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State Policy Resources

OLA works in states on both a proactive and reactive basis, supporting legislation favorable to more financial options for consumers through online lending and combatting legislation that would eliminate credit access or negatively impact OLA members’ ability to serve their customers. OLA also maintains active engagement in a number of state trade groups.

State Policy Resources

November 14, 2023

A New Mexico Consumer Survey: Understanding the Impact of the 2023 Rate Cap on Consumers

July 25, 2023

An Illinois Consumer Survey: Understanding the Impact of the 2021 Rate Cap on Consumers (Updated July 25, 2023)

February 23, 2022

An Illinois Consumer Survey: Understanding the Impact of the 2021 Rate Cap on Consumers

Press Releases

Jun 20

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New Report Offers Further Evidence About Consumers’ Inability to Access Small Dollar Credit from Banks and Credit Unions

By OLA Staff Federal Policy Press, Press Release, State Policy Press No Comments

-Southwest Public Policy Institute Investigation Plainly Refutes False Claims that Credit Unions’ Small Dollar Loan Products Will Meet the Needs of Most Consumers- ARLINGTON,…

Mar 22

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New FOIA Data Confirms That Credit Access in Illinois Remains Significantly Diminished, Leaving Consumers With Fewer Options Two Years After Illinois Implemented 36% Rate Cap

By OLA Staff Press Release, Research Press, State Policy Press No Comments

-Small Dollar Lending Licenses Have Dropped By Nearly 60% Since March 23, 2021- ARLINGTON, Va. (March 22, 2023)—On the second anniversary of Illinois Governor…

Jan 25

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Online Lenders Alliance: Colorado Consumer Lending Study Confirms that Rate Caps Reduce Credit Options for Consumers and Fail to Improve Consumers’ Wellbeing

By OLA Staff Press Release, State Policy Press No Comments

ARLINGTON, Va. (January 25, 2023)—After Colorado Attorney General Phil Weiser released a study of consumer lending undertaken by the Financial Health Network as directed by…

Jan 12

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Recently-Released Academic Study Finds Illinois Rate Cap Decreased Credit Availability and Harmed Borrowers’ Financial Well-Being

By OLA Staff Press Release, Research Press, State Policy Press No Comments

ARLINGTON, Va. (January 12, 2022)—According to a recent study released by three leading economists, Illinois’ strict interest rate cap on personal loans has “significantly decreased…

Dec 30

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New Mexico Rate Cap Taking Effect January 1 is a Shift in the Wrong Direction For New Mexico Consumers

By OLA Staff Press Release, State Policy Press No Comments

Small Loan Companies Already Leaving the State In advance of New Mexico’s 36 percent rate cap on small dollar loans taking effect on January 1,…

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Comment Letters

Sep 14

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Letter to Commissioner – Virginia Bureau of Financial Institutions

By OLA Staff Comment Letters - State

The Online Lenders Alliance is participating in the Legislative Working Group on modernizing the Virginia code for consumer finance. The working group is part of…

May 17

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OLA Opposes California AB 784 Limiting Consumer Credit Options

By OLA Staff Comment Letters - State

The Online Lenders Alliance sent a letter to Members of the California Assembly Apparitions Committee expressing strong opposition to AB 784. This legislation seeks to…

Apr 17

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OLA Opposes California Interest Rate Cap Bill – AB 11109

By OLA Staff Comment Letters - State

The Online Lenders Alliance expressed strong opposition to AB 1109. This legislation seeks to impose an interest rate cap for consumer loans between $2,500 and…

Apr 17

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OLA Submits Letter Opposing Maryland SB 527/HB 1270

By OLA Staff Comment Letters - State

The Online Lenders Alliance expressed strong opposition to SB 527/HB 1270 and requested that the bills be vetoed. One of the many benefits that online…

Feb 18

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OLA Submits Testimony To California Hearing On “The State Of Consumer Lending”

By Matt Schuck Comment Letters - State

California Senate Assembly Banking and Finance Committee “The State of Consumer Lending in California” Statement of Lisa McGreevy President & CEO Online Lenders Alliance The…

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State Policy Resources