NCLC, on behalf of our low-income clients, and 122 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 bank.
OppFi seeks to acquire BNC Bank, to create OppFi National Bank, to merge BNC and OppFi banks, and to become a bank holding company. The comments urged denial of the application after holding a public hearing, including consideration by the full Board of Governors of the Federal Reserve.
OppFi’s application, like the recent and still-pending application by Enova International to acquire Grasshopper Bank, would be an unprecedented use of a national bank charter for the purposes of a business model built on outrageously usurious and destructive loans that have no place in the national bank system.
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