Only three new banks have opened since 2010. This is in stark contrast to the more than 100 banks opening each year before the financial crisis. CNN Money reported that though this statistic refers to entirely new banking institutions, there has also been a slowdown in the number of new branches opening in existing banks.
Financial regulation such as Dodd-Frank, enacted in 2010 to prevent another crisis, were meant to stop large insolvent banks from infecting the entire global system, but those rules have filtered down to small banks.
Banking "ain't what it used to be," according to White & Case partner Ernie Patrikis. "Dodd-Frank was like the football players jumping on top of the pile."
"When I started practicing law 45 years ago, there were 14,000 banks in the U.S.," said Patrikis.
According to the FDIC, now there are about 5,500 banks.