Oportun Financial unit receives civil investigative demand from CFPB

Oportun Financial Corp. unit Oportun Inc. received a civil investigative demand from the Consumer Financial Protection Bureau requesting information on the company's legal collection practices from 2019 to 2021 and hardship treatments offered during the COVID-19 pandemic.

The demand aims to determine whether the lending and debt-collection practices of small-dollar lenders or associated persons have not been in compliance with certain federal consumer protection laws, according to a filing.

The company said it will cooperate with the bureau, stating that it believes it has fully complied with CFPB guidance and followed all published authority with respect to its practices.