2005 Quote Unquote
Best quote of a quote: "The best way to sum up the opinions (was) made by a college professor of mine: 'Great companies are built. Not bought.'"
Banks used to offer lines of credit to customers to help them avoid overdraft fees. Now, some are taking a cue from "payday" lenders and structuring a small loan product designed to encourage repeated, high-fee transactions.
Harris Simmons, CEO of Zions Bank and then chairman-elect of ABA lamented to CU Journal sister publication The American Banker that "pressure from other banks and specifically credit unions in Utah prompted it to raise rates on money market accounts by 20 basis points late in the fourth quarter."
Here's the most important sentence from Mr. Fick, the FDIC legal counsel's letter: "Since a credit union is neither a bank nor a savings association, it is not a 'depository institution' and, therefore, is not eligible for federal deposit insurance." -Jim Blaine, referring a ruling from FDIC General Counsel Robert C. Fick that CUs are not eligible for FDIC insurance, which Blaine suggested could be used as proof that credit unions are different from banks.
"There is nothing in the entire realm of contemporary banking services that can't be done on a not-for-profit, people-first basis."
"Navy Federal is really a small credit union, we just have a lot of members. If we keep that in mind, we can't go wrong."
"Capitol Hill is a lot like Disney World because in order to succeed, you sort of like have to suspend disbelief."
-Ret. Gen. Tommy Franks
"Indirect lending is like riding a motorcycle. It looks very fun, but it's very dangerous."
-Chuck Smith, First VP, San Antonio FCU.