Following last week’s announcement from the Consumer Financial Protection Bureau (CFPB) about their creation of an advisory opinion program, Online Lending Alliance CEO, Mary Jackson issued the following statement:
“We applaud the CFPB’s new measures to balance their mission of protecting consumers with the need to provide clear guidance to companies providing the financial services that consumers need and demand. Our member companies work diligently to follow all of the rules of the road, enabling them to provide innovative financial products that allow a greater set of non-prime consumers to access credit. Furthermore, the Online Lenders Alliance goes a step further to police the industry to root out those companies looking to commit fraud and abuse.
Our mission has always been to promote a diverse and responsible marketplace for access to innovative financial services through education, communication, collaboration, and advocacy. Every step that the CFPB takes to help us advance this mission is a step in the right direction. We work tirelessly to ensure that consumers are protected and to provide a diversity of credit products. We look forward to continuing to work with the Bureau so that consumers can get the safe and regulated products they need.”