On July 9, 2009, FDIC issued a notice of proposed Statement of Policy. The public comment period ends August 10, 2009 (go to http://www.FDIC.gov/regulations/laws/federal/notices.html if you want to file a public comment). The private equity firms have submitted their comments and obviously they don't like the FDIC proposal.

Our banking system is in dire need of new capital. Consider this: FDIC is forecasting as many as 500 bank failures in the near future. Pretty bad situation.