ARLINGTON, Va. (February 27, 2023)—Following the Supreme Court’s decision to hear an appeal to the Fifth Circuit Court of Appeals’ October 19 ruling that the CFPB’s funding mechanism is unconstitutional, Online Lenders Alliance Executive Director Andrew Duke issued the following statement:
“Supporters of the CFPB have long called the Bureau a ‘cop on the beat’, playing an important role in ensuring accountability from companies providing financial services and products. But cops on the beat also have to be accountable for their actions and we hope that the Supreme Court’s review will result in a greater fairness, transparency, and accountability—which will better serve America’s consumers.”
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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.