Van Hollen, Warren Joint Statement on Predatory Lender OppFi Withdrawing National Bank Application

U.S. Senator Chris Van Hollen (D-Md.), member of the Senate Banking, Housing, and Urban Affairs Committee, and Senator Elizabeth Warren (D-Mass.), Ranking Member of the Committee, issued the following joint statement after predatory lender OppFi withdrew its national bank application following their call last month to withdraw the application.

“Americans shouldn’t have to pay triple-digit interest rates on loans. That’s why twice now, we have called out predatory lenders for attempting to acquire national banks and expand across the country, and we’re glad that both times the lenders—first Enova and now OppFi—have withdrawn their applications. As Americans struggle under historic debt loads, Trump’s regulators should protect American consumers from predatory practices.”

In May, the two Senators wrote to the federal financial regulators asking them to deny the national bank application of another predatory lender, Enova. In September, Enova withdrew their application.