Last Week in Words

October 29, 2010, 7:42 p.m. EDT 1 Min Read

MONDAY
"The big disincentive is the time it takes and a business model that's running on speed — on Dexedrine."

— Max Gardner, a North Carolina consumer bankruptcy lawyer, on one of the reasons mortgage servicers and custodians might still be reluctant to track down missing documents in foreclosure fights.

TUESDAY
"Under Basel [III], the sweet-spot business model for banks in the developed world will be to take deposits from mom and pop … and lend to big businesses."

— Vikram Pandit, Citigroup CEO, predicting that new capital rules will impede credit availability.

WEDNESDAY
"We believe now that profitability is a 2011 event."

— Kessell Stelling, CEO of Synovus, in admitting that hopes of a profitable fourth quarter were wrong and announcing plans for more cost cuts.

THURSDAY
"The most ethical guy I have ever known."

— Chris Larsen, a Prosper co-founder and its chief executive, commenting on Raj Date, a senior adviser consulting Elizabeth Warren at the Consumer Financial Protection Bureau. Date was a director at Prosper until just a few weeks ago; The New York Times said Prosper has tried to influence financial reform through its hiring of a lobbyist.

FRIDAY
"It just screams out for it."

— L. Richard Fischer, a partner with Morrison & Foerster, advocating a national standard to govern the foreclosure process, rather than the existing patchwork of state standards.

For reprint and licensing requests for this article, click here.

TRENDING

M&A

Regulatory pitfalls abound in Capital One's bid to buy Discover

The decision will turn on whether regulators think the merged company would lessen competition or pose a significant threat to the broader economy if it runs into financial distress.

By Ravieshwar Singh

May 4
M&A

Columbia struggled after Umpqua merger. Is the math starting to work?

The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.

By Polo Rocha

May 3
Diversity and equality

Small banks 'feel like hostages' to their core systems: OCC's Hsu

A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.

By Miriam Cross

May 3

MORE FROM AMERICAN BANKER

M&A

Columbia struggled after Umpqua merger. Is the math starting to work?

The combination of two Pacific Northwest banks was supposed to create a regional powerhouse, but rising deposit costs have stung. CEO Clint Stein says he's "laser-focused" on making Columbia a top performer again.

By Polo Rocha

May 3
Diversity and equality

Small banks 'feel like hostages' to their core systems: OCC's Hsu

A set of panels discussing minority depository institutions and digitization found that cost is a significant challenge to minority depository institutions, especially in the core processing space.

By Miriam Cross

May 3
Community banking

Regulators issue guidance to community banks on third-party risks

The Federal Reserve, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency issued a 30-page guidebook on managing affiliate risks. The report builds on formal guidance issued last year.

By Kyle Campbell

May 3
Artificial intelligence

NIST launches initiatives to enhance AI safety and security

The efforts, which respond to President Biden's October executive order on AI, aim to improve synthetic content detection and improve the trustworthiness of AI models.

By Carter Pape

May 3
Payments

Block CEO Dorsey touts stronger Q1, previews crypto plans

Tighter merchant connections between Square and Cash App helped Block produce stronger-than-expected results during the first quarter, while Jack Dorsey said the firm will launch its first remittance product later this year leveraging decentralized finance.

By Kate Fitzgerald

May 3
M&A

FirstSun to switch regulators due to delays tied to HomeStreet deal

In talks with OCC officials, "it became obvious that we would not gain near-term approval given their recent experience with multifamily and CRE positions," FirstSun CEO Neal Arnold says. The companies announced other revisions to their deal, too.

By John Reosti

May 3