Stagnant US bank numbers ‘concerning’ – Fed’s Bowman
Preserving and growing the number of US banks should be a regulatory imperative, said Federal Reserve governor Michelle Bowman on April 14.
“We should be concerned about the decline in the number of banks in the US banking system,” she said, adding there is unmet US demand for new banks.
So-called charter strip acquisitions have grown because of that untapped demand, Bowman said. Charter strip acquisitions see a new banking business take control of an old bank’s charter, allowing them to “side
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