On September 14, a fintech lender announced that it withdrew its applications with the OCC and the Fed related to a proposed bank acquisition. The company stated that bank regulatory guidelines “have not kept pace” with the realities of meeting the credit needs of consumers and small businesses “underserved by traditional banks,” and that regulators lack clear standards for nonbank entities seeking to become banks. The company’s CEO asserted that the process is “susceptible to political pressure and outside advocacy, rather than being guided strictly by the statutory factors that should govern it.” The company stated that it worked constructively with regulators throughout the application process, responded promptly to requests, and believes its application satisfied the statutory criteria for approval, but determined that withdrawing was in the best interest of the company and its shareholders.