"I thought, when Dodd-Frank started, that the banks would not succeed in influencing it, having lost all the prestige they lost. Boy, was I wrong."
Federal Reserve vice chair, after the removal of a rule stipulating where banks must book derivatives
"You can't clap your hands and become BBVA overnight."
Director of omnichannel financial services at Javelin Strategy & Research, on the challenge fintech startups have with creating brand awareness
"Fees are an addiction."
Chairman and CEO at Customers Bank, discussing the 'no fees' strategy of his newly launched digital-only unit, called BankMobile
"Basically we're going to hire dummies well not really, but not the crème de la crème."
PayPal co-founder and CEO of Affirm, pointing out that some financial companies still hire software engineers to program with Cobol, a dated programming language that top computer science departments no longer teach
"The industry is starting to do some stupid things."
American Honda's vice president of sales, discussing the deteriorating credity quality of auto loans and his worry that many borrowers will owe more than their vehicle is worth when they are ready to trade in
"If you work at Wal-Mart and you are paid so little that you still need food stamps to put groceries on the table, what does more money in stockholders' pockets and an uptick in GDP do for you?"
U.S. Senator, in a speech about how the poorest Americans still have not seen much benefit from the economic recovery
"The universal banking model is dead."
Barclays' CEO, saying that the need for vast investment in technology to stay competitive means banks cannot do it all anymore
"It's the financial equivalent of giving a starving person rotten meat."
South Dakota lawmaker, explaining why he wants to impose a 36% rate cap on payday loans in his state