American Banker, OLA names Mary Jackson CEO
Archived source: American Banker, OLA names Mary Jackson CEO. Captured from www.americanbanker.com.
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Payday lending Online Lenders Alliance names payday industry veteran CEO By Kevin Wack About Kevin kevinwack kevin-wack-1b60b712 Published June 11, 2018, 6:04 p.m. EDT | Updated June 12, 2018, 10:12 a.m. EDT 1 Min Read The Online Lenders Alliance, a trade group whose members include digital payday lenders, has named Mary Jackson its CEO. Processing Content Jackson is a payday industry veteran who was senior vice president for communications at Cash America International. She has also done stints on the boards of the Community Financial Services Association, the National Pawnbrokers Association and the alliance, all of which represent short-term consumer lenders. “The online lending industry is rapidly changing and expanding as more consumers look to the internet to meet their financial needs, and OLA will continue to ensure they have options that work for them,” she said in a press release Monday. Jackson succeeds Lisa McGreevy, who will be a senior adviser to the Online Lenders Alliance following a nine-year stint as CEO. Online payday lenders have drawn fire in recent years from states such as New York and Pennsylvania, which have accused some companies of failing to comply with state interest rate caps. The alliance has advocated for legislation that would establish a federal charter for payday lenders, arguing that there should be one set of rules rather than a state-by-state patchwork. During the Obama administration, payday lenders also faced close scrutiny from the Consumer Financial Protection Bureau. Mick Mulvaney, the agency’s acting director since November, has adopted a much friendlier stance. The Online Lenders Alliance’s board includes representatives from Enova International, which was spun off from Cash America in 2014; CURO Financial Technologies, whose brands include Speedy Cash and Rapid Cash; and Island Mountain Development Group, which is affiliated with the Fort Belknap tribe in Montana. Kevin Wack Banking Editor Kevin Wack is the Banking Editor at American Banker, leading the publication's coverage of large, regional and community banks. He also writes... Read full bio Payday lending State regulators Nonbank Women in Banking M&A Keweenaw Financial plans to acquire neighboring Range Financial in a transaction that would create an institution with nearly $1.7 billion of assets. By John Reosti Reporter 9h ago In 2024, a Honduras-born man who was buying a motorcycle was turned down for a loan. Two years later, Truist Financial is facing a discrimination lawsuit — and the plaintiff's lawyer says many lenders are vulnerable to the same accusations. By Nathan Place National Reporter 9h ago Federal Reserve The nation's largest banks saw their aggregate capital levels decline the least since the stress testing regime was reformed in 2020. Even so, the Fed will keep stress capital buffers unchanged as it weighs structural changes to its annual capital test. By Kyle Campbell Staff writer 10h ago Commercial banking The Atlanta-based parent company of Ameris Bank plans to open a commercial banking office in Tennessee's largest city by the end of the year, as part of its organic growth strategy. By Allissa Kline Reporter 10h ago Wealth management The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games. By Dan Shaw Reporter 10h ago Trump administration The Senate Banking Committee is slated to consider Christopher Phelen to be the chair of the Council of Economic Advisers on Thursday. Phelen has said in past academic papers that fractional reserve banking is "highly problematic." By Claire Williams Reporter 11h ago
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