I feel that point became a little more blatant (pun) with the term "naked", as in naked contract.
That is amazing how many folks, mainly the Federal Reserve will create new markets out of an absurdity - that debt is money.
As my perceptions evolve I ponder the idea that FDIC is the primary benefit of being a bank. I believe that any endorser can lend some money to anyone else and expect some interest. That is against the biblical precepts at Deut. 23:20 however that is what will come around in theory, or karma if you will. I am talking about lending out more than what you have to lend on hand and then expecting that an insurance company will send an armored car if that gets you into a bind when all the markers are called in. Or better yet, that (Title 12 USC §95) government will shut all the banks calling on redemption down for a Bankers' Holiday.
That is how I see the benefits of being a state bank. Since the FDIC would never be there for an unregistered, unlicensed bank that really does describe "naked contract" does it not?
Who knows? - Maybe since the Secretary will allow banks to operate without approval the FDIC would be held, so long as you were at least trying to pay the premiums? Interesting where the unfettered mind might wander...