OPFI - OppFi sues California commissioner over state's interest rate cap threat

OppFi (NYSE:OPFI), which provides technology to banks to offer installment loans, has filed a lawsuit against California's Department of Financial Protection and Innovation commissioner. The company is seeking a ruling that the state's interest rate cap law doesn't apply to loans originated by OppFi's (OPFI) bank partners and serviced through the OppFi technology platform. Its partners aren't subject to California's interest rate laws because the loans are made by a federally insured, state-chartered bank, OppFi (OPFI) said in a  statement. California's commissioner of the DFPI has threatened to enforce interest rate laws against the company, it said.  "The loans made through the OppFi (OPFI) platform are constitutionally and statutorily exempt from California’s maximum interest rate caps because the loans are made by FinWise Bank, Member FDIC, a state-chartered bank located in Utah," the company said. "It is well-settled federal law that permits state-chartered banks to export the interest rates allowed in

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OppFi sues California commissioner over state's interest rate cap threat