Addressing the shortage of de novo banks in the U.S. over the past several years, FDIC Chairman Jelena McWilliams today said more can be done to encourage new bank formation.
Browsing: De novo banks
With a powerful personal story and real-world banking experience, Jelena McWilliams is shaking up the FDIC.
Reflecting on a year that saw many positive legislative and regulatory changes for the banking industry, outgoing ABA Chairman Ken Burgess urged bankers to remain engaged in advocacy as these changes are implemented.
In the more than eight years since the Dodd-Frank Act passed, just 13 new U.S. banks have been chartered — and in some years, no new banks have been chartered at all. ABA Chairman Ken Burgess, who co-founded FirstCapital Bank of Texas as a de novo two decades ago, is concerned about these numbers.
Under a major new transparency initiative, the FDIC will publish key performance metrics on its website, agency chairman Jelena McWilliams said today.
New bank charters historically mirrored new business startups, but sharply declined after the financial crisis and have not yet recovered.
FDIC Chair Jelena McWilliams will deliver a keynote address at this year’s ABA Annual Convention, to be held Oct. 21-23 in New York, the association announced today.
FDIC-insured banks and savings institutions earned $60.2 billion in the second quarter, a 25.1 percent increase from the industry’s earnings a year before, the FDIC said today.
Amid growing interest among investors and bankers in de novo bank charters, ABA Chairman Ken Burgess convened a banker task force to identify current obstacles to de novo formation and recommend solutions.