On an applications-per-year basis, chartering activity under the second Trump administration has doubled relative to Trump I, and is up about 5x versus the average rate from 2010 to 2016. That fivefold jump is the signal in the noise.
A spike in bank charter applications from organizations with nontraditional business models is about to shake up a typically boring industry. One common thread appears to be a desire to avoid direct regulation by the Federal Reserve.
I read this as a structural vote of no confidence in the Fed's oversight, and the applicants are voting with their charter choices.
Under Trump II, more than two-thirds of applications involve nontraditional business models and/or nontraditional charters. From 2010 through 2024, more than 80% of applications were for standard state or national insured bank charters.
Under Trump II, the review period has already been reduced to 145 days for 2026 applications. The OCC is moving faster than the FDIC so far, though the latter has recently adopted a revised approach that could accelerate its reviews.
Under both Trump I and Biden, approximately 56% of applications for new banks were approved. Under Trump II to date (and excluding applications that are still pending), 87% of applications have been approved.