Chief Executive Steve Cunningham attributed the move to a lack of regulatory clarity, asserting that government bodies currently hold no concrete standards for nonbank entities attempting to transition into the banking sector. He argued that the approval process has become vulnerable to political pressure and external advocacy rather than remaining grounded in statutory requirements.

Despite the collapse of the deal, the company moved to reassure shareholders by reaffirming its full-year and third-quarter financial guidance. Management also signaled an intent to ramp up share repurchases for the remainder of the year in an effort to stabilize market confidence.