'We Don't Want to Wage this Proxy Contest in the Gutter': Week's Best Quotes
April 15, 2014 2:00 PM
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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On the Consumer Financial Protection Bureau's efforts to prevent online payday lenders from accessing the banking system:
"Not only do we have a shadow banking system, but it seems we have a shadow regulatory system as well." Rep. Blaine Luetkemeyer, R-Mo
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On why community bankers should be skeptical of M&A consolidation advocates:
"Nine times out of ten, there's a profit motive behind it." Camden Fine, president of the Independent Community Bankers of America
Related article:
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On why Georgia banker John Poelker is the right choice to lead CertusBank, which recently ousted its founding executives after heavy losses and allegations of mismanagement:
"He does not put lipstick on pigs." Rod Taylor, founding partner with recruitment firm Taylor & Company in Atlanta
Related article:
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On a proxy filing by activist investor Joseph Stilwell showing Harvard Illinois Bancorp's (HARI) then-chairman asleep during the bank's 2013 annual meeting:
"Mr. Stilwell, we don't want to wage this proxy contest in the gutter." the board of Harvard Illinois Bancorp, in a letter to shareholders
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On why $300 billino-asset PNC Financial Services (PNC) should be considered a traditional commercial bank:
"We are not a big proprietary trader. We are not in 56 different countries. We don't store aluminum in some unlabeled warehouse in the middle of the country." Bill Demchak, CEO of PNC Financial
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On the personal cost of dealing with JPMorgan Chase's (JPM) extensive legal and regulatory problems over the past year:
It was "[t]he most painful, difficult and nerve-wracking experience that I have ever dealt with professionally." Jamie Dimon, CEO of JPMorgan Chase
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On whether he still enjoys his work as JPMorgan Chase's CEO:
"Yeah." Dimon
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On the Federal Reserve's rejection of Citigroup's (NYSE:C) Comprehensive Capital Analysis and Review, or CCAR, plan:
Comprehensive Capital Analysis and Review, or CCAR, plan: "Let me be clear. Whatever the gaps are between the Fed's expectations and our CCAR process, we'll close them." Michael Corbat, Citigroup chief executive officer
Related article:
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On why the qualified-mortgage rule limits the options of his bank's customers, many of whom are Chinese immigrants:
"They may be very established in China. They may have received their green card[s] and be buying their first home and can put 60% down. But they may not even have an employment record in the United States." Alan Thian, CEO of Royal Business Bank in Los Angeles
On why payments companies have been quick to adopt alternative digital currencies, or "altcoins":
"It's a land grab right now. The first payment provider to accept altcoins is in a good position." Ben Doernberg, a member of the Dogecoin Foundation
Related article:
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On retailers' limited participation in the merchant-funded rewards programs being pushed by small banks:
"Without enough [merchant offers], it's like shopping at a mall where half the storefronts are shuttered." Ben Rogers, research director at Filene Research Institute, a think tank for credit unions
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