@raincards and @ModernTreasury both applied to the OCC for national trust bank charters this week. How to start a chartered bank in the US: > Pick the right charter you want (national, state, etc) and the permissible activities > Recruit a qualified board with relevant banking experience > Hire an experienced CEO + management team > Pass background + financial checks > Submit a 3+ year business plan to show a path to profitability > Raise sufficient regulatory capital (~25 million) > Build a capital + liquidity plan > Build BSA/AML + OFAC programs > Build the full compliance management system > Build bank-grade cybersecurity + infosec > Establish third-party/vendor risk management > Set up internal controls + independent audit > Address CRA requirements, if applicable > Form the legal entity + governance structure > Handle securities-law requirements for the raise > Go through public notice and comment > Receive OCC preliminary approval > Raise approved capital, generally within 12 months > Build the bank > Pass the OCC pre-opening exam > Obtain any required FDIC/Fed approvals > Receive final OCC approval and open > Operate under intense supervision for the first ~3 years