OppFi Applauds Recent Federal Court Ruling To Grant CFPB’s Motion For Summary Judgment In CFSA Challenge Against CFPB’s Small Dollar Rule
The decision brings clarity and further supports the need for common sense consumer protection guidance that also protects access to credit for millions of everyday consumers
CHICAGO, September 02, 2021– (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 installment loans at high cost (âlittle dollar ruleâ).
“This recent move 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 do not cannot get it through traditional financial providers are protected by common sense safeguards for consumers, “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 repayments to amortize 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 â¢ 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) ââand 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.
This information includes “forward-looking statements” within the meaning of the “safety regulations” provisions of the Private Securities Litigation Reform Act of 1995. OppFi’s actual results may differ from its expectations, estimates and projections and, therefore, you do not should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “plan”, “anticipate”, “intend”, “plan”, “power”, “power” , “Could”, “should,” “believes”, “predicted”, “potential”, “continuing” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. Most of these factors are beyond OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on OppFi’s business, including the impact of government stimulus measures; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition; OppFi’s ability to grow and manage its growth profitably and to retain key employees; costs related to business combinations; changes in applicable laws or regulations; the possibility that OppFi will be adversely affected by economic, commercial and / or competitive factors; whether OppFi will be successful in launching the OppFi card, including whether the OppFi card will be accepted by consumers or the market; whether OppFi will be successful in expanding SalaryTap, including whether there will be consumer or market acceptance of SalaryTap; OppFi’s ability to maintain or improve its social impacts and how these impacts will affect OppFi’s business; and other risks and uncertainties indicated from time to time in documents filed by OppFi with the SEC, including those referred to under âRisk Factorsâ. OppFi cautions that the above list of factors is not exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date they are posted. OppFi does not undertake or accept any obligation or commitment to publicly release updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is made. based.
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