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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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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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Tribal Lending Provides More Opportunities For America’s Indigenous Peoples
For some Native American tribes, online lending has become a critical part of their economic development efforts. Unlike the federal, state and local governments, which fund operations through levying taxes, Native American tribes rely on economic development enterprises to provide essential government services to their members. Read the full op-ed on Forbes.
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Online Lenders Alliance Releases New White Paper Outlining The Role Fintech Innovation Plays In Driving Credit Inclusion
Today, the Online Lenders Alliance (OLA) released its latest white paper, which highlights how innovation in the financial technology space is playing a role in driving credit inclusion for the approximately 100 million Americans who currently fall into the non-prime credit category. OLA is the center for lending, technology, and innovation representing the growing online […]
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CFPB Must Take Principle-Based Approach to Rewriting Small Dollar Rule
As the first trade association in FinTech, OLA has always been in favor of having in place a balanced small dollar rule that protects consumers’ access to credit. The opportunity to provide safe, affordable access to credit is real, but the threat to undermine it is as well if we fail to take a principle-based approach […]
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American Banker: CFPB’s payday rollback plans don’t go far enough for some lenders
OLA was featured in an American Banker article, providing comments on the Bureau of Consumer Protections Small Dollar Rule. American Banker: CFPB’s payday rollback plans don’t go far enough for some lenders Those affected by the CFPB’s payday lending rule hailed the agency’s announcement last week of plans to propose changes next year. But they […]
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Understanding the True Cost of Providing Credit to American Consumers
There is a cost of providing credit. OLA CEO, shares her thoughts in an op-ed in Morning Consult. “Without more research and analysis on the true cost of providing credit that reflects risk-based lending, and a smart principles-based approach, we run the risk of redlining the majority American families; their access to credit will be […]
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Reuters: ‘Fintechs’ sound cautious note on offer of U.S. bank charter
OLA was featured in a Reuters article, providing comments on the recent OCC bank charter. Reuters: ‘Fintechs’ sound cautious note on offer of U.S. bank charter WASHINGTON (Reuters) – Financial technology companies that lend online are sounding a cautious note on a U.S. banking regulator’s plan to offer them special federal charters because of concerns […]
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Letter to Commissioner – Virginia Bureau of Financial Institutions
The Online Lenders Alliance is participating in the Legislative Working Group on modernizing the Virginia code for consumer finance. The working group is part of the Bureau of Financial Institutions (BFI), a regulatory division of the Virginia State Corporation Commission (SCC.) This division is involved in consumer protection through the administration of state laws regarding […]
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OLA Opposes California AB 784 Limiting Consumer Credit Options
The Online Lenders Alliance sent a letter to Members of the California Assembly Apparitions Committee expressing strong opposition to AB 784. This legislation seeks to impose an interest rate cap for consumer loans between $300 and $5,000, greatly limiting an important source of funds for millions of underbanked consumers in California. If enacted, AB 784 […]
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OLA Opposes California Interest Rate Cap Bill – AB 11109
The Online Lenders Alliance expressed strong opposition to AB 1109. This legislation seeks to impose an interest rate cap for consumer loans between $2,500 and $10,000, greatly limiting an important source of capital for non-prime consumers in California. If enacted, AB 1109 will negatively affect consumers who are legitimately searching for fast and convenient credit, […]
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OLA Submits Letter Opposing Maryland SB 527/HB 1270
The Online Lenders Alliance expressed strong opposition to SB 527/HB 1270 and requested that the bills be vetoed. One of the many benefits that online lenders provide is the flexibility to use varying terms and conditions to offer consumers capital. Should SB527/ HB1270 become law and establish a combined fees and interest rate cap of […]
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April is Financial Literacy Month!
April is Financial Literacy Month and we at the Online Lenders Alliance believe that the best borrower is an informed borrower, especially when it comes to shopping for an online loan. In addition to our consumer resources and OLA Hotline, we developed these tips so consumers can protect themselves against fraud and have a more informed […]
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OLA’s Letter in Support of CA Senate Bill 297
OLA expressed its support of Senate Bill 297 by sending a letter to Senator Dodd, Chair of the Senate Banking and Financial Institutions Committee. OLA represents the growing industry of innovative companies that develop and deploy financial technology which include proprietary and innovative underwriting methods, data analytics, and non-traditional delivery channels to offer online consumer loans […]
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