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Enova cancels Grasshopper Bank buy after state AGs pressure over regulatory concerns

Market News
15 Sep 2026
PYMNTS
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Bearish
Enova cancels Grasshopper Bank buy after state AGs pressure over regulatory concerns

Enova has withdrawn its applications to acquire Grasshopper Bancorp, citing political pressure and unclear regulatory standards for nonbanks becoming banks. The decision follows opposition from 20 state attorneys general concerned about companies using bank partnerships to bypass state interest-rate limits. Enova's CEO emphasized the need for clearer guidelines and affirmed the company's commitment to serving underserved consumers without becoming a bank. The company also reaffirmed its 2026 growth outlook despite the acquisition setback.

Enova's decision to scrap its acquisition of Grasshopper Bank comes amid broader financial market activity. For readers following the financial sector, here is Pluang's market snapshot as of Sep 16, 2026 01:02 WIB: out of 74 priced Financials-sector US stocks, 13 rose and 59 fell. Notable movers include Deutsche Bank AG (DB) at USD 38.55, down 2.08%, Nasdaq Inc (NDAQ) at USD 89.68, down 2.06%, and Morgan Stanley (MS) at USD 202.50, down 1.98%.

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