Attorney General Kwame Raoul led a coalition of 18 attorneys general today in sending letters to the Office of the Comptroller of the Currency and the Federal Reserve Board, urging the agencies to deny Opportunity Financials’ application to acquire and merge with BNC National Bank, which would grant OppFi a national bank charter and enable the company to circumvent longstanding state lending laws.

“OppFi should not be granted a national bank charter because it targets vulnerable consumers with risky, unsafe and unsound loans that cause more financial harm. For the safety of consumers and the reliability of our banking system, federal regulators should deny OppFi’s application and stop OppFi’s efforts to evade our laws and impede our ability to protect Illinois residents from high-interest loans.” – AG Raoul