Opportun Says CFPB Has Decided Not to Pursue Enforcement Action

Opportun (Nasdaq: OPRT), an online lender and neobank, says the Consumer Financial Protection Bureau (CFPB) has decided not to pursue an enforcement action against the Fintech.

In a corporate statement, Opportun said that it had received a letter from Enforcement staff at the CFPB indicating its decision.

The CFPB was apparently assessing Opportun’s legal collection practices from 2019 to 2021, along with its hardship program during the COVID-19 pandemic.

Opportuni states that it continues to believe that its business practices have been in full compliance with applicable laws.

At one point, Opportun sought to gain a federal bank charter but it shelved this ambition in 2021. Currently, Opportun operates as a neobank providing services in partnership with Webbank. Since its launch, Opportun reports that it has provided more than $15.5 billion in credit while saving its members more than $2.3 billion in interest and fees.

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