The Week's Best Quotes: Saving a Thrift, CFPB's Balloon Loans, NetSpend's Deal
February 26, 2013 8:39 AM
The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide. (Image: Fotolia)
On a former Mormon bishop who laundered money through a bank that took Tarp funds:
"Taxpayers did not bail out banks so others could launder proceeds of crimes through them."Former Bishop Pleads Guilty to Tarp Fraud (Image: Bloomberg News)
- Special Inspector General for Tarp Christy Romero
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Bank investor Ken Lehman on why he doesn't want to start a fund:
"At the end of the day, I like having to answer only to my wife and my 12-year-old rather than to other investors who maybe aren't as patient with me."Related Article: Virginia Investor Places Big Bets on Small Banks
Discussing the challenges of saving a thrift in poor financial shape:
"We are a regulatory success story…I began in June 2005 and the place was not in good shape. Had I been hired two years later, this probably would have been a liquidation. Moving early in the cycle really saved the bank."Fox Chase CEO: Tough Love Saved Our Struggling Thrift
- Thomas Petro, president and CEO of Fox Chase Bancorp
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On why KeyCorp should either expand or contract its far-flung branch network:
"It doesn't help to be number nine on the deposit market lists."What's Next on KeyCorp's Agenda After Investment-Unit Sale?
- Mark Palmer, research analyst at institutional brokerage BTIG
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On why recent cyberattacks on Facebook and Twitter are a bad omen for banks:
"Large fintech providers aren't necessarily doing a better job in physically coding and securing authorization than many of the social sites… I'm actually amazed we don't have more breaches that involve account data."The One Thing Banks Should Never Do on Facebook and Twitter (Image: Thinkstock)
- Bradley Leimer, digital-strategy leader at Mechanics Bank
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Why prepaid-card issuer NetSpend fetched $1.4 billion in a sale to TSYS:
"Prepaid is the new checking. I suspect that a fairly large number of banks are now wondering, 'Should we also get into prepaid?'"NetSpend Deal Affirms Prepaid's Might
- Patrice Peyret, chief executive of prepaid service provider Plastyc
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Why the CFPB's new rules restricting 'balloon loans' don't need to apply to community banks:
"Community banks are not going to put a borrower into a property they can't afford."Community Banks Alarmed by CFPB's View on Balloon Loans
- Ron Haynie, vice president of mortgage finance policy at the Independent Community Bankers of America
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One why the CFPB's proposal to encourage student-loan modification doesn't go far enough:
"If we're just talking about private loans, that's not going to save the market."Why CFPB's Plan to Help Students May Have Narrow Impact (Image: Fotolia)
- Michael Tarkan, an analyst at Compass Point Research & Trading
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On what George Washington would do if he were president:
"He would reform Dodd-Frank and reject Basel III."ABA Chief Keating Pens Children's Book on First Commander in Chief
- Frank Keating, CEO of the American Bankers Association
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Explaining why more community banks are offering preferred shares:
"It's hard to find yield…so it's a good time to issue instruments that have yield on them."Preferred Stock Gaining Traction at Smaller Banks (Image: Thinkstock)
- Jones Day partner Chip MacDonald
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