OppFi withdrew its applications to the OCC, Federal Reserve, and FDIC to acquire BNCCORP and its subsidiary BNC National Bank, saying regulators never spelled out the standards they were using to judge the deal. OppFi said limits on contact with regulators kept it from answering their concerns, and CEO Todd Schwartz urged the agencies to set clear rules for combining fintechs with community banks. However, the April merger agreement hasn’t been terminated, and OppFi didn’t say whether it will refile or restructure the deal. Consumer groups led by the National Consumer Law Center opposed the purchase, arguing a national charter would let OppFi make loans at up to 195% APR in every state despite rate caps, the same fight that preceded Enova dropping its Grasshopper Bank bid in September.
