Benzinga | Mar 4, 2021 04:39PM EST

Oportun Financial Says On March 3 Received Civil Investigative Demand From Consumer Financial Protection Bureau

On March 3, 2021, Oportun, Inc. ("Oportun"), a subsidiary of Oportun Financial Corporation (together with Oportun and the rest of its subsidiaries, the "Company") received a Civil Investigative Demand (the "CID") from the Consumer Financial Protection Bureau (the "CFPB"). The stated purpose of the CID is to determine whether small-dollar lenders or associated persons, in connection with lending and debt-collection practices, have not been in compliance with certain federal consumer protection laws over which the CFPB has jurisdiction. The information requests in the CID focus on the Company's legal collection practices from 2019 to 2021 and hardship treatments offered during the COVID-19 pandemic.



The Company believes its practices have been in full compliance with CFPB guidance and that it has followed all published authority with respect to its practices, and the Company intends to cooperate with the CFPB. At this time, the Company is unable to predict the outcome of this CFPB investigation, including whether the investigation will result in any action or proceeding against the Company or in any changes to its practices.