FinWise Bank

In March 2022, fintech OppFi filed suit against California's Department of Financial Protection and Innovation (DFPI) after the regulator threatened to enforce the Fair Access to Credit Act against loans originated via partner bank FinWise Bank. The DFPI counterclaimed in April 2022 under a 'true lender' theory, challenging the interest rate exportation doctrine that allows bank-fintech lending partnerships to operate across state lines. In 2026, a California court granted summary judgment to OppFi, rejecting the DFPI's true lender theory and supporting the validity of the bank-fintech origination model. This case is a landmark ruling with significant implications for the BaaS lending ecosystem.

Verified from source: OppFi filed suit in March 2022 seeking declaratory and injunctive relief against the DFPI Commissioner after the agency threatened to enforce California's AB 539 against loans originated by FinWise Bank. In April 2022, DFPI filed a cross-complaint alleging violations under a 'true lender' theory, seeking injunctive relief, restitution, and penalties exceeding $100 million.