UndisclosedStrategic acquisitionFinancial Services
OppFi pulls regulatory applications for BNC bank deal
Subprime lender OppFi has withdrawn its applications to acquire Arizona-based BNC National Bank, citing a lack of clearly stated standards from the OCC, Fed and FDIC. Its CEO says the merger agreement with BNCCORP remains in effect.
Why it matters: Enova voiced a similar complaint in September, a sign that fintechs trying to buy banks are running into a murky regulatory path.
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