Online Lenders Alliance Statement on CFPB Small Dollar Rule
WASHINGTON, DC – February 6, 2019 – The Online Lenders Alliance (OLA) released the following statement in response to the Consumer Financial Bureau’s (CFPB) plans to revisit parts of the Small Dollar Rule.
“Our goal in this rule or any regulatory action is to ensure people who need short term, small dollar loans can get them from safe, regulated, reliable lenders online. There is a need for credit among the vast majority of Americans who can’t afford a financial shock like a job interruption, medical emergency, or car or home repair.
“We may have additional comments on the specifics of this rule in the near future, but we look forward to working with the bureau and with all stakeholders to preserve access to credit and credit inclusion for all Americans.”
Online Lenders Alliance (OLA) is the first trade association in FinTech. OLA is focused on credit inclusion, bringing together a diverse group of innovative companies who share a common goal: to serve hardworking Americans who deserve access to trustworthy credit. Our members are entrepreneurs, publicly-traded companies, lenders, credit bureaus, advertisers, lead generators, compliance professionals, and software developers who are leveraging technology to responsibly improve consumers’ financial health. Consumer protection is our top priority and OLA members abide by a rigorous set of Best Practices and Code of Conduct to ensure consumers are fully informed and fairly treated.