After the Fifth Circuit Court of Appeals issued a ruling on Wednesday night finding that the Consumer Financial Protection Bureau’s funding mechanism violated the U.S. Constitution, Online Lenders Alliance Executive Director Andrew Duke issued the following statement:
“We have long believed that the CFPB should be held to the same standard as other federal agencies, answering to the people through their elected representatives instead of insulated from effective oversight. Today’s decision is a welcome step toward ensuring that American consumers have more of the accountability they deserve from their government.”
About The Online Lenders Alliance
The 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. For more information, please visit www.onlinelendersalliance.org.