The ranking member of the U.S. Senate Committee on Banking, Housing and Urban Affairs, Sen. Elizabeth Warren, urged the Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency and Federal Reserve to reject Opportunity Financial’s proposed acquisition of BNC National Bank and its formation of a bank holding company. Warren argued that access to a national bank charter and federal preemption would allow OppFi to expand high-cost lending nationwide while circumventing interest rate caps in 45 states. The letter cited OppFi personal installment loan rates of up to 195% annual percentage rate and public filings showing charge-off rates above 55%. It also questioned whether the company adequately assesses borrowers’ ability to repay and meets statutory standards concerning safe and sound lending and community needs. Warren further argued that approval would conflict with President Donald Trump’s stated support for a 10% cap on credit card interest rates.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-08-14
U.S. Senate Banking Committee ranking member urges regulators to reject OppFi acquisition of BNC National Bank
U.S. Senate Banking Committee ranking member Elizabeth Warren urged the FDIC, OCC and Federal Reserve to reject OppFi’s proposed acquisition of BNC National Bank. She argued that the national bank charter would help OppFi circumvent state interest rate caps and expand loans carrying rates of up to 195% nationwide.