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Federal Policy PressPress Release

OLA Releases Statement on the CFPB’s Small-Dollar Rule Proposal

By March 27, 2015May 22nd, 2024No Comments

Lisa McGreevy, President and CEO of the Online Lenders Alliance (OLA), today issued the following statement in response to the Consumer Financial Protection Bureau’s small-dollar rule proposal:

“At a time when consumers are demanding choices for flexible, responsible credit products, we’re very concerned that this initial proposal could severely restrict their options.”

The Online Lenders Alliance represents the growing industry of financial technology companies offering consumers small, short-term loans online. OLA member companies abide by a list of Best Practices and Code of Conduct to ensure that customers are fully informed and fairly treated.