLAIM VS. REALITY: New DoD Report Misses Key Information on Impact of Military Lending Act (MLA) and Military Annual Percentage Rate (MAPR) Caps
ARLINGTON, VA. (July 28, 2021)—A new report required under on the National Defense Authorization Act (NDAA) for Fiscal Year 2021 ‘on a Military Annual Percentage Rate lower than 30%’ from the Department of Defense’s Undersecretary of Defense for Personnel and Readiness concludes that the Military Lending Act is “working as intended.” The Department failed to […]
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Statement from Online Lenders Alliance CEO Mary Jackson on OCC’s Finalization of “True Lender” rule
“Today’s action by the Office of the Comptroller of the Currency brings much-needed and long-overdue clarity to the financial system. While the pandemic has accelerated the process, consumer trends have been moving away from storefront banking and to online providers for quite a while. The rule that OCC announced today modernizes the rules governing the […]
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OLA Sends Letter to House Committee on Financial Services
The House Financial Services Committee is attempting to pass a bill setting a national rate cap at 36% APR. There are 100 million consumers at risk of losing access to credit. See our letter to the committee here.
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OLA Statement on Recent Operation Choke Point Court Findings
“Operation Choke Point’s failures are yet another reminder that we need a data-driven principle-based approach to consumer lending policy. For years, Operation Choke Point has caused thousands of legal, licensed US businesses to lose their rights to access the U.S. banking system. This program dangerously inserted politics into essential banking services and its impact continues to threaten […]
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OLA Provides Comments to Treasury Department in Advance of Fintech Report
OLA Provides Comments to Treasury Department in Advance of Fintech Report As a follow up to a meeting with Senior Treasury Department staff regarding an upcoming report that will include a review of issues facing the fintech community, OLA has provided comments to the Department. Covered in the letter was the need for a national […]
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New Legislation Reaffirms Longstanding Legal Precedent, Increases Access to Credit for Small Businesses and Consumers
New Legislation Reaffirms Longstanding Legal Precedent, Increases Access to Credit for Small Businesses and Consumers WASHINGTON, DC – Lisa McGreevy, President and CEO of the Online Lenders Alliance today released the following statement in response to recent legislation passed in the U.S. House of Representatives (HR 3299, Protecting Consumers’ Access to Credit Act of 2017) […]
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OLA Support Letter of H.R. 3299 – “Valid When Made” Legislation
The Online Lenders Alliance wrote a letter to Speaker Ryan and Minority Leader Pelosi to express support for H.R. 3299, the Protecting Consumers’ Access to Credit Act introduced by Representatives Patrick McHenry and Greg Meeks, which is scheduled for consideration before the House this week.
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ONLINE LEAD GENERATION IN THE SMALL DOLLAR LOAN MARKET: SERVING NONPRIME CONSUMERS
Lead generation is a long-established marketing and advertising method used throughout the American business community that has become increasingly important in the age of internet commerce. Consumer focused companies use third-party lead generators to reach people who are looking for specific goods and services. Through their own independent marketing and advertising, lead generators create marketplaces […]
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OLA Releases Statement In Response To The CFPB’s Small Dollar Lending Rule
Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the CFPB’s Small Dollar Lending Rule: “At a time when consumers are demanding choices for flexible, responsible credit products, we’re very concerned that this initial proposal could severely restrict their options. This proposal is complex and we are concerned that […]
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Testimony of CFPB Director Richard Cordray From HFSC Hearing
Testimony of Richard Cordray Director, Consumer Financial Protection Bureau Before the House Committee on Financial Services March 16, 2016 Click here to view the full hearing Chairman Hensarling, Ranking Member Waters, and Members of the Committee, thank you for the opportunity to testify today about the Consumer Financial Protection Bureau ‘s Semi-Annual Report to Congress. […]
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OLA Submits Testimony To HFSC Hearing On Small Dollar Lending
United States House of Representatives Committee on Financial Services Subcommittee on Financial Institutions and Consumer Credit * Thursday, February 11, 2016 * Statement of Lisa McGreevy President & CEO Online Lenders Alliance The Online Lenders Alliance (OLA) is the center for lending, technology, and innovation. OLA represents the growing industry of companies offering online consumer […]
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Operation Choke Point Bill Passes The House Of Representatives
OCP Bill Passes House of Representatives I am delighted to share with you the news that Congressman Luetkemeyer’s bill to stop Operation Choke Point, the Financial Institution Customer Protection Act of 2015 (H.R.766), has passed the House of Representatives.The bill passed by a vote of 250-169. This is a major win for our industry as […]
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OLA Submits Comment Letter To CFPB Regarding Small Dollar Lending Rule
In March 2015, the Consumer Financial Protection Bureau announced its intention to make rules regulating the market for payday, vehicle title and similar loans. OLA submitted a letter for the record. You can view it by clicking here.
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H.R. 1264 to amend the Dodd-Frank Wall Street Reform and Consumer Financial Protection Act
Full text of H.R.1264 to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to set the rate of pay for employees of the Bureau of Consumer Financial Protection in accordance with the General Schedule. Click here for bill information
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H.R. 766 Financial Institution Customer Protection Act of 2015
Full text of H.R. 766 to provide regulatory relief to community financial institutions, and for other purposes.
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HR 6139 to create a Federal charter for nonbanks
Full text of H. R. 6139 to create a Federal charter for National Consumer Credit Corporations,and for other purposes. BILLS 112 hr6139ih PDF
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