Rep. Maxine Waters, D-Calif.
On Rep. Maxine Waters leading the House Financial Services Committee next year:

"Waters has made it clear that it is time for 'paybacks.' Not a good omen for the industry."

Related: Should industry fear Waters-led banking panel?
Payday lender signage
On Colorado's passage of a cap on interest rates at 36%:

"Goodbye pay day loans, goodbye overdraft programs. Pretty soon, consumers will end up right where advocacy groups are putting them - with zero options."

Related: Colorado voters approve 36% interest cap on payday loans
Comptroller of the Currency Joseph Otting
On whether the OCC has the legal authority to issue a charter to fintech firms:

"Otting is absolutely right... the OCC can issue a charter to anyone that is "in the business of banking." And therein lies his problem. The BHC of 1956 defines a bank as any "depository financial institution that accepts checking accounts or makes commercial loans"... whose deposits are federally insured. Will take some very clever lawyering, or some strange jurisprudence, to get around that plain language."

Related: Fintechs interested in OCC charter despite lawsuits: Otting
Amazon's iPhone ap
On concerns that some community bankers underestimate the threats to small-business lending from tech firms and others:

"The days of taking 2 - 4 weeks to pour over the data, crunch the numbers and write a 10 page loan presentation before waiting for the next available loan committee meeting (or meetings in many cases as loans get bumped up through layers of approval) are drawing to a close. Some people will still be able to operate that way, but only the ones who have no competition (which means no internet)"

Related: Window may be closing for small banks to compete for small business
Mick Mulvaney, director of OMB and acting CFPB director
On a report concluding that the Consumer Financial Protection Bureau has the legal authority to examine firms for compliance with the Military Lending Act, released after the agency said it would be halting such exams:

"I am a stickler for process. DoD is not a regulator on financial services. This area of law/regulation should be housed within the purview of the CFPB. The MLA's primary goal was to reduce servicemembers debt load. When you look the data that has been collected credit card debt on average was $21K and the last report indicated that it was higher. We need principled based rules and more study on the effects of regulation, we owe that our servicemembers."

Related: Consumer group report disputes CFPB policy on military lending exams
Online lending image. Keyboard with big key that says "loans"
On a look at the challenges facing policymakers in reforming the Community Reinvestment Act, including reevaluating how to define geographic assessment areas in the era of online banking:

"I guess the government is not aware that there are internet banks that do not have an assessment area and most regional banks are closing branches because--people do business on their mobile devices. CRA is being enforced in a much different way than the original law. If we assume the government is going to require bad investments as a price for their FDIC insurance, then I suggest they just require a certain percent of their earnings go to community development and income housing."

Related: Can CRA be modernized and still serve its original purpose?
Margaret Keane, president and CEO of Synchrony Financial
On Synchrony Financial CEO Margaret Keane suggesting plastic cards could fall out of disuse within the next five years:

"Predictions of the cashless society and then the checkless society were popular in the 1980s. Both are still in use today. Plastic is probably here to stay for the foreseeable future, certainly for more than five years from now."

Related: Plastic cards will be gone in five years: Synchrony CEO
welcome-to-maine.jpeg
On the creation of a credit union for farmers in Maine:

"Another taxpayer subsidized entity to compete with the other taxpayer subsidized entities serving this sector. If bankers thought this was a good idea and there was an unmet need, they would have been lined up at the door. Fast forward a couple years to see what gets charged off."

Related: Proposed Maine credit union to focus on farmers