Fintech Business Podcast Interview: Michele Alt, Klaros Cofounder & OCC Veteran
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Apr 30, 2025 Michele Alt, cofounder and managing director of Klaros Group, brings over 22 years of experience from the Office of the Comptroller of the Currency. She dives into the opportunities presented by the opening of the "charter window" for fintechs, explaining when it makes sense to acquire a bank versus starting a de novo. Michele also discusses her work on SmartBiz's acquisition of Centrust Bank and shares insights on the evolving regulatory landscape in Washington that could impact the financial sector. Her expertise sheds light on the future of fintech and banking.
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SmartBiz: First Fintech Bank Deal
- Klaros Group worked on the SmartBiz acquisition and bank charter application.
- This was the first fintech-related approval since the start of the Biden administration.
De Novo Versus Acquisition
- De novo bank formation means applying and then building a new bank with 18 months to open.
- Acquisition means buying an existing bank, changing control, and starting immediately.
Maintaining Community Service
- Regulators expect fintech acquirers to maintain existing bank operations and serve the community.
- Simply acquiring a charter without serving current customers is frowned upon.