Attorney General Tong joined a coalition of 17 attorneys general in sending letters to the Office of the Comptroller of the Currency and the Federal Reserve Board, urging them to deny Opportunity Financial's application to acquire BNC National Bank. The merger would grant OppFi a national bank charter, allowing it to circumvent state lending laws and charge triple-digit interest rates, posing risks to consumers and the banking system.
In-house legal teams should review any agreements with lenders, banking partners, or financial institutions to ensure compliance with state lending laws and interest rate caps. They should check for change of control provisions that might be triggered by mergers or acquisitions, and ensure that counterparties cannot circumvent state consumer protection laws through federal preemption. Additionally, they should review any 'rent-a-bank' arrangements or partnerships with national banks to assess the risk of high-cost lending practices.
Entity
Opportunity Financial, LLC
Industry
Financial ServicesOfficial Press Release
https://portal.ct.gov/ag/press-releases/2026-press-releases/attorney-general-tong-joins-coalition-urging-federal-government-to-deny-opportunity-financial-merger
occ oppfi comment letter final
https://portal.ct.gov/-/media/ag/press_releases/2026/occ_oppfi-comment-letter_final.pdf
frb oppfi comment letter final
https://portal.ct.gov/-/media/ag/press_releases/2026/frb_oppfi-comment-letter_final.pdf
Connecticut Attorney General Enforcement Page
https://portal.ct.gov/AG/Privacy/Privacy-Resources
"Opportunity Financials’ (OppFi)"
"National Bank Act"
"circumvent longstanding state lending laws"
$625K
Connecticut reached a $625,000 settlement with Frontier Communications Parent Inc. over an April 2024 breach in which compromised employee and vendor credentials were used to access internal systems and exfiltrate unencrypted personal information of 58,841 Connecticut residents. The settlement requires Frontier to strengthen its security program, implement specific safeguards and training, and obtain an independent third-party assessment.
$2.6M
Connecticut and New York found that Boston Children’s Health Physicians and its security vendor, XTIUM, failed to use reasonable safeguards, resulting in hackers accessing sensitive personal, medical, and employee information. The companies agreed to pay penalties totaling $2.64 million and implement enhanced cybersecurity measures.
Connecticut joined a coalition of state attorneys general filing a notice in Character Technologies, Inc.’s bankruptcy proceedings, raising concerns about the company’s safety and privacy practices and the sensitive information it holds. The states seek protections for children and consumers if the company’s business or assets are sold or transferred; the filing does not impose a fine or other remedy.
Attorney General William Tong and Consumer Counsel Claire Coleman petitioned PURA to review how Connecticut public utilities use artificial intelligence, citing potential data privacy and cybersecurity risks, algorithmic errors, and misleading outputs. The petition asks PURA to examine utility AI systems, safeguards, vendors, and data security practices; it does not report a finding of violation or an imposed penalty.
$2.0M
Connecticut Attorney General William Tong announced a settlement with RZ Smoke, Inc. over allegations that it distributed and sold high-potency cannabis products without a state license. The stipulated judgment is $2 million, with $375,000 payable to the State and $1.6 million suspended to ensure compliance; the company is barred from specified cannabis activities in Connecticut unless licensed.
$13.7M
Connecticut joined a coalition of states and the federal government in settling allegations that Takeda paid healthcare providers speaker honoraria and provided meals to induce prescriptions of Trintellix, leading to allegedly false claims to government healthcare programs. Takeda agreed to pay $13,670,921 plus accrued interest, with portions allocated to federal and state programs.