OLA Response to Blue Global Media/FTC Settlement
Today the Federal Trade Commission announced a settlement with Blue Global, a lead generator for online loans. The FTC alleged that Blue Global did not adequately vet its affiliates and customers; sold leads for purposes other than securing a loan; and made unsubstantiated promises regarding loan price, loan terms, and the likelihood of approval.
In commenting on the settlement Lisa S. McGreevy, President and CEO for the Online Lenders Alliance stated:
“Let this be a lesson to all internet marketers to make sure any promises you make to consumers must be true. We applaud the FTC’s ongoing efforts to protect consumers who are seeking fast, convenient and safe online loans. This case serves as a reminder of the important role played by responsible lead generators in protecting consumers. OLA Best Practices require lead generators to know who they are doing business with, to maintain adequate data security, and to provide leads only to lenders or others who will help the consumer to find a loan.”
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The Online Lenders Alliance (OLA) is the center for lending, technology, and innovation, representing the growing industry of companies offering loans online. OLA members abide by a rigorous set of Best Practices and Code of Conduct to ensure their customers are fully informed and fairly treated.
