Regulation in Flux, March 2025 – OCC Gives Green Light to National Bank Fintech Business Model

On March 17th, the Office of the Comptroller of the Currency (“OCC”) conditionally approved the application for the newly renamed SmartBiz Bank N.A. (“SmartBiz Bank”) to change its business model in support of its fintech parent and a substantial change in assets under 12 C.F.R. 5.53. The OCC application was part of a larger transaction in which Billfloat, Inc (d/b/a SmartBiz Loans) became a bank holding company through its acquisition of United Community Bancshares, Inc and thereby indirectly…
By: Cadwalader, Wickersham & Taft LLP