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Statement from Online Lenders Alliance CEO Mary Jackson on OCC’s “Fair Access” Rule
After the OCC finalized a rule requiring large banks to provide fair access to bank services, capital, and credit, Online Lenders Alliance CEO Mary Jackson issued the following statement: “This final rule is an important step and one that is critically needed to ensure that banks treat all customers fairly instead of using their provision […]
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Statement from Online Lenders Alliance CEO Mary Jackson on OCC’s “Fair Access” Rule
“As we saw with Operation Choke Point, pushing thousands of legal, licensed, and regulated companies out of business by cutting off their access to the U.S. banking system is a gross misuse of government power. It circumvented the legislative and policymaking processes to unfairly punish legitimate organizations. “The government was right to officially put an […]
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Statement from Online Lenders Alliance CEO Mary Jackson Congratulating Joe Biden on Being Elected 46th President of the United States
With Joe Biden now chosen by the American people to serve as the 46th President of the United States, Online Lenders Alliance CEO Mary Jackson issued the following statement: “On behalf of the Online Lenders Alliance, I want to congratulate President-elect Joe Biden and Vice President-elect Kamala Harris on being chosen to lead America for […]
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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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New Poll Finds Vast Majority of American Adults Think Lenders Should Be Allowed to Charge More than 36 Percent APR on Short-Term Loans; Believe Underbanked Consumers Deserve Credit Access
According to a new survey conducted by Morning Consult on behalf of the Online Lenders Alliance, a strong majority (66 percent) of American adults believe that the maximum amount lenders should be allowed to charge for a two-week loan of $100 far exceeds the 36 percent annual rate cap proposed in Congressional legislation and promoted […]
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Statement from Online Lenders Alliance CEO Mary Jackson Regarding Attorneys General Lawsuit Challenging FDIC Rule on Bank-Fintech Partnerships
After the Attorneys General of seven states and the District of Columbia filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) challenging its recent rule to permit and promote banks’ partnering with financial technology (“fintech”) firms to offer expanded services and financial products, Online Lenders Alliance CEO Mary Jackson issued the following statement: “The […]
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Online Lenders Alliance CEO Mary Jackson Statement Reacts to Colorado Attorney General Settlement
Following the announcement that the Colorado Attorney General had reached a settlement in two lawsuits involving banks’ collaboration with fintech service providers, Online Lenders Alliance CEO Mary Jackson issued the following statement: “As service providers to banks, fintech firms can help expand choice for financially underserved consumers, giving them more options to choose from when […]
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Online Lenders Alliance Adds Three to Board of Directors
WASHINGTON (August 17, 2020)—The Online Lenders Alliance (OLA) announced today the addition of three members to its Board of Directors, which is charged with advising, governing, overseeing policy and direction, and assisting with the leadership and general promotion of the organization. Effective immediately, James Celli, Susan Perlmutter, and Sam Spratt will join OLA’s Board. James […]
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Online Lenders Alliance CEO Mary Jackson Statement Responding to OCC Proposed Rule
Following the OCC’s release of its proposed rule outlining that would resolve uncertainties by specifying that a bank partnering with a third party is the “true lender” if it is named as the lender in the loan agreement or it funds the loan (as of the date of origination), Online Lenders Alliance CEO Mary Jackson […]
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Online Lenders Alliance CEO Mary Jackson Statement Responding to CFPB Small Dollar Rule
Today, following the Consumer Financial Protection Bureau (CFPB) release of the final rule on small dollar lending, Online Lenders Alliance CEO Mary Jackson issued the following statement: “The Online Lenders Alliance supports the CFPB’s action addressing the previous rule’s mandatory underwriting requirements, which were overly complex and would have impacted our members’ ability to provide […]
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Online Lenders Alliance CEO Mary Jackson Statement Responding to the Supreme Court’s Ruling in CFPB Case
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 […]
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FDIC Rule Aims to Bolster Fintech Innovation
Yesterday, after the Federal Deposit Insurance Corporation (FDIC) approved a final rule clarifying that the valid interest rate for a loan is determined when the loan is made, Online Lenders Alliance CEO Mary Jackson issued the following statement: “The FDIC’s rule, which codifies that the valid interest rate for a loan is determined when the […]
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OLA Members Provide Assistance to Consumers Impacted by COVID-19
Over the last three months, we’ve seen the impact of COVID-19 on areas throughout the economy. Millions of Americans have lost their jobs or are facing unexpected expenses. While government aid and unemployment benefits have helped many weather the crisis, many others are still experiencing shortfalls. Like many businesses, the online lending industry has experienced […]
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OLA Standing in Solidarity
“The tragic and senseless deaths of our fellow Americans highlight the need for all of us to recognize systemic injustice and do our part to address it — not just under the law, but through our everyday actions. We all need to commit ourselves to fighting for equal treatment every day to create a society […]
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Statement from Online Lenders Alliance CEO Mary Jackson on Interagency Guidance for Offering Responsible Small Dollar Loans
After the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued principles for offering responsible small dollar loans to meet short-term credit needs, Online Lenders Alliance CEO Mary Jackson issued the following statement: “We applaud the […]
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OLA Responds to House Financial Services Committee Chairwoman Maxine Waters’ letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza
In response to House Financial Services Committee Chairwoman Maxine Waters’ letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza calling to exclude lending businesses and their employees from participating in the Paycheck Protection Program (PPP), Online Lenders Alliance CEO Mary Jackson issued the following statement: “At a time when consumers are facing […]
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Statement from OLA CEO Mary Jackson on COVID-19 Crisis
As countries, companies, and consumers continue reacting to the ongoing COVID-19 pandemic, Online Lenders Alliance CEO Mary Jackson issued the following statement: “The Online Lenders Alliance (OLA) continues to monitor the spread of COVID-19 and urge its members to work with consumers by providing them with flexibility, allowing them to defer or skip payments, and […]
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COVID-19 Update From OLA
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, more than ever, […]
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The Online Lenders Alliance Applauds CFPB’s New Advisory Opinion Program
Following last week’s announcement from the Consumer Financial Protection Bureau (CFPB) about their creation of an advisory opinion program, Online Lending Alliance CEO, Mary Jackson issued the following statement: “We applaud the CFPB’s new measures to balance their mission of protecting consumers with the need to provide clear guidance to companies providing the financial services […]
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