June 20, 2024

Fraud Analysis

CFPB Drops Inquiry, Oportun’s Fintech Stock on the Rise

Oportun (Nasdaq: OPRT), a digital banking platform, made the announcement today that the Consumer Financial Protection Bureau (CFPB) has informed Oportun, through a letter, that the agency has finished its examination of the company. The CFPB explained in their letter that the Office of Enforcement staff came to the conclusion that they would not recommend initiating an enforcement action with the company because of their findings. Oportun is a publicly traded company on the Nasdaq stock exchange.

The bureau was conducting an investigation into Oportun’s legal collection practices from 2019 to 2021, as well as its hardship program throughout the COVID-19 pandemic. The company continues to believe, as it has throughout its involvement with the CFPB, that its business practices have entirely complied with the relevant regulations. This is something that it kept up throughout its contact with the CFPB.

Oportun trades on the Nasdaq under the abbreviation OPRT and is a mission-driven fintech stock that helps its 1.9 million customers achieve their financial goals. Oportun gives its members the ability to borrow money, save money, create a budget, and spend money smartly, giving them the confidence they need to create a stronger financial future. Since its beginning, Oportun has helped its members save more than 2.3 billion dollars in interest and fees, offered more than 15.5 billion dollars in affordable credit, and assisted the members in saving an annual average of more than 1,800 dollars.

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