Attorney General Tong joined a coalition of 17 attorneys general in sending letters to the Office of the Comptroller of the Currency and the Federal Reserve Board, urging them to deny Opportunity Financial's application to acquire BNC National Bank. The merger would grant OppFi a national bank charter, allowing it to circumvent state lending laws and charge triple-digit interest rates, posing risks to consumers and the banking system.
In-house legal teams should review any agreements with lenders, banking partners, or financial institutions to ensure compliance with state lending laws and interest rate caps. They should check for change of control provisions that might be triggered by mergers or acquisitions, and ensure that counterparties cannot circumvent state consumer protection laws through federal preemption. Additionally, they should review any 'rent-a-bank' arrangements or partnerships with national banks to assess the risk of high-cost lending practices.
Entity
Opportunity Financial, LLC
Industry
Financial ServicesOfficial Press Release
https://portal.ct.gov/ag/press-releases/2026-press-releases/attorney-general-tong-joins-coalition-urging-federal-government-to-deny-opportunity-financial-merger
occ oppfi comment letter final
https://portal.ct.gov/-/media/ag/press_releases/2026/occ_oppfi-comment-letter_final.pdf
frb oppfi comment letter final
https://portal.ct.gov/-/media/ag/press_releases/2026/frb_oppfi-comment-letter_final.pdf
Connecticut Attorney General Enforcement Page
https://portal.ct.gov/AG/Privacy/Privacy-Resources
"Opportunity Financials’ (OppFi)"
"National Bank Act"
"circumvent longstanding state lending laws"
Connecticut Attorney General William Tong co-led a bipartisan coalition of 45 attorneys general urging Congress to pass the Kids Online Safety Act. This was a legislative advocacy effort, not a new enforcement action; the release discusses prior investigations into platforms’ effects on children and a separate Meta settlement.
Connecticut Attorney General William Tong joined attorneys general from 17 states in an amicus brief urging the New York Court of Appeals to preserve state authority to pursue fraud cases. The underlying civil case alleges that Donald Trump and his co-defendants inflated asset values to obtain better loan and insurance terms; this press release announces advocacy, not a new enforcement order or penalty.
$220.0M
Connecticut and a coalition of 36 attorneys general reached a $220 million settlement with General Motors over the collection and sale of consumers’ driving behavior and location data to data brokers and insurers without adequate disclosure or consent. The settlement requires affirmative express consent before collecting or disclosing driving and location data, limits data collection, and imposes privacy program assessments and dealership oversight and training.
Connecticut Attorney General William Tong and 13 other attorneys general sent Meta a letter after the No Kings Coalition’s Instagram account was mistakenly suspended during a nationwide election-related day of action. The letter asks Meta to explain the suspension, its use of human review, steps to prevent similar errors, and how users can seek redress; it does not announce a fine or impose a remedy.
Connecticut joined the FTC and attorneys general from 19 other states in suing Dollar General, alleging that it repeatedly charged customers more at checkout than prices displayed on shelves, tags, and advertisements. The complaint alleges years of overcharging and insufficient safeguards, but the release does not report a settlement, court order, or monetary penalty.
$500K
Connecticut Attorney General William Tong announced settlements with SunRun, Inc., Elevate Solar Solutions, and two salespeople over allegations of deceptive solar sales, including impersonating consumers and locking homeowners into long-term contracts without consent. SunRun must pay $300,000 and provide consumer relief; Elevate and the salespeople face a stated $200,000 penalty, with $100,000 suspended subject to ongoing compliance.