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OLA Releases Statement In Response To Google’s New Advertising Policy
Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to Google’s decision to ban advertisements from online lenders: “It’s disappointing that a site created to help give users full access to information is making arbitrary choices on the advertisements users are allowed to see from legal businesses. […]
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OLA Releases Statement In Response To US Treasury Department Report On Marketplace Lending
Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the U.S. Treasury Department Report On Marketplace Lending: “The report released today by the Department of Treasury recognizes that there is a strong demand among consumers and businesses for online loans. What we need is a […]
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OLA Releases Statement In Response To CFPB Online Loan Payment Study
Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the Consumer Financial Protection Bureau’s Online Loan Payment Study: “Bank account overdrafts are a lose-lose for online lenders and their customers. It is in the customers best interests as well as the lenders best interest for […]
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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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Online Lenders Alliance Praises FTC Action Against Lenders That Intentionally Defrauded Consumers
WASHINGTON, July 8, 2015 — The Online Lenders Alliance (OLA), today praised the Federal Trade Commission’s (FTC) action against a group of online lenders accused of funding loans that consumers never approved then making unauthorized debits from their bank accounts. “Online lenders that defraud consumers should be prosecuted and put out of business,” said Lisa McGreevy, […]
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OLA Praises FTC, CFPB Action Against Lenders That Intentionally Defrauded Consumers
Posted by: Lizzy Provow OLA Praises FTC action against Lenders PDF
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Examining the Future of Online Lending
Cheklist Magazine Examining the Future of Online Lending PDF
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Online Lending Helps Meet Short-Term Loan Needs
Posted by: Jeff Brownlee Lisa McGreevy November 1, 2013 US News & World Report A recent op-ed by Tom Feltner titled, “The Dangers of Online Lending” [Oct. 22], is another attempt by so-called consumer groups to vilify the online lending industry without offering a single, credible alternative for more than 60 million middle-class working Americans […]
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Cheat Sheet: Online Lenders’ Legal Minefield
Posted by: Jeff Brownlee Kevin Wack and Joe Adler October 1, 2013 American Banker Not all online lenders are the same. That’s perhaps the simplest way to summarize the head-spinning array of businesses that are currently making consumer loans over the Internet. There are firms that are clearly operating within the boundaries of the law, […]
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FDIC To Rule on Bank-Online Lender Relationships
Posted by: Jeff Brownlee Alan Zibel September 26, 2013 The Wall Street Journal Pressure from lawmakers is prompting a federal banking regulator to clarify how banks should handle relationships with controversial online lenders. The Federal Deposit Insurance Corp.’s move, expected in the coming days, comes amid growing scrutiny on Capitol Hill over efforts by the […]
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Online-Lending Rules Clarification Promised by FDIC’s Gruenberg
Posted by: Jeff Brownlee Carter Dougherty September 25, 2013 Bloomberg The Federal Deposit Insurance Corporation will clarify how banks should do business under U.S. rules with online lenders who have been the subject of a regulatory crackdown over their practices. The FDIC will issue the new guidelines, known as a financial institutions letter, explaining how […]
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Is FDIC Waging Stealth Crackdown on Online Lenders?
Posted by: Jeff Brownlee Joe Adler and Kevin Wack American Banker September 20, 2013</> Intense government scrutiny of online lenders has set off a vigorous debate about how far examiners should go in dictating limits on banks’ dealings with the lenders and the firms that process their payments. The Federal Deposit Insurance Corp. has been […]
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CFPB Head: Limited Control Over Online Lending
Posted by: Jeff Brownlee By Alan Zibel The Wall Street Journal August 22, 2013 The head of a federal consumer regulator conceded his agency has limited ability to tamp down on high-interest online payday lending, a growing industry that is subject to a patchwork of oversight. Consumer Financial Protection Bureau Director Richard Cordray’s remarks come […]
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Indian Tribes Said to Sue N.Y. Financial Regulator
Posted by: Liz Jones From Bloomberg Two American Indian tribes sued New York state’s financial regulatory agency and its head over his crackdown on Internet lending businesses, some of which are tribally owned. A lawsuit seeking a court order against Benjamin Lawsky, superintendent of the New York Department of Financial Services, was filed yesterday in […]
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OLA to NACHA: Online Lenders and Loans are Legal
Posted by: Liz Jones The group that runs the Automatic Clearing House (ACH) system is asked to clarify its letter to banks and processors The Online Lenders Alliance (OLA) is asking NACHA, The Electronics Payments Association, to clarify a recent letter it sent to banks that may have been misinterpreted by banks as a direction […]
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New York Suit Raises Heat for Online Lenders with Tribal Links
Posted by: Jeff Brownlee By Mary Wisniewski American Banker August 9, 2013 When Benjamin Lawsky, New York State’s Superintendent of Financial Services, sent a letter earlier this week to 35 online lenders, instructing them to “cease and desist” from offering loans that violate local usury laws, an interesting fact jumped out: several were Native American […]
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U.S. Regulators Squeeze Banks to Cut Ties to Some Online Lenders
Posted by: Jeff Brownlee By Carter Dougherty Bloomberg August 9, 2013 The Department of Justice and the Federal Deposit Insurance Corp. are pressuring banks to cut ties to online lenders whom regulators suspect of shady business practices, as part of a broad crackdown on frauds in the payment system, according to five people briefed on […]
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Probe Turns Up Heat on Banks
Posted by: Jeff Brownlee By Alan Zibel and Brent Kendall The Wall Street Journal The Justice Department is targeting banks that service a broad range of what it considers questionable financial ventures, including online payday lenders. The government has issued subpoenas to banks and other companies that handle payments for an array of financial offerings, […]
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New York Tells Online Lenders to Abide by State’s Interest Rate Cap
Posted by: Jeff Brownlee By Jessica Silver-Greenberg and Ben Protess The New York Times Government authorities are homing in on a lucrative loophole that allows online lenders to offer short-term loans at interest rates that often exceed 500 percent annually, the latest front in a crackdown on the payday lending industry. New York State’s financial […]
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Regulators warn of ‘phantom’ debt collectors’ (LA Times)
Posted by: Liz Jones By Jim Puzzanghera, Los Angeles Times February 22, 2012, 5:43 a.m. Reporting from Washington— Federal regulators warned of a new scam in which so-called phantom debt collectors harass people into paying bills they don’t even owe, typically preying on Americans already burdened with financial problems.Officials said Tuesday that they had shut down […]
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