Fed Details Approvals, Withdrawals of Applications

Seven percent of bank applications in the first half of 2016 — or 42 out of 625 — were withdrawn, according to the Federal Reserve’s latest semiannual report on application results released today. No applications were denied. The percentage of withdrawals dipped two points from the first half of 2015.

Of the withdrawn applications, 22 were retracted after Fed staff indicated they were unlikely to be approved. Of these, the Fed said the applications were problematic due to managerial, financial, compliance, fair lending and Community Reinvestment Act challenges.

Mergers and acquisitions represented 22 percent of all approved applications in the first half, down one point from a year before. The report showed that the median processing time rose to 42 days from 41 in the year before