February 5, 2015 (Washington, D.C.) — The Online Lenders Alliance (OLA) praised Congressman Blaine Leutkemeyer’s (R-MO) reintroduction of his Financial Institution Customer Protection Act written to curtail the harmful effects of Operation Choke Point. The bill would ensure that the policies outlined in last week’s FDIC Financial Institution Letter become law.
“We appreciate Congressman Leutkemeyer’s leadership on this critical issue for financial technology companies and the consumers who rely on them for credit options,” said Lisa McGreevy, President and CEO of the Online Lenders Alliance. “The legislation will ensure legal companies have access to a banking system that manages risk appropriately and allows banks to manage their customers.”
Congressman Leutkemeyer’s legislation and public statement can be found here.
The Online Lenders Alliance represents the growing industry of financial technology companies offering consumers small, short-term loans online. OLA member companies abide by industry-leading Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.