However, the transaction faced significant political opposition. In a July 2026 letter to the Federal Reserve, OCC, and FDIC, a coalition of 20 state and district attorneys general raised the argument that the transaction was motivated by a desire to circumvent state usury laws by exporting interest rates nationwide. In addition to the political opposition, Enova was concerned that there was regulatory uncertainty of what changes the company would be required to make to their business model and a lack of clarity in the standards that would be applied to nonbank lenders. There was no reveal of a specific deal-breaking business-change request from any of the regulatory agencies. On September 14th, Enova withdrew its applications to the OCC and the Fed, before either had ruled. On October 16th, Enova and Grasshopper signed a mutual termination agreement under which Enova paid Grasshopper $4 million, with no further obligations between the two companies.3
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