Powered by

Oportun's bid for bank charter meets resistance

Dec 31, 2020 - American Banker
Financial Results

Several consumer advocacy groups are opposing Oportun Financial's application for a national bank charter, citing concerns about the company's lending and debt-collection practices.

Many of those issues came to light ina ProPublica investigationover the summer that focused on the high proportion of collection suits that the online lender had filed in recent years and its high proportion of repeat borrowers. Oportun charges high interest rates, rolls over too much debt and has been too quic...