Overview
US Senators elizabeth-warren and chris-van-hollen urged nonbank lender oppfi to withdraw its application to acquire Arizona-based bnc-national-bank, continuing political opposition to high-cost lenders obtaining bank charters through acquisitions.
Timeline
- 2026-07: 20 state attorneys general urged regulators to reject both enova and OppFi bank deals (2026-09-15-state-ags-enova-oppfi-letter)
- 2026-09-14: enova withdrew Grasshopper Bank acquisition amid political pressure (2026-09-15-enova-grasshopper-deal-canceled)
- 2026-10-02: Warren and Van Hollen sent letter urging OppFi to follow Enova’s lead and abandon BNC acquisition (2026-10-02-warren-van-hollen-pressure-oppfi-bank-deal, 2026-10-02-warren-oppfi-senate-press)
Key Players
Analysis
The OppFi saga extends the fintech bank-charter M&A backlash that killed Enova’s Grasshopper deal. Senators allege predatory lending (APRs up to 195%, high charge-off rates) while OppFi argues charter transition would increase federal oversight. The outcome signals rising political risk for nonbank-to-bank acquisition strategies in the US, with parallels to global fintech licensing debates.