U.S. Senate Committee on Banking, Housing and Urban Affairs members urge Office of the Comptroller of the Currency and Federal Reserve Board to deny Enova application to become a national bank holding company

The U.S. Senate Committee on Banking, Housing and Urban Affairs published a letter from Ranking Member Elizabeth Warren and Senator Chris Van Hollen to the Office of the Comptroller of the Currency and the Federal Reserve Board urging them to deny Enova International's application to become a newly formed national bank holding company. The senators argued that Enova's history of high-cost lending and regulatory noncompliance makes it unsuitable to operate under a national bank structure. The letter cites Enova-branded lending products with annual percentage rates of 100% to 300% and high charge-off rates, and says the company targets financially vulnerable consumers with heavy debt burdens and poor credit histories. It links the application to Enova's December 2025 agreement to acquire Grasshopper Bank N.A., which would require approval from both agencies and, in the senators' view, would let a nonbank high-cost lender expand nationwide with the benefit of federal preemption over state licensing and anti-evasion laws. They also argued that Enova lacks the compliance culture and ability-to-repay controls expected of a nationally chartered bank and said approval would conflict with President Trump's promise to cap credit card interest rates at 10%.