Enova International withdrew applications to the Office of the Comptroller of the Currency and Federal Reserve relating to its proposed acquisition of Grasshopper Bancorp. The company announced the withdrawal on 14 September. It maintained its financial guidance and plans to accelerate share repurchases.
The proposed $369 million transaction was announced in December, Banking Dive reported. It formed part of Enova’s effort to acquire a bank. The lender serves consumers and small businesses that it describes as underserved by traditional banks.
DISPUTE OVER BANKING APPROVAL STANDARDS
Chief executive Steve Cunningham criticised what he described as unclear regulatory standards for nonbanks seeking bank status. That is management’s assessment, not a finding by either regulator.
Banking Dive reported that state attorneys general and Democratic senators had opposed the transaction over lending and consumer-protection concerns. The OCC and Federal Reserve did not immediately comment to the publication.
GUIDANCE AND BUYBACK CAPACITY
Enova retained forecasts for 20%–25% revenue growth and 30%–35% adjusted earnings-per-share growth in 2026. These are management expectations, not reported full-year results.
The next capital-allocation step is Enova’s planned acceleration of buybacks during the remainder of 2026. At 30 June, it had $218 million of capacity under senior-note covenants and $349 million under its board authorisation; those limits are not additive.