Mmastodon BusinessBanking first seen 6 d ago, last 6 d ago, peak #3

Opportunity Financial abandons bid to acquire a bank

Original: Amid opposition from state officials and others, the non-bank consumer lender Opportunity Financial has scrapped its rec

Non-bank consumer lender Opportunity Financial has withdrawn its attempt to acquire a bank, following resistance from state officials and other critics. It is the second such deal to collapse in recent months, after Enova International also abandoned a similar bank acquisition. The pullback highlights growing regulatory and political scrutiny of fintech and non-bank lenders seeking to buy chartered banks in the United States.

Why now: State-level opposition to non-bank lenders buying banks signals mounting regulatory pressure on fintech deals, making this the second failed deal in months.

Opportunity FinancialEnova InternationalUS state officials

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• Amid opposition from state officials and others, the non-bank consumer lender Opportunity Financial has scrapped its recent bid to acquire a bank. The would-be acquisition was the second deal of its kind to fall apart in recent months, after Enova International, another… · AlexJimenez@mas.to

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