SOUTH BRONX / SDNY, April 29 –
Predatory lenders are buying into the US banking industry,
and the Federal Reserve is letting it happen, and
withholding records about it. Inner City Press has
filed and appeal Freedom of Information Act requested
about the Fed's kids-glove treatment of Enova /
Grasshopper. Now on April 29, it and Fair Finance Watch
filed this with the Fed and OCC:
On behalf of Fair
Finance Watch, this is opposition as early as possible to
the applications of high-cost lender OppFi to become bank
holding company by acquiring and to acquire BNC National
Bank. To allow this high-cost
lender to become a bank holding company would be a new low
for the Fed.
For the record on this
application: "OppLoans carry higher rates of 99% to
195%, according to OppFi. Although the loans are offered
in California through an online platform OppFi runs, its
partner FinWise Bank of Utah handles origination. OppFi
has argued California's rate caps don't apply to an
out-of-state bank like FinWise, so the OppLoans it offers
can legally exceed them." (February 25,
2026)
Now they want to acquire a national bank?
Public hearings are necessary.
Also for the record: BNC
National Bank has a disparate lending record. In fact,
nationwide in 2024, BNC National Bank made 89 home
mortgage loans to whites and NONE to African Americans. In
Arizona, it was eight loans to whites, none to African
Americans.
Evidentiary hearings should be held;
and on the current record, the proposal should not be
approved.