Serb Natlfed

Main Menu

  • Home
  • Serbian finance
  • Serbian banks
  • Serbian economy
  • Serbian loans
  • Financial affairs

Serb Natlfed

Header Banner

Serb Natlfed

  • Home
  • Serbian finance
  • Serbian banks
  • Serbian economy
  • Serbian loans
  • Financial affairs
Financial affairs
Home›Financial affairs›OppFi sues California commissioner over threat of state interest rate cap (NYSE:OPFI)

OppFi sues California commissioner over threat of state interest rate cap (NYSE:OPFI)

By Corey Owens
March 8, 2022
0
0

William_Potter/iStock via Getty Images

OpFi (NYSE:OPFI)which provides technology to banks to offer installment loans, has filed a lawsuit against the California Department of Financial Protection and Innovation Commissioner.

The company is seeking a ruling that the state interest rate cap law does not apply to loans issued by OppFi banking partners (OPFI) and managed through the OppFi technology platform.

Its partners are not subject to California interest rate laws because the loans are made through a federally insured, state-chartered bank, OppFi (OPFI) said in a statement. California’s DFPI commissioner threatened to enforce interest rate laws against the company, he said.

“Loans made through the OppFi (OPFI) platform are constitutionally and statutorily exempt from California’s maximum interest rate caps because the loans are made by Member FDIC FinWise Bank, a state-chartered bank located in Utah,” the company said. “It’s a well-established federal law that allows state-chartered banks to export the interest rates allowed in their charter state to any other state in the country.”

OppFi shares (OPFI) are 0.3% slip in after-hours trading.

Last month, OppFi (OPFI) appointed Todd Schwartz as CEO and updated its full year guidance

Related posts:

  1. Why use a loan instead of credit
  2. AxiaMed Partners With CareCredit To Provide Integrated Payment Solutions For A Convenient And Streamlined Patient Experience
  3. Heloise’s advice: Give gifts this season | Human interest
  4. Efforts to end triple-digit interest rates on small loans in California cross major hurdle
Tagsinstallment loansinterest rates

Categories

  • Financial affairs
  • Serbian banks
  • Serbian economy
  • Serbian finance
  • Serbian loans

Resent Posts

  • Wednesday, November 23, 2022 – La Minute Monocle
  • All 17 Man Utd first-team players set to feature in friendlies
  • Veterinary Telemedicine Company Dutch launches pet insurance in partnership with Pets Best | Company
  • Pančevo Jazz Festival 2022 (Serbia) – London Jazz News
  • The best mortgage finance stocks to buy right now

Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • Privacy Policy
  • Terms and Conditions