Sinners At The Pearly Gates: A Primer On The Standards Of Admission To The Banking Fraternity


Partner Pinchus D. Raice and Counsel David C. Thomas, both of Pryor Cashman’s Banking Group, have authored an article entitled "Sinners at the Pearly Gates - A Primer on the Standards of Admission to the Banking Fraternity." The article discusses variations of the “character and fitness” litmus test applied by the federal bank regulatory agencies to individuals seeking to become officers, directors or controlling shareholders of a federally insured depositary institution.

Raice and Thomas analyze the various formulations of the “fitness test” in the contrasting contexts of forming a de novo institution, acquiring an existing institution and resisting removal of an officer or director from an existing institution. They employ four hypothetical case studies – the Haggadah’s Four Sons – to explore frequently encountered obstacles to initiation into the banking fraternity.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Pryor Cashman LLP | Attorney Advertising

Written by:


Pryor Cashman LLP on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.