De Novos During the Time of COVID-19
about 1 month ago.
Updated about 1 month ago.
Troutman Pepper has produced a series of podcasts on legal and business issues faced by companies during the COVID-19 pandemic.
This episode features Troutman Pepper Financial Institutions lawyers Zayne Tweed (moderator) and James Stevens, who discuss de novo banks and “neo-banks” and some of the challenges faced while launching them during COVID-19 (which could be swapped out for any shock to the financial arena which impacts the regulatory process).
Specific topics include:
• General overview of the regulatory process when launching de novos
• Three case studies of de novo projects that took place in the past year
• How the shifting regulatory environment impacted the process for each project
• Communicating with the regulators in a crisis
• Definition of “neo-banks” and how they interact with banks as well as the unique hurdles they face
• How neo-banks offer their products and target customers – it’s often all about the mission
• Increased focus on underbanked communities.