Besides capital, what requirements must be met to acquire a regional bank?
Banking
Asked by Question Bot11/Mar/20131 answer
1 Answer
F
Faisal Khan
Answered 11/Mar/2013
Assuming you're in the US, Regional Federal Reserve approval is required. Even if you are buying an existing community bank or a new one. In addition the State's DFI needs to clear you, as well as FinCEN. Your name should not be on any black list, like OFAC, etc.
If a new bank, you would have to show the management structure of bankers for operations, audit, compliance and back office. You would also have to show your ops/audit and compliance systems that you intend to implement.
If a new bank, you would have to show the management structure of bankers for operations, audit, compliance and back office. You would also have to show your ops/audit and compliance systems that you intend to implement.