OPFI - Why Shares of OppFi Are Rising Today
Shares of the fintech platform OppFi (NYSE: OPFI) traded more than 10% higher as of 3 p.m. EDT after announcing that the company will avoid punishment in regards to a previously disclosed investigation into its lending practices.
OppFi is a fintech platform that helps consumers who normally couldn't get access to credit obtain loans from banks. It went public last November through a special purpose acquisition company.
In March, OppFi disclosed that the Consumer Financial Protection Bureau issued the company a civil investigative demand in order to determine whether the company's lending practices had violated the Military Lending Act, a federal law that protects active duty military members from financial practices like exorbitantly high interest rates.
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Why Shares of OppFi Are Rising Today