GOVERNMENT RELATIONS

As the voice of the online consumer micro loan industry, one of OLA's primary objectives is to stay abreast of issues and pending actions that would have a direct effect on our industry.

There are an astounding number of challenges presented to online lenders in the regulatory and legislative arenas. Many non-member companies are simply unaware of the potential threats to their business.

In addition to the complex maze of financial regulatory agencies (FDIC, FTC, OCC, state regulatory bodies) with which all lending institutions must comply, the addition of the Internet to the lending business exponentially increases the potential legislation and regulation that could adversely impact the industry.

Compounding this problem is that many legislators in state houses and Congress simply lump the online lending industry in with other businesses which have no bearing on consumer micro lending. Unfortunately, many of the proposed remedies for problems in those industries will directly and adversely affect our industry.

OLA takes an aggressive, pro-active approach to defending industry interests. As part of this effort, we have engaged two prominent Washington DC firms that keep their finger on the pulse of the federal legislative and regulatory processes. In addition, we maintain a state legislative tracking system that constantly monitors news reports and bills that may threaten the industry in a particular state.

OLA speaks as the united voice of the industry. Our professional staff is always available to member companies should the need arise for public relations assistance. We also provide media relations training and counseling to our members upon request.