Only 3 New U.S. Banks Opened Since 2010

Data from the FDIC shows that an average of more than 100 banks were started each year prior to the financial crisis, but since 2010, only three new banks have opened. Some experts attribute the drought to the Dodd-Frank law, which requires banks to hold more capital to deal with a crisis and imposes more restrictions on lending, but others attribute the dearth of new banks to extremely low interest rates since the financial crisis, making banking less profitable. It generally takes startup banks several years to turn a profit, but interest rates near zero means it takes even longer. Experts say there is more interest in peer-to-peer lending companies these days, as they do not have the same requirements as traditional banks. However, Federal Reserve economists believe 75 to 80 percent of the decrease in new banks is not related to regulation and would have occurred anyway as a normal course of business. Since 2010, only New Haven, Conn.-based Start Community Bank, Bank of Bird in Hand in Pennsylvania, and Lakeside Bank in Lake Charles, La., have opened; Bedford, N.H.-based Primary Bank has been approved but has yet to open.

From "Only 3 New U.S. Banks Opened Since 2010"
CNNMoney (07/29/15) Long, Heather

Rates at near zero since January 2009....if the Fed doesn't raise them soon, we are going to head into another recession with the Fed lacking any ability to impact the economy with monetary policy.

It is a monumental government cluster.