In a Tuesday statement, fintech trade group the Online Lenders Alliance identified the prospective closure of the nonbank enforcement registry as a particularly “welcome development,” noting its long-standing opposition to the project.
“From the outset, this nonbank registry has appeared to be more of a ‘name and shame’ scheme and a resource for trial attorneys rather than a useful tool for consumers and regulators,” OLA CEO Andrew Duke said. “It’s duplicative, it’s burdensome, and it lacks clear benefits for consumers.”
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