A number of consumer advocacy groups opposed the mergers on the same grounds. On Tuesday one of those groups, the Center for Responsible Lending, celebrated the failure of the OppFi deal and said federal regulators should go further. "OppFi drains borrowers dry — financially devastating families and communities along the way and making the lender unfit for our insured banking system," Katelin Kaiser, policy counsel for the CRL, said in a statement. "Following the withdrawal of bank applications from OppFi and, recently, Enova, federal banking regulators should clearly state that high-cost lenders cannot use a national bank charter to override state protections against high-cost loans."
