Decision provides clarity and further supports the need for common sense consumer protection guidance that also protects credit access for millions of everyday consumers

OppFi Inc. (NYSE: OPFI) (“OppFi”), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, applauds the recent decision by the federal district court in the Western District of Texas granting the Consumer Financial Protection Bureau’s (the “CFPB”) motion for summary judgment and denying the Community Financial Services Association’s (“CFSA”) challenge to the CFPB's Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (“Small Dollar Rule”).

“This recent ruling provides clarity and support for sensible consumer protections in the small dollar lending space. We believe this represents a positive step in ensuring the 150 million everyday consumers who need access to credit but are unable to get it through mainstream financial providers are protected by common sense consumer guardrails,” said Jared Kaplan, Chief Executive Officer, OppFi. “As stated in our recent white paper on policy reform for small dollar lending, we support the protections afforded to consumers by the payment provisions of the CFPB’s Small Dollar Rule in addition to other sensible protections, such as evaluating a consumer’s ability to repay as part of the underwriting process.”

OppFi recently published a white paper that outlines the company’s proposed guidance of core principles for consumer protection in small-dollar lending – namely the focus on the borrower’s ability to repay as part of the underwriting process, and for loan payments to amortize principal – as a means to establish clear guidance for common sense ways to balance expanded access to credit with protecting consumers.

The full OppFi white paper can be found here.

About OppFi:

OppFi (NYSE: OPFI) is a leading financial technology platform that powers banks to offer accessible products and a top-rated experience to everyday consumers. OppFi’s platform facilitates the installment loan products, OppLoans and SalaryTap, and the credit card product, OppFi Card. The company has been an Inc. 5000 company for six straight years, a two-time Deloitte's Technology Fast 500™, and the seventh fastest-growing company in Chicagoland in 2021 by Crain's Chicago Business. The company was also listed on the Forbes America 2021 list of America's Best Startup Employers and Built In's 2021 Best Places to Work in Chicago. OppFi maintains an A+ rating from the Better Business Bureau (BBB) and maintains a 4.8/5 star rating with more than 14,000 online customer reviews, making it one of the top customer-rated financial platforms online. For more information, please visit oppfi.com.

Forward-Looking Statements

This information includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. OppFi's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside OppFi's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on OppFi's business, including the impact of government stimulus; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of OppFi to grow and manage growth profitably and retain its key employees; costs related to the business combination; changes in applicable laws or regulations; the possibility that OppFi may be adversely affected by economic, business, and/or competitive factors; whether OppFi will be successful in launching OppFi Card, including whether there will be consumer or market acceptance of OppFi Card; whether OppFi will be successful in expanding SalaryTap, including whether there will be consumer or market acceptance of SalaryTap; the ability of OppFi to maintain or improve its social impacts and how such impacts will affect OppFi’s business; and other risks and uncertainties indicated from time to time in OppFi’s filings with the SEC, including those under "Risk Factors" therein. OppFi cautions that the foregoing list of factors is not exclusive and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

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