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OLA Reacts to Former Acting Comptroller of the Currency Brian Brook’s Testimony During House Financial Services Committee Hearing
Today, the House Financial Services Subcommittee on Consumer Protection & Financial Institutions hosted a hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters.” During today’s hearing, former Acting Comptroller of the Currency Brian Brooks was asked about the OCC rule on True Lender and the congressional resolution to repeal it using […]
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Online Lenders Alliance Applauds Competitive Enterprise Institute’s New Repot on APR and Short-Term Lending
Following the release of The Competitive Enterprise Institute’s new report Online Lenders Alliance issued the following statement from Director of Research and Policy, Justin Fisk “The Competitive Enterprise Institute’s new report on APR and short-term loans reinforces a critical and often misunderstood point: annual rate calculations are irrelevant and misleading when applied to loans with […]
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OLA Announces New Leadership
Since its founding over 15 years ago, the Online Lenders Alliance (OLA) has led the charge to expand access to credit for all consumers – especially those with low or thin credit – to provide them with more tools to meet their unique financial needs and help strengthen their financial wellbeing. After 32 years working […]
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OLA Response to New CFPB Complaint Database Report
After the Consumer Financial Protection Bureau released its 2020 Consumer Response Annual Report, Online Lenders Alliance CEO Mary Jackson issued the following statement: “In a year of record consumer complaints, the Bureau’s complaint data for 2020 shows that the products OLA members offer performed very well with consumers. Out of more than half a million […]
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OLA Responds to Democratic Senators Plans to Reverse “True Lender”
Following reports that U.S. Democratic Senators will introduce a resolution to undo the OCC’s true lender rule, Online Lenders Alliance CEO Mary Jackson provided the following statement: “OLA believes that all borrowers – including those with less income and lower credit – should have more loan options and greater access to banking. The OCC’s True […]
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Statement from Online Lenders Alliance CEO Mary Jackson on Passage of Illinois Rate Cap Legislation
After Illinois Governor J.B. Pritzker signed SB 1792 into law, thereby limiting interest rates on various forms of credit in the state of Illinois, the Online Lenders Alliance issued the following statement: “SB 1792 is a bad bill for residents of the state of Illinois. It was rushed through the legislature without substantive input from […]
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A Guide to Combating Racism
Although media coverage has decreased over the last few months that does not mean the problems are solved. Now more than ever it is important to be reminded that as Americans we must educate ourselves to put an end to racism. Our understanding of these issues along with action should always be a focus. Many […]
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Statement from Online Lenders Alliance CEO Mary Jackson on Walmart’s Fintech Startup
“The Online Lenders Alliance has long held the position that increased competition in the financial services marketplace benefits consumers by spurring innovation, increasing access, and lowering costs. To that end, even though it is unclear what products Walmart will be offering, we welcome them and wish them success. It is refreshing to see a large, […]
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OLA Sends Letter in Opposition to IL Rate Cap Legislation
Today, the Online Lenders Alliance sent a letter to Illinois Governor J.B. Pritzker to express concerns with Senate Bill 1792 and urge a veto on the bill. This bill creates the Predatory Loan Prevention Act and would establish a 36 percent rate cap and a Predominant Economic Interest (PEI) test. SB 1792 was passed in […]
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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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