Technology,
Government,
Banking
Apr. 14, 2022
Fintech platform challenges state’s usury law
In a counterclaim, the state said OppFi is engaged in a “rent-a-bank” scheme to help local banks circumvent the usury law.
The financial technology platform OppFi (Opportunity Financial) is challenging California’s usury law by attempting to block the state’s Department of Financial Protection from imposing interest rates, alleging that it is not a lender and its business model is protected by federal law.
But in a counterclaim, the agency said OppFi is engaged in a “rent-a-bank” scheme to help local banks circumvent the state’s usury law.
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