New banks in 2023: Experts say it will be a challenging year to start up - Dallas Business Journal

An uncertain economic outlook and a chilly regulatory environment could make it a challenging time for new banks, according to experts.

In 2022, there were just 20 applications and four approvals — all in the first half of the year before the Federal Reserve decided to keep aggressively raising its rates. Meanwhile, worries of a recession have remained high among business owners and executives, posing a new challenge for potential new banks.

On the other hand, most new bank formations are driven by broader factors like the overall economic climate of the area the bank would launch in, said Bert Ely, an expert on monetary policy and banking regulation at the Cato institute. Ely stressed banks start off small and part of their application includes a specific geographic area they will be operating in.

Those fears come even as unemployment remains low and the job market remains strong — and inflation has been ticking down in recent months from historic highs. Clarke said that the FDIC has tried to show they want to encourage new bank formation by introducing new guidance and tools for new bank organizers.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Some retail tenants look to aggressively expand in 2023 - Dallas Business JournalDespite lingering uncertainty in the economy, some retailers are preparing to roll out robust expansion plans in 2023 and subsequent years.
Source: DallasBizNews - 🏆 525. / 51 Read more »

The best companies will prioritize 'proactive rest'—not just PTO—in 2023, say HR expertsThe best companies will prioritize 'proactive rest'—not just PTO—in 2023, say HR experts (via CNBCMakeIt)
Source: CNBC - 🏆 12. / 72 Read more »

New projects in North Texas for January 11, 2023 - Dallas Business JournalHere’s a look at the latest new projects registered in North Texas with the Texas Department of Licensing and Regulation, a list of new construction, renovations and alterations in Dallas, Fort Worth and beyond. All projects listed are public records.
Source: DallasBizNews - 🏆 525. / 51 Read more »

New projects in North Texas for January 10, 2023 - Dallas Business JournalHere’s a look at the latest new projects registered in North Texas with the Texas Department of Licensing and Regulation, a list of new construction, renovations and alterations in Dallas, Fort Worth and beyond. All projects listed are public records.
Source: DallasBizNews - 🏆 525. / 51 Read more »