Insurance companies that apply for a thrift charter as a lobbying tactic are in for a shock, Ellen S. Seidman, director of the Office of Thrift Supervision, said Tuesday.

"Unless they truly have a well-developed business plan, people ought to think long and hard before they make an application to start a thrift," she said in an interview. "The notion that all you need for approval is to make an application is wrong."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.