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OLA Responds to Democratic Senators Plans to Reverse “True Lender”

By March 25, 2021No Comments

Following reports that U.S. Democratic Senators will introduce a resolution to undo the OCC’s true lender rule, Online Lenders Alliance CEO Mary Jackson provided the following statement:

“OLA believes that all borrowers – including those with less income and lower credit  –  should have more loan options and greater access to banking.   The OCC’s True Lender rule was a straightforward and commonsense initiative to promote third-party relationships with banks – including bank-fintech partnerships –  as a way to expand access to affordable credit and promote financial inclusion for millions of American consumers. The True Lender rule brings stability and regulatory certainty to banks as they seek to offer safe and reliable credit to underserved consumers, and it is disappointing that the nation’s financial institutions could once again be thrust back into a period where the rules of the road are unclear.”