california department of financial protection and innovation

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California Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made through bank partnership

By Ronald K. Vaske, Mindy Harris & Ballard CFS Group on July 14, 2022

Posted in CADFPI, Fintech, Regulatory and Enforcement, Usury

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California trial court to reject the DFPI’s attempt to apply California usury law to loans made through OppFi’s partnership with FinWise Bank (Bank) by alleging that OppFi is the “true lender” on the loans.… Continue Reading

California DFPI issues proposed regulations for providers of commercial financing

By Ballard CFS Group on June 29, 2022

Posted in CADFPI, Regulatory and Enforcement, Small Business, UDAAP

The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations implementing certain provisions of the state’s Consumer Financial Protection Law (CFPL). Comments must be submitted by August 8, 2022.

The proposal includes provisions implementing the DFPI’s authority under the CFPL to issue and enforce rules defining unfair, deceptive, or abusive acts or practices as they relate to “commercial financing,” as that term is defined in Cal.… Continue Reading

California Department Of Financial Protection And Innovation files cross-complaint alleging OppFi is “true lender” on loans made through bank partnership and seeking penalties of “at least $100 million”

By Mindy Harris & Ballard CFS Group on April 19, 2022

Posted in CADFPI, Regulatory and Enforcement, Usury

In response to the complaint filed by Opportunity Financial, LLC (OppFi) seeking to block the California Department of Financial Protection and Innovation (DFPI) from applying California usury law to loans made through OppFi’s partnership with FinWise Bank (Bank), the DFPI has filed a cross-complaint seeking to enjoin OppFi from collecting on the loans and to have the loans declared void.… Continue Reading

OppFi files complaint to block “true lender” challenge by California Department of Financial Protection and Innovation

By Ronald K. Vaske, Glen P. Trudel & Mindy Harris on March 15, 2022

Posted in CADFPI, Usury

Opportunity Financial, LLC (OppFi) has filed a Complaint for Declaratory and Injunctive Relief in a California state court against the California Department of Financial Protection and Innovation (DFPI), seeking to block the DFPI from applying California usury law to loans made through OppFi’s partnership with Fin Wise Bank (Bank), a state-chartered FDIC-insured bank located in Utah.… Continue Reading