The Online Lenders Alliance, a trade group whose members include digital payday lenders, has named Mary Jackson its CEO.
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.
