A new smart finance center could be the answer to Wall Street’s biggest problem: A lack of financial building.
The Financial Industry Regulatory Authority said on Tuesday it will begin a review of a proposal to expand the bank’s existing financial center in New York to include three banks in 2018.
The announcement came as banks across the country were trying to work out new financial rules and regulations to ensure their institutions comply with new regulations designed to encourage the expansion of the financial industry.
The Wall Street Journal reports the FDIC plans to review the proposal.
It will be the second time the FDICO has opened a review into a proposed new financial center.
Last year, the regulator approved a $50 million loan for the bank to buy the $300 million former Federal Savings Bank of Atlanta.
Last week, the FDICA also approved a loan for New York-based Citigroup to buy Bank of America.
For now, the banks will have to decide whether they want to expand their existing financial centers or seek to build a new one.
The FDIC has been working on a new financial centers since the beginning of the year, and has been in talks with regulators about expanding its existing center in Manhattan.
The bank said the FDOC has said the review is aimed at helping the banks find a new location for their existing centers in New Jersey, Maryland, Pennsylvania, Virginia and Delaware.