ARLINGTON, Va. (December 13, 2023)—After the Federal Communications Commission (FCC) announced its decision to adopt a new proposal that will restrict consumer choice, Online Lenders Alliance Policy Director Michael Day issued the following statement:
“When consumers are seeking a specific product or service like an online loan to meet their small-dollar credit needs, we believe consumers should have the ability to provide broad consent to be contacted by parties that can fulfill their request. In those situations, we believe that one-to-one consent is neither necessary nor appropriate as it will likely lead to fewer options, negatively impacting consumer choice.
“In addition, the proposed rule will increase costs to generate and acquire leads, putting US-based small businesses at a disadvantage as larger companies can dominate SEO visibility. Because of this, we strongly urged the Commission to reconsider this proposal and look for ways to provide small businesses more flexibility to comply with this new requirement.
On December 6, the Online Lenders Alliance submitted comments to the FCC on this topic, which are available here.