Oportun Informed by Consumer Financial Protection Bureau that it has Concluded its Investigation of Oportun and Will Not Recommend any Enforcement Action
Oportun (Nasdaq: OPRT) announced on March 28, 2023, that the Consumer Financial Protection Bureau (CFPB) has concluded its investigation into the company.
Sentiment and the balance of points
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Rhea-AI Summary
Oportun (Nasdaq: OPRT) announced on March 28, 2023, that the Consumer Financial Protection Bureau (CFPB) has concluded its investigation into the company. The CFPB determined that it would not recommend any enforcement action against Oportun regarding its legal collection practices from 2019 to 2021 and its hardship programs during the COVID-19 pandemic. Oportun has consistently maintained that its practices are compliant with applicable laws. The company has provided over $15.5 billion in responsible credit and helped its 1.9 million members save more than $2.3 billion in interest and fees.
Positive
- CPFB investigation concluded without recommended enforcement action.
- Oportun has provided over $15.5 billion in responsible credit.
- Members saved more than $2.3 billion in interest and fees.
Negative
- None.
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News Market Reaction – OPRT
The recorded move for OPRT in the trading session of this news was +7.78%.
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SAN CARLOS, Calif., March 28, 2023 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, today announced that the Consumer Financial Protection Bureau (CFPB) has informed Oportun, via letter, that the agency has completed its investigation of the Company. In its letter, the CFPB stated that its Office of Enforcement staff concluded that it would not recommend pursuing an enforcement action against the Company.
The Bureau was assessing Oportun’s legal collection practices from 2019 to 2021, along with its hardship program during the COVID-19 pandemic. As it has maintained throughout its engagement with the CFPB on this matter, the Company continues to believe that its business practices have been in full compliance with applicable laws.
For more information about Oportun, visit Oportun.com.
About Oportun
Oportun (Nasdaq: OPRT) is a digital banking platform that puts its 1.9 million members' financial goals within reach. With intelligent borrowing, savings, budgeting, and spending capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than
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