Enova withdraws applications to buy Grasshopper Bank

Enova International has withdrawn its applications to buy Grasshopper Bank in New York.

Enova, which agreed in December 2025 to buy the bank for $369 million, has applied with the Office of the Comptroller of the Currency and the Federal Reserve.

“After a thorough evaluation, we are confident that withdrawing our applications is the best decision for Enova and our shareholders,” Steve Cunningham, Enova’s CEO, said in a press release.

“Bank regulatory guidelines and attitudes have not kept pace with the realities of meeting the credit needs of tens of millions of consumers and small businesses underserved by traditional banks,” Cunningham added. “Regulators do not have clear standards for nonbanks that want to become banks and that serve customers whose credit needs today are met mostly outside of the banking system.”

Cunningham added that, without clearly articulated standards, “the process is susceptible to political pressure and outside advocacy, rather than being guided strictly by the statutory factors that should govern it.”