Definition
Bank charter acquisition is the strategy where nonbank fintechs purchase existing banks to obtain national or state banking licenses, enabling deposit-taking, federal oversight, and interest-rate export privileges under the National Bank Act.
Key Points
- Fed, OCC, and FDIC must approve bank holding company and change-of-control applications
- Critics argue acquisitions enable circumvention of state usury-law caps via bank partnership models
- 2026-09: enova withdrawal signals tightening political scrutiny on high-cost lender charter paths
- 20 state AGs opposed both Enova/Grasshopper and OppFi bank deals in July 2026 letter