OppFi Applauds Recent Federal Court Ruling Granting CFPB’s Motion For Summary Judgment In CFSA Challenge Against CFPB’s Small Dollar Rule
CHICAGO–(COMMERCIAL THREAD) – OppFi Inc. (NYSE: OPFI) (“OppFi“), a leading fintech platform that enables banks to help ordinary consumers access credit, welcomes the recent ruling by the Federal District Court for the West District of Texas to grant the petition in summary of the Consumer Financial Protection Bureau (the “CFPB”) judgment and dismissing the challenge by the Community Financial Services Association (“CFSA”) of the CFPB rule on payday, vehicle title and certain loans. high cost installment (“little dollar rule”).
“This recent decision brings clarity and support to sensible consumer protections in the small dollar lending space. We believe this is a positive step in ensuring that the 150 million daily consumers who need access to credit but cannot get it through traditional financial providers are protected by common sense safeguards, ”he said. said Jared Kaplan, CEO of OppFi. “As noted in our recent white paper On Policy Reform for Small Dollar Lending, we support the protections afforded to consumers by the CFPB’s Small Dollar Rule payment provisions in addition to other sensible protections, such as capacity assessment. ” a consumer to be reimbursed as part of the subscription process.
OppFi recently released a white paper that outlines the company’s proposed guidance on the core principles of consumer protection in low-value loans, namely the focus on the borrower’s ability to repay under of the underwriting process, and on loan payments to amortize the principal, as a means of establishing clear guidance on common sense ways to balance expanded access to credit with consumer protection.
The full OppFi white paper can be found here.
OppFi (NYSE: OPFI) is a leading financial technology platform that enables banks to deliver accessible products and a best-in-class experience to everyday consumers. OppFi’s platform facilitates installment loan products, OppLoans and SalaryTap, and credit card product, OppFi Card. The company has been an Inc. 5000 company for six consecutive years, twice Deloitte’s Technology Fast 500 ™ and the seventh fastest growing company in Chicagoland in 2021 by Crain’s Chicago Business. The company was also on the Forbes America 2021 list of America’s Best Startup Employers and Built In’s 2021 Best Workplaces in Chicago. OppFi maintains an A + rating from the Better Business Bureau (BBB) and maintains a 4.8 / 5 star rating with over 14,000 customer reviews online, making it one of the top online financial platforms rated by customers. For more information, please visit oppfi.com.
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