Dec. 23, 2020
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.
