Alarm bells raised over fintech firm’s bank purchase
By Celine Provini
Published on May 5, 2026.
Fintech lender OppFi plans to buy Arizona-based bank BNC National Bank in a $130 million stock-and-cash deal, which will allow it to offer banking services nationwide. The deal will merge OppFi's online lending platform with BNC's national bank charter. However, some have raised concerns about this move due to a favorable regulatory environment. The National Consumer Law Center has criticised OppFi for charging interest as high as 160% or more and for ignoring state limits on interest rates. The Consumer Financial Protection Bureau has also investigated whether its practices violate the Military Lending Act, which caps the interest rate made to military borrowers at 36%.
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