The Office of the Comptroller of the Currency (OCC) announced conditional approval of SmartBiz Loans’ application to change the business model of CenTrust Bank, N.A. following SmartBiz’s acquisition of the bank. After the acquisition, CenTrust Bank, N.A. was renamed SmartBiz Bank, N.A., and the revised model is intended to support nationwide small business lending. The OCC said it granted the business model change after a thorough review of SmartBiz and its current operations, applying the same review and standards used for all new entrants to the federal banking system. Acting Comptroller of the Currency Rodney E. Hood framed the decision as recognizing a place for “safe, sound and fair” fintech business models within the federal banking system.
Office of the Comptroller of the Currency 2025-03-17
Office of the Comptroller of the Currency conditionally approves SmartBiz plan to convert CenTrust Bank into a nationwide small business lender
The Office of the Comptroller of the Currency (OCC) conditionally approved SmartBiz Loans' application to change CenTrust Bank, N.A.'s business model following its acquisition and renaming to SmartBiz Bank, N.A. The revised model aims to support nationwide small business lending. Acting Comptroller Rodney E. Hood emphasized the decision as acknowledging the role of "safe, sound and fair" fintech models in the federal banking system.