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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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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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Statement from Online Lenders Alliance on Google’s Ban of Certain Consumer Loan Services
Following the recent news of Google banning certain consumer loan services from its app store the Online Lenders Alliance issued the following statement: “By banning legitimate lenders that are licensed and regulated by state and sovereign nation authorities, Google is harming consumers in need of credit. Google is singling out credit products based on arbitrary […]
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Statement from Online Lenders Alliance on California Governor Newsom’s Signing of Installment Loan Interest Rate Cap Bill
Following the signing into law yesterday of AB539, legislation that limits the interest rates on installment loans in the state of California, the Online Lenders Alliance issued the following statement: “With the stroke of a pen, California has created uncertainty and hardships for those in the state who need credit access the most, who are […]
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Statement from Online Lenders Alliance CEO on California General Assembly Passage of AB 539
Following the passage of AB 539 by the California General Assembly on Friday night, the Online Lenders Alliance issued the following statement: “Today, the California General Assembly finalized a rate cap that will deny credit access to millions of Californians looking for loans above $2500 and that will increase hardships for consumers facing unexpected emergencies […]
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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 – 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 industry reality, and we […]
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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 – 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 is to ensure people […]
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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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Online Lenders Alliance Statement on Confirmation of Kathleen Kraninger to Lead BCFP
Online Lenders Alliance 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), the Online Lenders Alliance (OLA) released the following statement: “We congratulate Kathleen Kraninger on her confirmation to lead the BCFP. […]
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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 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 to dismiss this […]
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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 the Online Lenders Alliance: “We applaud the work of the Treasury Department and the Office of the Comptroller of […]
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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), 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 host of convenient, affordable […]
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