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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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Online Lenders Alliance Commends FTC for Taking Action Against Discount Club Scam
WASHINGTON, D.C. – Today, the Online Lenders Alliance commended the FTC for charging a group of marketers led by EDebitPay and Saving Pays Club that bilked consumers out of millions of dollars for services they did not authorize.
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BCCA and Consumer Finance Association Announce Merger
The directors of the BCCA and the Consumer Finance Association have announced that the two organizations will join together and form a new organization to represent alternative lenders and allied services, including a range of firms from new start-ups to the market leaders. “The Online Lenders Alliance (OLA)has had a long standing relationship with the […]
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OLA Response to Blue Global Media/FTC Settlement
OLA Response to Blue Global Media/FTC Settlement For immediate release Contact Stephanie Schlesinger at 703-567-0327 or sschlesinger@oladc.org Today the Federal Trade Commission announced a settlement with Blue Global, a lead generator for online loans. The FTC alleged that Blue Global did not adequately vet its affiliates and customers; sold leads for purposes other than securing […]
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OLA Applauds Introduction of The Financial Institutions Consumer Protection Act of 2017
For immediate release Contact Michael Day at 703-567-0327 or mday@oladc.org Online Lenders Alliance Applauds Introduction of The Financial Institutions Consumer Protection Act of 2017 Legislation to End Operation Choke Point WASHINGTON, D.C. – A multi-agency effort initiated under the Obama Administration to deny licensed, legitimate businesses access to the federal banking system may soon come […]
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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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