Slideshow 'Any Income Is Good in This Market': Week's Best Quotes

Published
  • December 17 2013, 8:47am EST
11 Images Total

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 why only about half of the banks approached by the Federal Deposit Insurance Corp. agreed to an early buyout of loss-share agreements tied to failed-bank acquisitions:

"If everyone agreed, it would probably mean we are offering way too much money."

— Pamela Farwig, the FDIC's deputy director for the division of resolutions and receiverships

Related Article: Banks Eager to Wrap Up FDIC Loss-Share Pacts Early

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On the fee his bank gets for referring customers to Lending Club:

"It's a small income source, but any income is good in this market."

— Jonathan Morris, a director at Titan Bank in Dallas

Related Article: Lending Club Courts Small Banks as Personal-Loan Partners

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On the arguments made by retailers to torpedo the $5.7 billion swipe-fee settlement agreed to last week:

"The vitriol and poor behavior and feigned hysteria mask complex and difficult issues on which reasonable merchants can and do disagree."
— John Gleeson, U.S. District Judge

Related Article: Judge Approves Huge Swipe-Fee Settlement

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On the challenges facing retail banks:

"We're in the midst of a fundamentally changing retail-delivery channel. Regulation costs are almost irrelevant to the change I think we're going to go through in retail banking."

— William Demchak, chief executive of PNC Financial Services Group (PNC)

Related Article: Demographics, Tech Worry Bank Chiefs More than Regs

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On why banks need good customer service:

"Banks are selling deposit accounts and loans, and you can get one of those anywhere. The only thing that will differentiate between banks is the level of service they provide."

— Lynn David, president of Community Bank Consulting Services

Related Article: Banks Struggling to Resolve Customer Complaints

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Arguing that there should be more concern about Chinese banks' efforts to acquire in America:

"It is one thing when we buy their rubber dolls. It's a different thing when they buy our banks."

— Richard D'Aveni, a business professor at Dartmouth College

Related Article: China's Influence Shows in MetroCorp's Bid to Sell Itself

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On why the FDIC's plan to resolve large banks amounts to a stealth bailout:

"This doesn't look like a liquidation. It looks like a restructuring in which the systemically important financial institution survives to fight another day."

— Arthur Wilmarth, a law professor at George Washington University

Related Article: Is the FDIC's 'Single-Point' Resolution Plan a Stealth Bailout?

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On how JPMorgan Chase's (JPM) relationship with regulators changed over the past several years:

"It obviously got worse. We're trying to get it back."

— Jamie Dimon, JPMorgan chairman and chief executive

Related Article: Dimon Discusses 'Worse' Ties with Regulators, 'Manageable' Volcker Rule

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On what it means for a prominent bank to try to fight the government, rather than paying to settle charges:

"You'll be in court for two, three, four, five years, your people will be interviewed [and] your company will be demeaned in the press nonstop. It's really, really painful."

— Dimon

Related Article: Dimon Discusses 'Worse' Ties with Regulators, 'Manageable' Volcker Rule

(Image: Bloomberg News)


On the final version of the Volcker Rule - a 71-page document with more than 800 pages of supplementary material:

"It's a monster."

— Gil Schwartz, a partner at Schwartz & Ballen and a former attorney for the Fed

Related Article: Banks, Lawyers Struggling to Evaluate Final Volcker Rule

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