The Online Lenders Alliance is participating in the Legislative Working Group on modernizing the Virginia code for consumer finance. The working group is part of the Bureau of Financial Institutions (BFI), a regulatory division of the Virginia State Corporation Commission (SCC.) This division is involved in consumer protection through the administration of state laws regarding financial institutions.
OLA recently sent a letter to the Commissioner of BFI clarifying our position on issues being raised in discussions, and to offer suggestions for a regulatory approach that offers both protection to consumers and access to credit.
Read the full letter here:Virginia Letter_9.13.17