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 joined a coalition of states and local governments in filing suit against NHTSA over its rule weakening fuel economy standards for new passenger cars and light trucks. The lawsuit alleges the rule violates the agency’s statutory mandate and the Administrative Procedure Act; no penalty or final remedy is reported.
Connecticut Attorney General William Tong joined a multistate coalition suing the EPA over its repeal of greenhouse gas pollution limits for power plants and separately filed a notice of intent to sue over regulation of existing gas plants. The coalition asks the court to overturn the repeal and restore the protections; the release reports no monetary penalty or final order.
$400.0M
Connecticut Attorney General William Tong announced a $400 million settlement with Sandoz Inc. and Fougera Pharmaceuticals Inc. resolving allegations that the generic drug manufacturers conspired to inflate prices, limit competition, and restrain trade. The settlement includes consumer restitution and injunctive reforms; court approval was being sought.
Connecticut Attorney General William Tong joined a coalition of 21 attorneys general in submitting a comment letter opposing a DHS rule that allows certain affirmative asylum applications to be referred to removal proceedings without an asylum officer interview. The coalition argues the rule violates federal law and harms asylum seekers, including unaccompanied children; this was a policy opposition letter, not a privacy enforcement action.
Connecticut and Massachusetts co-led a coalition protest urging FERC to reject the proposed NextEra Energy-Dominion Energy merger. The coalition argued that the merger could increase market power and threaten energy affordability, reliability, and competition; the release does not report a final enforcement decision or penalty.
Connecticut officials warned residents about potential home improvement scams before an approaching nor’easter, including unlicensed contractors, high-pressure sales tactics, and demands for full payment upfront. The release provides consumer guidance on checking contractors and contract requirements; it does not announce an enforcement action or penalty against a named entity.