ATTORNEY GENERAL BONTA URGES FEDERAL GOVERNMENT TO PROTECT CONSUMERS, DENY OPPORTUNITY FINANCIAL MERGER

SACRAMENTO, Calif., Aug. 6 -- The California Attorney General issued the following press release:

OAKLAND - California Attorney General Rob Bonta today joined a coalition of 17 attorneys general in sending letters to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB), urging the agencies to deny Opportunity Financial's (OppFi) application to acquire and merge with BNC National Bank, which would grant OppFi a national bank charter and aid its efforts to evade longstanding state lending laws. In their letters, Attorney General Bonta and the coalition argue that if OppFi gains a national bank charter and becomes a bank holding company, it would create an exponential increase of unaffordable, high-cost loan...