Predatory Lender Enova Drops Bid to Become National Bank
Bank Charter Would Have Enabled 100% APR Loans in Every State
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Broad Coalition Opposes 195% APR Bank Charter for OppFi, Which Seeks to Make Payday Loans in Every State
120+ Groups Urge FDIC, OCC, and Fed To Deny OppFi’s Request to Acquire BNC Bank
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Comments on the Application to Charter OppFi National Bank & Acquire BNC Bank
NCLC, on behalf of our low-income clients, and 134 consumer, civil rights, legal services and community groups, and academics submitted comments to the Federal Deposit Insurance Corp.(FDIC), Office of the Comptroller of the Currency (OCC), and Board of Governors of the Federal Reserve System (FRB) on the application of Opportunity Financial (“OppFi”) to become a…
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Before Approving 100% APR Banks, Fed Must Hold Public Hearings
Unprecedented Bids Could Create the First National Banks Dedicated to Predatory Lending
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Coalition Letter to Federal Reserve Requesting Full Board Vote and Public Hearing on Applications of Enova and Opportunity Financial to Become Bank Holding Companies
The Board of Governors is presently reviewing the application of Enova International to acquire Grasshopper Bank and to become a bank holding company. The Board is also expected to shortly receive the announced application of Opportunity Financial (“OppFi”) to acquire BNC Bank and to become a bank holding company. In light of the unprecedented nature…
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Trump Fintech Order Will Promote Predatory Lending, Endanger Consumer Funds
Order Could Enable Payday Lenders to Ignore State Consumer Protection Laws and Skip Guardrails to Get Bank Charters
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Broad Coalition Urges Congress to Oppose Unaffordable 100%+ APR Bank Loans
Groups Urge Lawmakers to Reject Enova and OppFi’s National Bank Applications and to Support State and Federal Interest Rate Limits WASHINGTON – Today, over 100 consumer, civil rights, and community organizations sent a letter urging members of Congress to stop predatory bank loans by opposing the unprecedented national bank applications of Enova and OppFi. The…
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Coalition Letter Opposing Unaffordable 100% APR Bank Loans; Urging Congress to Support State and Federal Interest Rate Limits
The 106 undersigned consumer, civil rights, and community organizations wrote to Chairman Scott, Ranking Member Warren, Chairman Hill and Ranking Member Waters urging them to defend and strengthen interest rate limits and transparency to address the affordability crisis by:
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Another 100%+ APR Bank Seeks Trump Administration Approval
OppFi’s Acquisition of BNC Bank Would Circumvent Interest Rate Limits in 45 States
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Letter from Civil Rights Groups to Federal Reserve Board Opposing Enova Bank Charter
Civil rights and consumer advocacy organizations wrote to the Federal Reserve Board to lodge objection to the merger application of Enova International, Inc. (Enova) and Grasshopper Bank and to request a meeting. Objections arise specifically under the Federal Reserve’s review authority under the Bank Holding Company Act (BHCA), which requires consideration of financial resources, managerial…
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Fed Urged to Reject Bank Application that Would Greenlight Enova’s 100% APR Loans Nationwide
Civil Rights and Consumer Groups Warn Approval Would Harm Communities of Color
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Trump Administration Must Deny Enova's Bid to Make 100% APR Loans In Every State
An unprecedented national bank application would allow a lender to expand lending at interest rates of 100% or higher.
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