The Online Lenders Alliance (OLA) supports HR 6139 bill entitled “Consumer Credit Access, Innovation and Modernization Act." The bill is a bi-partisan effort crafted by House of Representatives members Blaine Luetkemeyer (R-MO) and Joe Baca (D-CA).

According to an OLA member alert, the bill,
“will provide U.S. nonbank lenders with the opportunity to compete domestically, as well as globally, in the online marketplace. Competition will reduce consumers' costs and reduce gaps in credit products, driving borrowers away from the very high cost offshore lenders who do not follow U.S. laws, while allowing many consumers to migrate from higher-cost, less traditional products to more mainstream credit options.”

"A federal charter, as opposed to the current conflicting state regulatory schemes, will establish one clear set of rules for lenders to follow. This will lead to the creation of innovative financial products for consumers demanding them," said Lisa McGreevy, President and CEO.

The bill would make obtaining a federal charter voluntary and is expected to face huge hurdles to passage.