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Statement from OLA on California Senate Banking Committee Approval of AB539
The Senate Banking Committee’s approval of AB539 has made this a sad day for California borrowers. Many members of the committee acknowledged that rate caps will lead to great uncertainty and looming hardships for millions of borrowers if enacted. None of them were able to offer realistic solutions for how these non-prime borrowers would access […]
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Statement from the Online Lenders Alliance (OLA) on House Financial Services Subcommittee Hearing on Small Dollar Credit Industry
“One outcome of today’s hearing is clear: there are arguments on both sides of this debate, but more research is needed to understand the true impact of some of the policy changes discussed during the hearing. We need policies that promote a fair and transparent credit market that extends credit at reasonable terms to subprime […]
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Statement from Online Lenders Alliance on Kathy Kraninger’s Vision for the Bureau
Statement from Online Lenders Alliance on CFPB Director Kathy Kraninger’s Vision for the Bureau “It was refreshing to hear CFPB Director Kathy Kraninger outline her vision for the agency that she now leads, and specifically to hear her discuss how she wants to make consumers’ lives better through her agency’s work. We were also pleased […]
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New Report from the Online Lenders Alliance Details Fintech Industry’s Commitment to Eliminate Fraud
New Report from the Online Lenders Alliance Details Fintech Industry’s Commitment to Eliminate Fraud 1 Million Websites Crawled, 98 Percent Resolved WASHINGTON, DC – February 25, 2019 – A new report out today by the Online Lenders Alliance (OLA), whose members account for 80 percent of online loan volume in the U.S., provides a detailed […]
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Online Lenders Alliance Statement on CFPB Small Dollar Rule
Online Lenders Alliance Statement on CFPB Small Dollar Rule WASHINGTON, DC – February 7, 2019 – Mary Jackson, CEO of the Online Lenders Alliance (OLA) released the following statement in response to the Consumer Financial Bureau’s (CFPB) plans to revisit parts of the Small Dollar Rule. “We support a well-regulated market, based on fact and […]
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Online Lenders Alliance Statement on CFPB Small Dollar Rule
Online Lenders Alliance Statement on CFPB Small Dollar Rule WASHINGTON, DC – February 6, 2019 – Mary Jackson, CEO of the Online Lenders Alliance (OLA) released the following statement in response to the Consumer Financial Bureau’s (CFPB) plans to revisit parts of the Small Dollar Rule. “Our goal in this rule or any regulatory action […]
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OLA Asks Member Companies to Ease the Burden of Fed Workers During Shutdown
The Online Lenders Alliance (OLA) is urging its members to offer relief programs for federal employees impacted by the government shutdown. OLA members account for approximately 80 percent of the nation’s consumer online lending volume. OLA’s letter to its members can be viewed below.
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OLA Statement on Confirmation of Kathleen Kraninger to Lead BCFP
OLA Statement on Confirmation of Kathleen Kraninger to Lead BCFP WASHINGTON, DC – December 6, 2018 – Following the Senate’s confirmation of Kathleen Kraninger to lead the Bureau of Consumer Financial Protection (BCFP), Mary Jackson, CEO of the Online Lenders Alliance (OLA) released the following statement: “We congratulate Kathleen Kraninger on her confirmation to lead […]
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OLA One: First in Fintech [Nov/Dec]
OLA One — highlighting the latest trends, data and OLA member news impacting the fintech and online lending industry. Check out this month’s version below, and stay tuned for more! Email not displaying correctly? View it in your browser. Customer friction is now number one challenge for fraud detection reveals IDology’s Sixth Annual Fraud Report […]
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OLA One: First in Fintech [October Edition]
Today, OLA launched it’s first monthly newsletter — OLA One — highlighting the latest trends, data and OLA member news impacting the fintech and online lending industry. Check out this month’s version below, and stay tuned for more! OLA One: First in Fintech Email not displaying correctly? View it in your browser. WATCH OLA’S NEW […]
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OLA Statement on Recent Operation Choke Point Court Findings
“Operation Choke Point’s failures are yet another reminder that we need a data-driven principle-based approach to consumer lending policy. For years, Operation Choke Point has caused thousands of legal, licensed US businesses to lose their rights to access the U.S. banking system. This program dangerously inserted politics into essential banking services and its impact continues to threaten […]
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OLA Statement on the California Supreme Court ruling in the CashCall Case
Statement of Online Lenders Alliance CEO Mary Jackson on the California Supreme Court ruling in the CashCall Case: “Yesterday the California Supreme Court confirmed there is no bright line test for consumer lending interest rates, affirming that pricing for consumer loans should reflect consumer creditworthiness. We hope the lower court now takes the appropriate action […]
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OLA Statement on Treasury Recommendations for Nonbank Financials, Fintech and Innovation and OCC Announcement on Acceptance of National Bank Charter for Fintech
OLA Statement on Treasury Recommendations for Nonbank Financials, Fintech and Innovation and OCC Announcement on Acceptance of National Bank Charter for Fintech WASHINGTON, DC – July 31, 2018 – The following statement can be attributed to Mary Jackson, CEO of the Online Lenders Alliance: “We applaud the work of the Treasury Department and the Office […]
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Leading Fintech Association Pledges to Work for Regulatory System that Enhances Credit Access through Technology; Asks Senate to Confirm BCFP Nominee
WASHINGTON, DC, June 18, 2018 – Following President Donald J. Trump’s nomination of Kathy Kraninger to lead the Bureau of Consumer Financial Protection (BCFP), Mary Jackson, CEO of the Online Lenders Alliance (OLA) released the following statement: “We support the President’s nominee for the BCFP and ask the Senate to confirm her. Fintech is delivering a […]
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Fintech Industry’s Largest Association for Online Lending Names Mary Jackson as New CEO
Fintech Industry’s Largest Association for Online Lending Names Mary Jackson as New CEO WASHINGTON, DC, June 11, 2018 – The Online Lenders Alliance (OLA) today announced that Mary Jackson has been named Chief Executive Officer for the organization, effective June 11, 2018. Jackson will succeed Lisa McGreevy, who will serve in a new role as […]
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New Legislation Reaffirms Longstanding Legal Precedent, Increases Access to Credit for Small Businesses and Consumers
New Legislation Reaffirms Longstanding Legal Precedent, Increases Access to Credit for Small Businesses and Consumers WASHINGTON, DC – Lisa McGreevy, President and CEO of the Online Lenders Alliance today released the following statement in response to recent legislation passed in the U.S. House of Representatives (HR 3299, Protecting Consumers’ Access to Credit Act of 2017) […]
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Online Lenders Alliance Statement on New Small Dollar Rulemaking
WASHINGTON, DC – January 16, 2018 – Online Lenders Alliance president and CEO Lisa McGreevy today issued the following statement: “We have always supported sensible regulations that protect access to credit and put consumers first. We look forward to working with the CFPB to create a rule that accommodates innovation that leads to better options […]
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Online Lenders Alliance Applauds Bipartisan Passage of H.R. 2706, The Financial Institutions Consumer Protection Act of 2017, by the House of Representatives
Online Lenders Alliance Applauds Bipartisan Passage of H.R. 2706, The Financial Institutions Consumer Protection Act of 2017, by the House of Representatives Legislation to End Operation Choke Point. WASHINGTON, DC, December 11, 2017 – By a vote of 395 to 2, the House of Representatives today passed H.R. 2706, The Financial Institutions Consumer Protection Act […]
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Online Lenders Alliance applauds bipartisan passage of H.R. 2706 The Financial Institutions Consumer Protection Act of 2017 by the House Financial Services Committee
Online Lenders Alliance applauds bipartisan passage of H.R. 2706 The Financial Institutions Consumer Protection Act of 2017 by the House Financial Services Committee Legislation to end Operation Choke Point. WASHINGTON, DC, October 12, 2017 – By a vote of 59 to 1, the House Financial Services Committee today passed H.R. 2706, The Financial Institutions Consumer […]
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Online Lenders Alliance statement regarding CFPB release of Small Dollar Rule
Online Lenders Alliance statement regarding CFPB release of Small Dollar Rule “The Online Lenders Alliance has always supported sensible regulatory reform to protect consumers, but this rule puts politics before people. OLA is deeply concerned this rule will be devastating to consumers seeking access to credit, thereby doing irreversible harm to the very Americans the CFPB purports to be helping. […]
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