Which of the following is an accurate description of bank charter? Government protection from losses may occur if a bank becomes insolvent or fails. Society cannot allow just anyone to open a bank because banks have a lot of proprietary information. There exists a system in which bank charters are granted by both the government and private licensing organizations. Government permission is needed to establish and operate a depository institution. Which of the following most accurately explains the need for bank charters?? Society cannot allow just anyone to open a bank because banks have a lot of proprietary information. The government grants charters to banks. Bank charters are not needed and serve no purpose. Banks do not disclose to whom they have made loans and for how much