ARLINGTON, Va. (March 25, 2025)—After Virginia Governor Glenn Youngkin vetoed SB 1252, legislation that would severely restrict access to credit and financial products in Virginia, Online Lenders Alliance Chief Executive Officer Andrew Duke issued the following statement:
“We applaud Governor Youngkin for protecting consumers’ access to credit by vetoing SB 1252. The cornerstone of financial inclusion is the opportunity and ability to access credit, which results in greater independence while affording borrowers more control over their financial health. This legislation was squarely at odds with federal and state banking laws, and if it had gone into effect, it would have eliminated credit options for thousands of Virginians.”
Virginia Senate Bill 1252, introduced in January, would have imposed a 12 percent cap on the amount of interest lenders can charge on loans. Since its introduction, OLA has worked aggressively with members of the legislature and the Governor’s office to oppose this misguided bill.
