A broad coalition filed comments urging regulators to deny the application of the predatory lender Opportunity Financial (“OppFi”) to acquire a national bank. If the deal is approved, OppFi could offer loans up to 195% APR, and payday loan apps carrying even higher interest rates, in every state. The Federal Deposit Insurance Corp. (FDIC), Office of the Comptroller of the Currency (OCC), and Board of Governors of the Federal Reserve System (FRB) should hold public hearings on the application, insist on more information from OppFi on the impact of its unaffordable loans on struggling families, and – considering OppFI’s atrocious lending record – deny the application. The National Consumer Law Center also filed a more detailed set of comments on behalf of its low-income clients.
