09/24/2026
Big Win: The Stop Taking Our Pay (STOP) Coalition, a broad-based alliance of civil rights organizations, community groups, community development credit unions, and faith leaders from the 21 states that ban payday lending, just released a statement celebrating Enova’s withdrawal of its bid to become a national bank. Enova dropped its bid after STOP coalition members, Attorneys General, and other community groups from across the nation coordinated a unified campaign calling on regulators to scrutinize Enova’s long history of exploiting communities of color and low-income people with exorbitantly high-interest loans.
High-cost lenders are increasingly seeking to acquire national banks or obtain national bank charters to evade state interest rate caps. Acquiring a national bank would have allowed Enova to claim it was not subject to state interest rate caps and unleash triple-digit-interest loans that target Black and brown communities in states that have long banned payday lending.
The STOP Coalition is now calling on regulators at the OCC, the FDIC, and the Federal Reserve to reject notorious predatory lender Opportunity Financial’s national bank acquisition. To learn more, contact [email protected].
