It also means that unless you're starting out with at least $xx million dollars, you have no hope. It can take _years_ to get a business started if you're unlucky enough to choose a field under heavy regulation (something with it's own Cabinent-level bureau, like the FCC, EPA, or Fed).
The paperwork takes a long, long time to process, the processes are laden with significant fees, you have to pay staff (usually lawyers, not cheap) independently to prepare all of the forms and offer guidance through the process, and you have to be able to afford to wait for everything to go through, and that assumes a completely clean process with no need to contest, appeal, or resubmit anything.
The megacorps already initiated to the oligopolies hope that this is enough to prevent any significant or innovative new competition, and it usually is.
Sadly, those with the most innovative ideas are usually not those with the most $xx millions of dollars.
You seem to be confusing state law with federal law, and how preemption applies.
Banks are governed first and foremost by state law. State banking laws are very easy to adhere to. State/local banks do not have to be FDIC insured.
HOWEVER, once the state tries to offer services over state lines (to out-of-state customers, or out-of-state locations), then federal laws kick in. (Federal laws automatically kick in if a bank reaches a certain size.) Federal laws also apply to transactions between banks, where either bank is subject to federal laws (or if one bank is in a different state from another).
Finally, you vastly overestimate the lobbying prowess of national banks. Local/state banks have significantly more influence with politicians b/c they are in-state institutions (i.e., profits get taxed by that state; their executives are local businessmen instead of New Yorkers).
The paperwork takes a long, long time to process, the processes are laden with significant fees, you have to pay staff (usually lawyers, not cheap) independently to prepare all of the forms and offer guidance through the process, and you have to be able to afford to wait for everything to go through, and that assumes a completely clean process with no need to contest, appeal, or resubmit anything.
The megacorps already initiated to the oligopolies hope that this is enough to prevent any significant or innovative new competition, and it usually is.
Sadly, those with the most innovative ideas are usually not those with the most $xx millions of dollars.