It’s the first time a fintech company has become a bank since 2021, during Trump’s first term as president.
SmartBiz became the first financial-technology firm to receive regulatory approval to be a bank since US President Donald Trump took office in January, a regulatory signal that other fintechs could also get the green light to cement their footholds in the financial services industry.
The Office of the Comptroller of the Currency and the Federal Reserve Bank of Chicago approved SmartBiz’s acquisition of Northbrook, Illinois-based Centrust Bank, SmartBiz said in a statement Monday.
