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OCC Sees 40 New Bank Applications in 18 Months, Topping Prior Decade
The OCC received 40 de novo bank applications in 18 months, nearly matching the 48 it saw from 2011-2024. The FDIC's new two-phase approval system offers conditional authorization within 120 days.
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The Office of the Comptroller of the Currency has received 40 de novo bank applications over the last 18 months, a tally that already approaches the 48 applications the regulator saw in the prior 14 years combined. The OCC disclosed the figure Tuesday alongside a statement supporting the FDIC's new deposit-insurance review process.
The FDIC on Monday rolled out a two-phase approval system. Applicants who meet baseline requirements receive a contingent authorization within 120 days, followed by full approval within 12 months. FDIC Chairman Travis Hill called improving the de novo process "a key priority" and said a "healthy pipeline of new entrants is critical to the long-term vitality of the banking sector, particularly for community banks."
The OCC followed Tuesday with its own statement. Comptroller Jonathan V. Gould said the agency has been making charter decisions within 120 days in many cases over the past year and a half. "De novo chartering is a sign of a healthy banking system," Gould said.