OCC Conditionally Approves Fintech Business Model for a National Bank — 2025-03-17

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced conditional approval of the application for financial technology (fintech) company SmartBiz Loans to change the business model of CenTrust Bank, N.A., Northbrook, Illinois, upon its acquisition of CenTrust Bank, N.A. Upon acquisition, CenTrust Bank, N.A. was renamed SmartBiz Bank, N.A. CenTrust further applied to change its business model to conduct small business lending activities on a nationwide basis. The OCC granted a change to the business model after thorough review of SmartBiz and its current operations. In granting this application, the OCC applied the same rigorous review and standards applied to all new entrants to the federal banking system. “A safe, sound and fair fintech business model has a place in today’s federal banking system,” said Acting Comptroller of the Currency Rodney E. Hood.