United States:
FDIC Publishes Handbook For Organizers Of New Depository Institutions
10 May 2017
by
Cadwalader, Wickersham & Taft LLP
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The FDIC published a handbook for new depository institutions. The
handbook was designed to help potential organizers become familiar
with the deposit insurance application process and the path by
which to obtain deposit insurance. The handbook offers, among other
things, guidance on the three phases of establishing an insured
institution: pre-filing activities, the application process and
pre-opening activities.
Commentary / Steven Lofchie
What is interesting about this publication is that it would seem
to have no readership. There are virtually no new banks.
See Federal Reserve Bank of Richmond, "Explaining the Decline in the Number of Banks
since the Great Recession"; see also George
Sutton, "What Dearth of New Banks Means for the
Industry's Future" (American Banker). Thus,
the really significant question is not how does one start a new
bank, but, rather, why does no one want to do so?
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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