Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to Google’s decision to ban advertisements from online lenders:
“It’s disappointing that a site created to help give users full access to information is making arbitrary choices on the advertisements users are allowed to see from legal businesses.
Our membership supports efforts by Google to ensure information available on its site, including through advertisements, is transparent and clear to consumers. Today’s announced policy of completely prohibiting lending companies from advertising legal products goes too far.
The Federal Reserve Board noted last year that 47% of Americans are not prepared to handle a $400 unexpected expense. This is yet another tactic that further limits the ability of families to have access to credit to fulfill their financial obligations.
Limiting their access to the financial system will only exacerbate their problem. This unprecedented abuse of power by a monopoly player should concern lawmakers at both the state and federal levels.”