It does in the UK.
http://www.huffingtonpost.co.uk/davi...b_1664967.html
I thought my solution, of opening up a tiny little bank that I backed with my own money and aimed to help the local area, was a good one that people would get behind. I thought that with a mix of hard work, and a bucket full of common sense and some support from the community, we could make it successful. Unlike any other banker, I wasn't expecting any bonuses from my customers. In fact, I planned to donate every penny of profit to charity.
However, to start a bank I would need a licence from the Financial Services Authority. In fact, without that licence I couldn't even legally use the word bank or take deposits.
The problem was that the FSA wouldn't even meet with me to discuss giving me a banking licence unless I put millions of pounds in to a protected account that I could never use. The trouble with that is that by demanding so much they made opening a small community bank almost impossible! The regulations were geared around the huge high street banks and we know how badly they failed! How could I do any worse than that lot?