After the U.S. Senate confirmed Rohit Chopra to be the Director of the Consumer Financial Protection Bureau by a vote of 50-48, Online Lenders Alliance Executive Director Andrew Duke issued the following statement:
“We congratulate Mr. Chopra on his successful confirmation to lead the CFPB. Consistently, data has shown that there is a need for credit across the economic spectrum, and that need is especially high among consumers with working class wages, tighter household budgets, and less access to the traditional banking system. CFPB’s own data highlights the unfortunate reality that more than half of all consumers experienced an income or expense shock in 2019. When combined with the fact that 40 percent of consumers would struggle to cover a $400 emergency expense, it is clear that Americans should have access to credit. Fintech lending offers a growing array of options to help these consumers meet their unique credit needs and bolster their financial well-being. OLA believes that all Americans should have access to affordable credit, and we welcome the opportunity to work with Director Chopra and the CFPB to pursue that objective.”
