Which statement is false? Multiple Choice O O Most savings and loan associations were locked into low-interest-rate mortgages in the 1950s and 1960s. To get a bank charter, you need to demonstrate that your community needs a bank or an additional bank. Nearly all banks today are regulated by both the Federal Reserve and the FDIC. The FDIC would rather pay off depositors than be forced to find another bank to take over a failing institution.