Speedbumps to a Black-owned bank: How rules, regulations could thwart effort in Iowa

WATERLOO, Iowa — A new bank is not a typical startup.

The Federal Deposit Insurance Corp. and another banking agency, federal or state, must both sign off. After the Great Recession hit — contributing to more than 500 bank failures — regulators demanded more capital and more evidence of community need. And investors weren’t so eager to jump on board.

“It’s a very different world today than it was then,” said Nathan Stovall, lead banking analyst for S&P Global Market Intelligence. “There just were too many banks.”

Organizers started more than 100 on average nationwide each year from 1990 to 2008, according to the Federal Reserve Board. From 2009 through 2020, that annual number sank to six.

Waterloo has a lot of banks already. But ReShonda Young was confident about the case for community need. Raising money, she thought, would be the far harder task: $10 million minimum, and more if possible. She thought regulators would OK a smaller amount, $3 million, but she feared that would be too little for the bank to succeed.

And beyond the money, she had a lot of regulatory boxes to check.

https://providenceonline.com/stories/free-when-you-can-watch-spider-man-no-way-home-2021-movie-and-at-home,88721

https://providenceonline.com/stories/when-you-can-watch-spider-man-no-way-home-online-and-at-home,88723

https://providenceonline.com/stories/free-when-you-can-watch-spider-man-no-way-home-online-and-at-home,88722

https://providenceonline.com/stories/watchspider-man-no-way-home-online-for-free-stream,88720

https://providenceonline.com/stories/watchspider-man-no-way-home-movie-for-free-stream,88719

https://providenceonline.com/stories/how-to-watchfree-spider-man-no-way-home-2021-googledrive-movies,88718

https://providenceonline.com/stories/how-to-watchfree-spider-man-no-way-home-online-2021-googledrive-movies,88716

https://providenceonline.com/stories/free-spider-man-no-way-home-online-2021-movie-streaming,88717

https://providenceonline.com/stories/free-spider-man-no-way-home-online,88715

https://providenceonline.com/stories/free-how-to-watch-spider-man-no-way-home-movie-2021,88714

https://providenceonline.com/stories/free-how-to-watch-spider-man-no-way-home-online-2021,88713

https://providenceonline.com/stories/where-to-watchmovie-spider-man-no-way-home-online-free-streaming,88726

https://sorhodeisland.com/stories/where-to-watchmovie-spider-man-no-way-home-online-free-streaming,88727

https://thebaymagazine.com/stories/where-to-watchmovie-spider-man-no-way-home-online-free-streaming,88728

https://heyrhody.com/stories/where-to-watchmovie-spider-man-no-way-home-online-free-streaming,88729

https://providenceonline.com/stories/where-towatch-spider-man-no-way-home-online-free-streaming,88730

https://sorhodeisland.com/stories/where-towatch-spider-man-no-way-home-online-free-streaming,88731

https://thebaymagazine.com/stories/where-towatch-spider-man-no-way-home-online-free-streaming,88732

https://heyrhody.com/stories/where-towatch-spider-man-no-way-home-online-free-streaming,88733

https://providenceonline.com/stories/how-towatch-spider-man-no-way-home-online-free-streaming,88734

https://sorhodeisland.com/stories/how-towatch-spider-man-no-way-home-online-free-streaming,88735

https://thebaymagazine.com/stories/how-towatch-spider-man-no-way-home-online-free-streaming,88736

http://heyrhody.com/stories/how-towatch-spider-man-no-way-home-online-free-streaming,88738

https://heyrhody.com/stories/the-remarkable-historic-story-of-first-all-black-broadcast-team-for-a-televised-nhl-game,88742

https://thebaymagazine.com/stories/2-dead-after-small-plane-crashes-into-pennsylvania-neighborhood,88743

https://sorhodeisland.com/stories/what-is-swift-how-could-banning-russia-from-the-banking-system-impact-the-country,88744

https://providenceonline.com/stories/10-nfl-scouting-combine-stars-who-went-on-to-be-busts,88745

https://heyrhody.com/stories/sally-kellerman-the-original-hot-lips-houlihan-from-mash-movie-dies-at-84,88746

https://thebaymagazine.com/stories/world-shares-up-but-us-futures-sink-as-russia-moves-toward-ukraine-capital,88747

https://sorhodeisland.com/stories/mapping-and-tracking-russias-invasion-of-ukraine,88748

http://providenceonline.com/stories/biden-to-nominate-ketanji-brown-jackson-to-supreme-court-naming-a-black-woman-to-high-court-for,88749