Oportun allocates nearly $3 million to CFPB settlement on numbers

By Jon Hill (August 9, 2022, 1:08 p.m. EDT) – Online lending company Oportun Financial Corp. said Tuesday it was setting aside nearly $3 million for an expected Consumer Financial Protection Bureau settlement related to Digit, the company’s recently acquired automated banking platform.

In a regulatory filing, Oportun said it had reached an “agreement in principle” with the CFPB to resolve an investigation into Digit that predated its purchase of the platform late last year. The company previously revealed that the CFPB was investigating whether Digit had “misrepresented the terms, conditions or costs” of its offers.

Oportun said it has set aside approximately $2.8 million in connection with…

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