The general goal of this paper is to identify a transformation group that can be used to describe a class of feedback interconnections involving subsystems which are modeled solely in terms of Chen-Fliess functional expansions or Fliess operators and are independent of the existence of any state space models. This interconnection, called an output affine feedback connection, is distinguished from conventional output feedback by the presence of a multiplier in an outer loop. Once this transformation group is established, three basic questions are addressed. How can this transformation group be used to provide an explicit Fliess operator representation of such a closed-loop system? Is it possible to use this feedback scheme to do system inversion purely in an input-output setting? In particular, can feedback input-output linearization be posed and solved entirely in this framework, i.e., without the need for any state space realization? Last, what can be said about feedback invariants under this transformation group? A final objective of the paper is to describe the Lie algebra of in finitesimal characters associated with the group in terms of a pre-Lie product.