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Oportun statement on CFPB investigation of Digit

Digit received a CID from the CFPB in June 2020. The CID was discussed with Oportun during the acquisition process. The stated purpose of the CID was to determine whether Digit, in connection with offering its products or services, misrepresented the terms, conditions, or costs of the products or services in a manner that is unfair, deceptive, or abusive. Through the investigation, it was found that with a success rate of better than 99.99%, Digit isn’t “perfect,” meaning a Digit Save transaction caused an overdraft fee for one of our members less than 0.008% of the time. As a result, Digit owes 1,947 members approximately $35 each, for a total of $68,145. In addition, Digit will pay a civil money penalty of $2.7 million. While we disagree with the CFPB on this matter, we are happy to have it settled.

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