OppFi withdraws bank regulatory applications for proposed BNC acquisition
What's happening
OppFi has withdrawn its applications to banking regulators for its proposed acquisition of BNC National Bank and parent BNCCORP. The company pulled filings with the Office of the Comptroller of the Currency, the Federal Reserve Board, and the FDIC. OppFi says it has not had a "meaningful opportunity" to engage with regulators to address concerns, and its CEO said the purchase agreement "remains in effect" while citing a "lack of clearly articulated standards" from regulators. Reports use language like "abandoned" or "withdrawn" to describe the filing actions.
Why it's trending
Regulatory friction and what OppFi calls unclear standards have stalled the bank-buying deal, making the story a live example of fintechs clashing with bank regulators now.
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If OppFi really wants a bank, withdrawing applications shows resolve, not retreat, here is why walking away can be leverage when regulators won't engage.
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Original sources4
- OppFi withdraws regulatory applications to buy bank
The subprime lender’s CEO said the agreement to buy BNC National Bank “remains in effect.” But he cited a “lack of clearly articulated standards” from regulators.
Banking DiveNov 4 - OppFi withdraws bank regulatory applications for proposed BNC acquisitionFinTech FuturesNov 4
- OppFi abandons purchase of BNC Bank
Digital finance platform OppFi has withdrawn its applications buy a bank, claiming it has not had a "meaningful opportunity" to engage with regulators to address concerns about the deal.
FinextraNov 3 - OppFi Abandons BNC Bank Purchase
Digital finance platform OppFi has withdrawn its applications to banking regulators related to its proposed acquisition of BNC National Bank and its parent company, BNCCORP, the company said in a Tuesday (Nov. 3) press release. OppFi withdrew applications to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corpora
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