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Online Lenders Alliance CEO Mary Jackson Statement Responding to CFPB Small Dollar Rule
Today, following the Consumer Financial Protection Bureau (CFPB) release of the final rule on small dollar lending, Online Lenders Alliance CEO Mary Jackson issued the following statement: “The Online Lenders Alliance supports the CFPB’s action addressing the previous rule’s mandatory underwriting requirements, which were overly complex and would have impacted our members’ ability to provide […]
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Online Lenders Alliance CEO Mary Jackson Statement Responding to the Supreme Court’s Ruling in CFPB Case
After the United States Supreme Court issued a 5-4 ruling in Seila Law v. Consumer Financial Protection Bureau finding that the director of the Consumer Financial Protection Bureau can be removed by the President at will, Online Lenders Alliance CEO Mary Jackson issued the following statement: “We are pleased with today’s ruling as it settles […]
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Juneteenth Message from OLA
More than a century and a half ago, on June 19th 1865, Union Army General Gordon Granger arrived in Galveston, Texas, where he read federal orders proclaiming all enslaved people in the state were now free. While this was more than two years after President Lincoln signed the Emancipation Proclamation, Texas was the last state […]
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OLA Standing in Solidarity
“The tragic and senseless deaths of our fellow Americans highlight the need for all of us to recognize systemic injustice and do our part to address it — not just under the law, but through our everyday actions. We all need to commit ourselves to fighting for equal treatment every day to create a society […]
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Statement from Online Lenders Alliance CEO Mary Jackson on Interagency Guidance for Offering Responsible Small Dollar Loans
After the Federal Reserve Board of Governors, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) issued principles for offering responsible small dollar loans to meet short-term credit needs, Online Lenders Alliance CEO Mary Jackson issued the following statement: “We applaud the […]
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OLA Responds to House Financial Services Committee Chairwoman Maxine Waters’ letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza
In response to House Financial Services Committee Chairwoman Maxine Waters’ letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza calling to exclude lending businesses and their employees from participating in the Paycheck Protection Program (PPP), Online Lenders Alliance CEO Mary Jackson issued the following statement: “At a time when consumers are facing […]
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The Online Lenders Alliance Applauds CFPB’s New Advisory Opinion Program
Following last week’s announcement from the Consumer Financial Protection Bureau (CFPB) about their creation of an advisory opinion program, Online Lending Alliance CEO, Mary Jackson issued the following statement: “We applaud the CFPB’s new measures to balance their mission of protecting consumers with the need to provide clear guidance to companies providing the financial services […]
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Statement from Online Lenders Alliance Following House Committee on Financial Services Hearing
Following 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: “Today’s hearing clearly demonstrates that many members of the House Financial Services Committee have more work to do when it comes […]
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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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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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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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