OppFi Withdraws Applications for BNC Acquisition Due to Regulatory Uncertainty
OppFi Inc. (NYSE: OPFI) has announced the withdrawal of its applications to the OCC, Federal Reserve, and FDIC regarding the proposed acquisition of BNCCORP, Inc. (OTCQX: BNCC). The company cited a lack of clear, objective standards from federal regulators and communication restrictions during the application process as the primary reasons for the decision. Despite the setback in its pursuit of a national banking charter, OppFi reaffirmed its full-year 2026 financial guidance. CEO Todd Schwartz emphasized that the company remains focused on its strategic transformation into a diversified digital finance platform and expressed confidence in its long-term earning power independent of the BNC merger.
Topics: Banking regulation Fintech M&A withdrawal Regulatory hurdles
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Part of the story OppFi Withdraws Applications for BNC Acquisition Due to Regulatory Uncertainty (3 articles)