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'They Don't Want to Dirty Their Hands': The Week's Best Quotes

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.

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Benjamin Lawsky, New York's Superintendent of Financial Services, on his efforts to curtail unlicensed online lending: Benjamin Lawsky, New York's Superintendent of Financial Services, on his efforts to curtail unlicensed online lending: "We're really trying to take a shock-and-awe strategy. We want to make payday lending into New York, over the Internet, as unappetizing as possible."

Related Article: Banks Drafted into N.Y.'s Battle with Online Payday Lenders

(Image: Bloomberg News)

On having tried to stop the free-fall of Florida banks during the housing crisis: On having tried to stop the free-fall of Florida banks during the housing crisis: "It was like trying to catch a falling knife."

óJim Cassel of Cassel Salpeter

Related Article: Florida Bank's Effort to Make Itself 'Pristine' Pays Off

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Aaron Greenspan, founder of FaceCash, on his dealings with California regulators over a payments startup: Aaron Greenspan, founder of FaceCash, on his dealings with California regulators over a payments startup: "I was literally told, 'You will go to federal prison if you don't shut down.'"

Related Article: How California Law Put a Hot Payments Innovator on Ice

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On why M&A-minded bankers are losing their fear of making a bad deal: On why M&A-minded bankers are losing their fear of making a bad deal: "It is hard to screw up a deal if you paid under two times tangible book and have 30% cost saves. Bankers are just afraid of being second-guessed on pricing at the country club or in New York."

óDory Wiley, president and chief executive of Commerce Street Capital

Related Article: Bank Sellers Gain Edge as Buyers Get Antsy

On recent efforts by Fannie Mae to win community banks' business away from large mortgage aggregators: On recent efforts by Fannie Mae to win community banks' business away from large mortgage aggregators: "I think the profit incentive is coming back to Fannie and Freddie after years when they were just losing money hand over fist."

óDave Stephens, the chief operating officer and chief financial officer at UCM

Related Article: Fannie Woos Small Banks in Bid to Muscle Out Big Ones

(Image: Bloomberg News)

On why smaller banks have found it difficult to cut costs: On why smaller banks have found it difficult to cut costs: "They've been talking about expense controls for at least 15 years, so Ö the low-hanging fruit has been taken off. You can cut fat, but you don't want to be cutting a lot of muscle."

óDamon DelMonte, an analyst at Keefe, Bruyette & Woods

Related Article: Small Banks Finding It Difficult to Cut Operating Costs

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Naugatuck Valley Financial's (NVSL) William Calderara on why he's pleased with his bank's recent sales of soured loans for 24% below book value: Naugatuck Valley Financial's (NVSL) William Calderara on why he's pleased with his bank's recent sales of soured loans for 24% below book value: "I'm used to hearing 50 cents on the dollar, so this seemed great to me."

Related Article: Long-Troubled Thrift Loses Deadweight on Road to Recovery

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On why banks have come to prefer selling portfolios of troubled consumer debt to servicing them: On why banks have come to prefer selling portfolios of troubled consumer debt to servicing them: "They don't want to dirty their hands. They don't have the stomach for the legal costs."

óJack Abdo, vice chairman of BBX Capital

Related Article: Consumer Loan Sales Continue Despite Consumer Debt Flap

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On why banks need to have a social media presence: On why banks need to have a social media presence: "Not being on social is like not allowing employees to be on email a decade ago."

óClara Shih, founder and CEO of social media software company Hearsay Social

Related Article: Three Mistakes Banks Make in Social Media

On why the Obama administration has begun to take a more active role in reforming housing finance: On why the Obama administration has begun to take a more active role in reforming housing finance: "The administration can't sit back any longer. Even if they didn't want to engage, it's not an option for them."

óBrian Gardner, an analyst at Keefe, Bruyette & Woods

Related Article: What Obama's GSE Speech Means for Housing Finance Reform

(Image: Bloomberg News)

On a recent court ruling that made it easier for the Federal Trade Commission to regulate payday lenders that skirt local usury laws by tying up with Indian tribes: On a recent court ruling that made it easier for the Federal Trade Commission to regulate payday lenders that skirt local usury laws by tying up with Indian tribes: "The FTC is saying enough is enough. It's a wake-up call."

óLawrence Kaplan, of counsel at Paul Hastings LLP

Related Article: New York Suit Raises Heat for Online Lenders with Tribal Links

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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.

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