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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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FDIC RFI on Small Dollar Lending
On January 22, 2019, OLA provided comments to the FDIC in response to an Agency RFI on increasing small dollar lending by FDIC regulated institutions. The focus of OLA comments covered the following topics: Bank fintech partnerships and the need to address current legal impediments Impact that a 36% interest rate cap will have Need […]
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OLA provides perspective on payments provision of CFPB Small Dollar Rule
On Friday, January 18, the Online Lenders Alliance provided the Consumer Financial Protection Bureau our perspective on the operational hardships that would result from the payments provisions of the Bureau’s Small Dollar Rule regarding Payday, Vehicle Title, and Certain High-Cost Installment Loans. See below to read the full comment letter:
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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 Provides Comments on Enhanced BCFP Trial Disclosure Program
Recently, the newly created Office of Innovation at the Bureau of Consumer Financial Protection (BCFP) announced changes to its “Trial Disclosure Program”. Under Dodd-Frank, the BCFP was given the authority to allow companies the ability to conduct trial disclosure programs and to provide a safe harbor (or waiver) from the corresponding applicable regulatory requirements. The […]
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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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OLA Responds to CFPB RFI Regarding the Bureau’s Adopted Regulations and New Rule Making Authorities
The Online Lenders Alliance submitted a response to the Bureau of Consumer Financial Protection’s Request for Information Regarding the Bureau’s Adopted Regulations and New Rule Making Authorities. This letter addresses the Bureau’s final rule on Prepaid Accounts Under the Electronic Fund Transfer Act and the Truth in Lending Act, and covers two specific concerns. First, […]
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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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OLA files comment in response to Evidentiary RFI dealing with improving the CID process
OLA Files Comment in Response to Evidentiary RFI Dealing with Improving the CID Process At the end of 2017, Acting Director Mulvaney of the Consumer Financial Protection Bureau (CFPB) announced that he would be undertaking a new initiative to ensure that the Bureau’s operations were fulfilling its proper and appropriate functions to best protect consumers. […]
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OLA Outlines Reforms to Project Catalyst
On February 15, OLA attended an industry roundtable, alongside 25 other trade associations, hosted by CFPB Acting Director Mulvaney. OLA has sent a follow-up letter outlining some recommended reforms to Project Catalyst. Those include: Improved regulatory flexibility Greater use of wavier True “No-Action” letter Greater use of guidance documents Utilizing statements of enforcement policy to […]
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OLA Sends Letter to CFPB Acting Director Mulvaney
Today, Online Lenders Alliance President and CEO, Lisa McGreevy, sent a letter to CFPB Acting Director Mulvaney, thanking him for his leadership during this time of transition, and sharing our Fintech Bill of Rights for consideration as he examines reform to the CFPB.
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OLA Responds to CFPB RFI on Use of Alternative Data
On May 19th, OLA submitted a comment letter to the CFPB in response to an RFI issued by the agency in February. OLA members have been leaders in the alternative data field, building new and innovative models to assist in broadening the availability of capital to consumers. The letter focused on a broad range of topics […]
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OLA Letter to Google regarding AdWords Financial Services Policy
Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), sent a letter to Google’s Senior VP & General Counsel in regards to the Ad Words Financial Services Policy update in July 2016. OLA and our Members believe that the terms of the policy cause harm by preventing consumers who are legitimately searching […]
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OLA Files Comments with CFPB on Consumer Data Access
In response to a Request for Information (RFI) by the Consumer Financial Protection Bureau (CFPB) regarding Consumer Access to Financial Records, OLA filed Comments with the CFPB regarding the industry’s views on consumer data and their ability to share that data with third-party organizations. Dodd-Frank Wall Street Reform and Consumer Protection Act Section 1033 outlines […]
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OLA Files Comment Letter on Small Dollar Lending Rule to CFPB
In June 2016, the Consumer Financial Protection Bureau released its proposed rule regulating the market for payday, vehicle title and similar loans. OLA submitted a letter for the record on October 7, 2016. You can view it by clicking here.
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OLA Submits Comment Letter To CFPB Regarding Small Dollar Lending Rule
In March 2015, the Consumer Financial Protection Bureau announced its intention to make rules regulating the market for payday, vehicle title and similar loans. OLA submitted a letter for the record. You can view it by clicking here.
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