Warren and Van Hollen press OppFi to drop BNCCORP bank acquisition

Senators Chris Van Hollen and Elizabeth Warren urged nonbank lender OppFi to withdraw its application to acquire Arizona-based BNCCORP and its subsidiary BNC National Bank, alleging OppFi's model relies on predatory lending with APRs as high as 195%. The push follows Enova's termination of its Grasshopper Bank bid weeks earlier. OppFi pushed back on the senators' characterization of its business.

Why it matters: Political pressure is becoming a real deal risk for fintechs seeking bank charters through M&A.