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"
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.
$694.0M
New Jersey's Attorney General and Division of Consumer Affairs, along with 41 Attorneys General, reached a $694 million settlement with subprime auto lender Credit Acceptance Corporation over allegations it originated unaffordable loans its own systems predicted borrowers could not repay, employed aggressive debt-collection tactics, and failed to prevent deceptive vehicle-service contract and GAP product 'packing' by dealers. The multistate settlement stepped in after the CFPB permanently dropped its 2023 enforcement action against CAC in 2025. CAC will provide $60 million in cash restitution, $634 million in debt relief, an additional $15 million to the states, and implement injunctive lending reforms including loan off ramps, pre-loan disclosures, add-on packing safeguards, and a seven-year vehicle price cap. Note: this is a consumer-protection lending enforcement action, not a privacy matter; violation categories are best-fit mappings from the available taxonomy.
$650K
The New Jersey Attorney General and Division of Consumer Affairs announced that Match Group, Inc. will pay $650,000 and change its business practices to settle allegations that it misrepresented or failed to disclose its criminal background screening policies and practices to New Jersey users, violating the New Jersey Consumer Fraud Act and the Internet Dating Safety Act. Under a Consent Order, Match must accurately represent its screening policies, notify existing New Jersey members of updated disclosures within 150 days, and post clear and conspicuous disclosures and safety notifications about the limitations of criminal background screenings.
$96.5M
New Jersey and a coalition of states and territories obtained preliminary approval for a plan to distribute funds from settlements with generic drug manufacturers accused of conspiring to raise drug prices. The settlements total approximately $96.5 million, and eligible consumers may submit claims for compensation.