Attorney General Jennifer Davenport joined a coalition of 17 attorneys general in sending comment letters to the Office of the Comptroller of the Currency and the Federal Reserve Board, urging them to deny OppFi's application to acquire BNC National Bank and obtain a national bank charter. The coalition argues that the charter would allow OppFi to circumvent state usury laws and offer high-cost loans with APRs up to 200%, harming consumers.
In-house legal teams at financial services companies should review their lending agreements and bank partnership arrangements to ensure compliance with state usury laws and interest rate caps. Specifically, they should examine any 'rent-a-bank' structures that may be used to export interest rates from states without caps, and ensure that their contracts do not facilitate circumvention of state consumer protection laws. They should also review their loan agreements for APR disclosures and ensure they are not engaging in predatory lending practices that could attract regulatory scrutiny.
Entity
Opportunity Financials, LLC
Industry
Financial ServicesOfficial Press Release
https://www.njoag.gov/attorney-general-jennifer-davenport-opposes-predatory-lender-oppfis-bid-for-national-bank-charter/
2026 0806 OppFi FedReserveLtr
https://www.njoag.gov/wp-content/uploads/2026/08/2026-0806_OppFi-FedReserveLtr.pdf
2026 0806 OCC OppFi Comment Letter Final
https://www.njoag.gov/wp-content/uploads/2026/08/2026-0806_OCC_OppFi-Comment-Letter_Final.pdf
New Jersey Attorney General Enforcement Page
https://www.njoag.gov/about/divisions-and-offices/division-of-consumer-affairs/
"Opportunity Financials’ (OppFi)"
"New Jersey’s usury laws"
"National Bank Act"
"circumvent longstanding state lending laws"
$220.0M
A 36-attorney-general coalition resolved allegations that General Motors collected and sold identifiable driver behavior and location data to data brokers, which supplied it to insurers for use in assessing drivers and potentially raising premiums. The $220 million nationwide 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.
New Jersey, the FTC, and a coalition of 19 other states sued Dollar General, alleging that customers were repeatedly charged more at checkout than prices displayed on shelves, tags, and advertisements. The complaint alleges deceptive pricing practices and inadequate safeguards despite consumer complaints; the release does not describe a settlement, penalty, or other remedy imposed.
New Jersey joined a coalition of state attorneys general in filing a notice in Character Technologies, Inc.’s bankruptcy proceedings, raising concerns about the company’s safety and privacy practices and the sensitive conversations it holds, including those involving children and mental health. The states seek safeguards for consumers’ personal information in any sale or transfer of the company’s business or assets; the release does not report a fine or final finding of violations.
A multistate coalition co-led by New Jersey won a federal court order rejecting the Trump Administration’s decision not to request funding for the CFPB. The order struck down that decision and directed the Administration to follow the law and fund the agency; no monetary penalty or privacy violation is described.
New Jersey’s Attorney General and Division of Consumer Affairs alerted the public that three synthetic kratom-related compounds became illegal to possess or sell in the state under a temporary federal scheduling order. The release describes a controlled-substance alert, not a privacy enforcement action, and identifies no company, privacy violation, or monetary penalty.
$2.3M
Laboratory Corporation of America Holdings agreed to pay $2,287,455 to participating states and strengthen its security and vendor-management practices following an investigation into the 2019 breach at its debt-collection vendor, AMCA. The breach potentially exposed information of more than 27.5 million people nationwide, including sensitive information belonging to approximately 10.2 million LabCorp patients.