The National Community Reinvestment Coalition (NCRC), Woodstock Institute and Rise Economy submitted a comment letter to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) strongly opposing OppFi, Inc.’s (OppFi) applications to become a bank holding company and to merge with BNCCORP, Inc. and ultimately form OppFi Bank.
The letter outlines the unacceptable risks for low- and moderate-income communities, consumers and small businesses as well as the safety and soundness of the financial system that would come from granting OppFi direct access to the banking system. It urges the agencies to deny the applications and requests public meetings and/or a hearing in light of the public risks.
“OppFi makes high-cost loans to many consumers and small businesses that cannot afford them,” said Tara Flynn, NCRC’s policy director. “The merger would give OppFi its own national bank and allow it to expand across the country, including into states that have capped interest rates to protect borrowers from lenders like OppFi.”
To read the full comment letter, visit: https://ncrc.org/ncrc-woodstock-institute-and-rise-economy-oppose-oppfis-proposed-merger-with-bnc-bank/
