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.

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