OppFi Withdraws Bid to Acquire BNC Bank

The fintech lender pulled its federal applications to buy the North Dakota-based bank after regulators gave it no clear standards to evaluate.

Updated on Nov. 3, 2026 in Financial Services

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OppFi withdrew its applications to the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation to acquire BNC Bank for $130 million. The move follows a letter from Senators Chris Van Hollen and Elizabeth Warren urging the company to withdraw.

Why it matters

OppFi said communication restrictions in the application process and regulators' lack of articulated objective standards left it unable to address potential concerns. The episode highlights the difficulty fintech platforms face in combining with community banks.

The withdrawn deal carried a $130 million price tag against OppFi's 2026 total revenue guidance of $600 million to $610 million and adjusted net income guidance of $115 million to $120 million. The company reaffirmed that guidance on Tuesday, but whether it will pursue a replacement bank deal has not been disclosed.

The players

OppFi

OppFi is a financial technology company that offers short-term credit and lending products to consumers, positioning itself as a digital alternative to traditional bank lending.

Elizabeth Warren

Elizabeth Warren is a Democratic U.S. senator from Massachusetts who has been a prominent critic of high-cost consumer lending and the regulation of financial institutions.

Chris Van Hollen

Chris Van Hollen is a Democratic U.S. senator from Maryland who serves on committees overseeing banking and financial regulation.

The details

OppFi announced on April 29 an agreement to acquire BNC Bank, and BNCCORP shareholders approved the sale on Sept. 17. Completion remained subject to regulatory approvals, and on Sept. 30 senators argued the company's model relies on predatory lending practices such as triple-digit interest rates. Enova also withdrew bank applications for its proposed Grasshopper Bancorp acquisition on Sept. 14.

April 29: OppFi announced the agreement to acquire BNC Bank for $130 million.
Sept. 14: Enova withdrew its bank regulatory applications tied to Grasshopper Bancorp.
Sept. 17: BNCCORP shareholders approved the sale to OppFi.
Sept. 30: Senators Van Hollen and Warren urged OppFi to withdraw its application.

Market Landscape

The attempt reflects a broader push by fintech lenders to acquire charters that allow them to take deposits and operate more like traditional banks. The withdrawal of this and Enova's Grasshopper Bancorp application suggests regulators' review of such combinations remains a significant hurdle.

For borrowers who use OppFi's lending products, the outcome means no near-term change to available services, since the acquisition was never completed. Consumers weighing fintech loans should watch whether the company pursues another charter, which could eventually change how deposits and lending terms are offered.

The takeaway

Fintech lenders seeking bank charters face a regulatory path that is still undefined, so the outcome of similar deals will depend on whether regulators publish clearer standards. Readers following consumer lending should track those rules as they shape which products reach the market.

What happens next

OppFi said it hopes the regulatory issues can be resolved by the fourth quarter, when it expects to have further updates on its engagement with federal regulators.