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"
$400.0M
Attorney General Jennifer Davenport joined a coalition of 43 states and territories in announcing a $400 million settlement in principle with Sandoz Inc. to resolve allegations of widespread price-fixing and anticompetitive conduct in the generic drug market. Sandoz will pay approximately $469 million total including prior settlements, and has agreed to internal reforms to ensure fair competition.
Press release announcing that Governor Mikie Sherrill will nominate consumer protection expert Christopher L. Peterson to serve as Director of the New Jersey Division of Consumer Affairs. Peterson is a former senior CFPB official and legal scholar. No enforcement action or privacy violation is described.
The New Jersey Attorney General announced that Paramount and Warner Bros. have agreed to put their merger on hold while a lawsuit challenging the merger proceeds. The agreement prevents the merger from moving forward until the end of trial or June 1, 2027, whichever comes first.
This press release summarizes New Jersey's civil enforcement recoveries in 2025, totaling $193 million across various settlements including False Claims Act, consumer fraud, and environmental cases. No specific privacy enforcement action is detailed.
$18.0M
Attorney General Jennifer Davenport joined a bipartisan coalition of 42 attorneys general in announcing a settlement with the bankruptcy trustee for 23andMe, resolving allegations from a 2023 data breach that compromised genetic data of 6.9 million people worldwide, including nearly 150,000 in New Jersey. The settlement provides $18 million to states from available bankruptcy funds, plus enhanced data security and consumer deletion rights for the successor entity, 23andMe Research Institute.
$45.0M
Block, Inc. agreed to a $45 million multistate settlement with 46 states for allegedly misleading consumers about the safety of Cash App, failing to protect users from fraud, and not providing promised fraud protection. The settlement requires Block to improve customer support, stop misleading claims, and educate consumers about fraud.