Posted by: Jeff Brownlee
August 5, 2013 (Washington, D.C.) – Lisa McGreevy, President & CEO of the Online Lenders Alliance (OLA) today issued the following statement regarding the New York State Department of Finance’s issuance of cease and desist letters to several online lenders.
“Like many consumers nationwide, New York residents are looking for more affordable credit options than those currently offered in their state and are increasingly looking to the convenience of Internet for them. Rather than restricting consumer choice, state officials should be focused on finding a federal solution to ensure consumers have access to the credit options they need and are demanding.
State laws are insufficient to govern the global nature of the Internet. That’s why New York Representatives Meeks and Grimm are sponsoring bipartisan legislation that would establish a federal charter program for online lenders that will create a consistent framework to regulate the online lending industry, preserve consumer protections and the authority of the CFPB and Attorneys General, and ensure consumers in New York have the same credit choices as those in other states.”
The Online Lenders Alliance is a professional trade organization representing the growing industry of 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.