Oportun Financial, a consumer lender in San Carlos,
Calf., has withdrawn its application with the Office of the Comptroller of the
Currency for a bank charter.
The company said in a Friday press release that it plans to
revisit the application, adding that it had “forged a constructive relationship
with the OCC” since filing its initial application nearly a year ago.
More than 20 federal and state consumer advocacy groups wrote to
acting Comptroller Michael Hsu on Aug. 4, asking the OCC to delay any decision
on the application until the Consumer Financial Protection Bureau had completed an
investigation into Oportun’s debt-collection practices.
Oportun announced
a partnership with MetaBank in Sioux Falls, S.D., last year that allowed the
lender to expand its operations from 12 states to 33 states.
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