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Online Lenders Alliance Statement on Senate Legislation to Eliminate Vital Forms of Credit for Consumers by Capping APRs at 36 Percent
After U.S. Senators Jack Reed (D-R.I.), Jeff Merkley (D-Ore.), Sherrod Brown (D-Ohio), and Chris Van Hollen (D-Md.) introduced legislation that would eliminate access to credit for millions of Americans by expanding the Military Lending Act (MLA) and implementing an annual percentage rate (APR) cap of 36 percent on consumer loans, Online Lenders Alliance Executive Director Andrew Duke issued the […]
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CLAIM VS. REALITY: New DoD Report Misses Key Information on Impact of Military Lending Act (MLA) and Military Annual Percentage Rate (MAPR) Caps
ARLINGTON, VA. (July 28, 2021)—A new report required under on the National Defense Authorization Act (NDAA) for Fiscal Year 2021 ‘on a Military Annual Percentage Rate lower than 30%’ from the Department of Defense’s Undersecretary of Defense for Personnel and Readiness concludes that the Military Lending Act is “working as intended.” The Department failed to […]
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American Consumers Benefit from Equitable Online Lender Loans
ARLINGTON, Va. (July 20, 2021)—According to new data from a survey conducted by Morning Consult on behalf of the Online Lenders Alliance (OLA), Black and Hispanic adults are significantly less confident than other adults in their ability to get credit from traditional financial institutions. As a result, many hesitate to even apply for credit. However, […]
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OLA Reacts to National Rate Cap Bill
U.S. Senators Dick Durbin (D-IL), Jeff Merkley (D-OR), Richard Blumenthal (D-CT), and Sheldon Whitehouse (D-RI) today introduced legislation to impose national caps on fees and interest on consumer loans at an Annual Percentage Rate (APR) of 36 percent. Online Lenders Alliance Executive Director Andrew Duke issued the following statement: “The proponents of this bill claim […]
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OLA Statement Following House Vote on True Lender
After the U.S. House voted to overturn the OCC’s True Lender Rule under the Congressional Review Act, Online Lenders Alliance Executive Director Andrew Duke issued the following statement: “Today’s vote in the U.S. House of Representatives to join the Senate in overturning the True Lender rule weakens our banking system and hurts consumers by reinjecting […]
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Statement from Online Lenders Alliance Following Senate Banking Committee Hearing
At a Senate Banking Committee hearing with the nations’ 6 largest bank CEOs, U.S. Senators Sherrod Brown (D-OH) and Jack Reed (D-RI) announced their intent to reintroduce legislation that would eliminate access to credit for millions of Americans by implementing an annual percentage rate (APR) cap of 36 percent on consumer loans, Online Lenders Alliance […]
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OLA Statement Following Senate Vote on True Lender
After the U.S. Senate voted to overturn the OCC’s True Lender Rule under the Congressional Review Act, Online Lenders Alliance Executive Director Andrew Duke issued the following statement: “We are disappointed that the Senate has voted to overturn the True Lender rule, a commonsense standard clarifying the “true lender” of a loan deriving from a […]
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OLA Reacts to Senate Banking Hearing
Today, the Senate Banking Committee hosted a hearing titled, “The Reemergence of Rent-a-Bank?” Online Lenders Alliance (OLA) Executive Director Andrew Duke issued the following statement after the hearing: “The Online Lenders Alliance believes that all borrowers—including those with modest income and lower credit scores—should have more options for credit access and financial services. The True Lender rule […]
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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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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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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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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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Statement from Online Lenders Alliance CEO Mary Jackson on OCC’s Finalization of “True Lender” rule
“Today’s action by the Office of the Comptroller of the Currency brings much-needed and long-overdue clarity to the financial system. While the pandemic has accelerated the process, consumer trends have been moving away from storefront banking and to online providers for quite a while. The rule that OCC announced today modernizes the rules governing the […]
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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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