Enova International, the owner of lending brands CashNetUSA, NetCredit, and OnDeck, pulled its applications to the Federal Reserve and the Office of the Comptroller of the Currency to acquire Grasshopper Bank. More than 60 advocacy groups had pushed the Fed to hold public hearings on the deal, arguing that a national bank charter would let Enova lend at 100% APR or more in states that ban loans at those rates. CEO Steve Cunningham blamed regulators for lacking “clear standards” for nonbanks seeking a bank charter, which he said exposes the process to politics and “outside advocacy.” Enova said its growth doesn’t depend on becoming a bank, and it reaffirmed its 2026 guidance and plans to speed up share buybacks.
