UndisclosedStrategic acquisitionFinancial Services
OppFi withdraws regulatory applications for BNC acquisition
OppFi, a tech-enabled digital finance platform, said it has withdrawn, at this time, its applications to the OCC, Federal Reserve and FDIC related to its proposed acquisition of BNCCORP and its subsidiary BNC National Bank. OppFi said it had no meaningful opportunity to address regulators' concerns and called for clear standards for fintech-bank combinations.
Why it matters: The move highlights the regulatory hurdles facing fintechs seeking to buy banks.
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