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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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Be Wary of Deeply Flawed and Misleading National Survey on Interest Rate Caps
As you may have seen, in February, Morning Consult conducted a survey on behalf of the Center for Responsible Lending (CRL) that claimed that “70% of voters support a 36% interest rate cap on payday and consumer installment loans.” That survey is highly flawed and unreliable. It has been cited in a variety of media […]
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Statement from Online Lenders Alliance Following House Committee on Financial Services Hearing
Following today’s House Financial Services Committee (HFSC) hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps,” OLA CEO Mary Jackson issued the following statement: “Today’s hearing clearly demonstrates that many members of the House Financial Services Committee have more work to do when it comes […]
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Statement from Online Lenders Alliance ahead of House Committee on Financial Services Hearing
Ahead of today’s House Financial Services Committee (HFSC) hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps,” OLA CEO Mary Jackson issued the following statement: “Partnerships between banks and fintech companies are not only legal and already regulated, but also are a positive step forward […]
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Morning Consult: Data Proves Fintech Drives Inclusion
For decades, federal regulators and policy makers have grappled with how to foster credit inclusion to the financially underserved. Many programs were developed with little success. The Federal Deposit Insurance Corporation launched a now-defunct small dollar loan program in 2008 with marginal results. A few years later, the National Credit Union Administration began allowing credit unions to […]
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Statement from Online Lenders Alliance on House Passage of H.R. 3621
Following the news that the House Committee on Financial Services passed H.R. 3621 “The Comprehensive CREDIT Act of 2020,” OLA CEO Mary Jackson issued the following statement: “H.R. 3621 is a dangerous piece of legislation that would cause significant harm to consumers by diminishing credit options and complicating the already-confusing credit process. In recent years, […]
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New Poll Finds Active Duty Military Households Experience Significantly Higher Rates of Financial Hardships than Non-Military Households
New Poll Finds Active Duty Military Households Experience Significantly Higher Rates of Financial Hardships than Non-Military Households -Majority of Military Households Live Paycheck-to-Paycheck Every Month and Have Been Denied Access to Credit Due to Military Lending Act- ARLINGTON, Va. (January 15, 2020)— In a time that our country is preparing to send over more troops […]
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There’s a better way to regulate small-dollar lending
Innovation in online lending has shifted consumers away from traditional payday lenders. And while that’s a safer bet, the shift has also sparked a misguided policy conversation around online lending that is focused on the wrong thing: capping interest rates. Read the full op-ed on American Banker.
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Online Lenders Alliance Statement on OCC’s Guidance on “Valid When Made” Doctrine
Following the news that the Office of the Comptroller of the Currency released their NNPR on “Valid When Made” doctrine OLA issued the following statement: We applaud the recent actions taken by the OCC to support bank-fintech partnerships through a proposed rule that would mitigate the consequences of the Second Circuit Court of Appeals’ ruling […]
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Online Lenders Alliance Statement on Garcia-Grothman Legislation to Eliminate Consumer Credit Choices
WASHINGTON, DC (November 12, 2019) — Following the news that Rep. Jesus “Chuy” Garcia (D-IL) and Rep. Glen Grothman (R-WI) introduced legislation that would eliminate safe access to credit for millions of Americans and make it harder for non-prime consumers to find loans, Online Lenders Alliance CEO Mary Jackson issued the following statement: “It’s disappointing […]
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