Oregon

Harms of Opp-Fi Bank’s High-Cost Loans Recently Were Highlighted in CRL Report Washington, DC – Federal banking regulators must not allow predatory lenders to acquire a national bank charter and expand their ability to offer high-cost loans that cause long-term financial distress for working people struggling to manage today’s affordability challenges, said the Center for Responsible Lending (CRL). Opportunity Financial...

State lawmakers are considering a bill aimed at addressing predatory lending schemes that affect thousands of residents each year. The proposed legislation focuses on lenders like OppFi, which reportedly charges Oregonians up to 195% interest on loans ranging from $500 to $5,000. A recent report by the Center for Responsible Lending (CRL) highlights the issue, pointing to what they describe...

The Oregon Senate passed House Bill 4116, which stops online lenders from exploiting a loophole in federal law to charge consumer loan interest rates above Oregon’s 36% cap through “rent-a-bank” schemes. The bill now moves to Governor Tina Kotek’s desk to be signed into law. “Predatory ‘rent-a-bank’ loans have high rates of interest, defaults, and repeat borrowing. The business model...

A new report by the Center for Responsible Lending examines lender OppFi, which charges Oregonians up to 195% interest on loans of $500 to $5,000. According to Ellen Harnick, the center’s executive vice president and director of state policy, such lenders target desperate borrowers and trap them in cycles of debt, where interest paid can equal the original loan amount...

The federal Consumer Financial Protection Bureau changed its tune on payday loans when the country changed presidents. The Center for Responsible Lendingnoticed. CRL's Ezekiel Gorrocino visits with details of the current situation with payday loans.