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The company has filed a lawsuit against the banking commissioner for threatening to end its partnership with a bank that enables consumer loans to exceed the state’s 36% interest rate cap. OppFi’s argument: Its bank partner is the true lender.
Todd Schwartz, founder and executive chairman of the Chicago-based online consumer lender, succeeds Neville Crawley with the company's stock having tanked since going public in July.
The agreement resolves a lawsuit over consumer loans that had annual percentage rates as high as 198%. Chicago-based OppFi denied allegations that it engaged in unfair lending practices.