| FDIC
Rubberstamps Erebor As Cuts
Public Out of Applications over
FFW Opposition
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL COURTHOUSE,
Dec 16 – Fair Finance Watch
filed a FOIA request about
Erebor's charter applications.
This takes place
as the regulators, led by the
FDIC, are seeking to eliminate
public notice and limit public
comment. See, e.g., American
Banker, Sept 10, 2025, "The
FDIC is taking the 'community'
out of CRA enforcement," by
Matthew R. Lee, here
On December 16,
as the FDIC Board appeared to
agree to cut the public out of
branch applications, it
announced: "The Board of
Directors of the Federal
Deposit Insurance Corporation
(FDIC) today approved a
deposit insurance application
to establish Erebor Bank, N.A.
(Erebor Bank), a newly
chartered national bank to be
headquartered in Columbus,
Ohio. The organizers of Erebor
Bank applied to the Office of
the Comptroller of the
Currency for a national bank
charter and received
preliminary conditional
approval on October 15, 2025."
Back on
October 15 the Comptroller
bragged, "
"The OCC
granted preliminary conditional approval to
Erebor Bank after thorough review of its
application. In granting this charter, the OCC
applied the same rigorous review and standards
applied to all charter applications.
“Erebor is the
first de novo bank to receive a preliminary
conditional approval since I arrived at the OCC.
I am committed to a dynamic and diverse federal
banking system, and our decision today is a
first but important step in living up to that
commitment,” said Comptroller of the Currency
Jonathan V. Gould.
But he's
rubberstamping and protecting legacy banks too,
and not only "Community Banks." Watch this site.
Watch this site.
***
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