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The Fed is being disingenuous with the FDIC statements. There are at least 400 banks without FDIC insurance, and FDIC insurance is also entirely unnecessary for a fully reserved bank. The FDIC protects against bank runs in a fractional system, and a fully reserved bank cannot be run, by definition.
https://www.bankingdive.com/news/fed-master-account-list-fdic-insurance-custodia-bank/653374/
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That's good news regarding the statute
They should marshal their best arguments
In rejecting their application, the Fed cited the lack of FDIC. Why not buy FDIC to improve your odds?