Loop company's bid to buy Arizona bank would spike predatory lending, consumer advocacy groups argue

Consumer advocacy groups and the state’s top law enforcement official are opposing a Chicago company’s plan to obtain a national bank charter — arguing the move would allow it to lock customers into loans at more than 100% interest rate. Their ire is directed at online lender and servicer Opportunity Financial, which is seeking regulatory approvals for a $130 million deal to acquire BNCCORP and its subsidiary BNC National Bank, a nationally chartered commercial bank in Arizona. If approved,…