Slideshow Next Crisis 'Will Be Much Worse': Comments of the Week

Published
  • October 25 2013, 12:36pm EDT
13 Images Total

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

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On Capital One's new TV ad, in which Samuel L. Jackson says 'damn':

"I am old school but I do not watch TV to see someone swearing. … Some advice: go back to the Vikings."

Related Article: Why Capital One Picked Samuel L. Jackson for New Card Ads

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On what is still wrong on Wall Street:

"When … federal financial regulators and law enforcement authorities … refuse to take decisive and forceful actions … there is little to prevent rogue institutions from continuing and even expanding their wrongdoing."

Related Article: Where Wrongdoing Still Thrives on Wall Street

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On an assertion that wrongdoing still thrives on Wall Street:

"No doubt there are bad actors who have not been held accountable on Wall Street but there are just as many in Congress, regulatory roles and even journalism."

Related Article: Where Wrongdoing Still Thrives on Wall Street

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On an assertion that wrongdoing still thrives on Wall Street:

"Everyone should carry a list of the fines and penalties paid by these current big boys so that when they start to whine about their persecution, they can be reminded that they were the cause and are being held accountable."

Related Article: Where Wrongdoing Still Thrives on Wall Street

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On banks cutting corners when developing and offering digital services:

"You would never choose to just have no branches, online, or mobile banking and simply just choose to have telephone banking. You'd go out of business."

Related Article: Why Cost-Conscious Bankers Should Cheer an Appless Future

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On small banks quitting the mortgage market due to compliance costs:

"The need for new regulation was understandable, but it is ultimately the consumer that will suffer if they lose their community bank option and are forced the 'big box bank' route."

Related Article: Lenders' Dilemma: Invest in Tech or Exit Mortgage Business

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On the need for branches in future models of banking:

"Bank offices … with a friendly, welcoming and knowledgeable staff, are very important in conveying a positive bank personality … much more so than electronic messages and programmed responses."

Related Article: Let Customers Dictate the Path to Branch Transformation

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On cities mandating lenders make more loans to low-income-borrowers:

"The history of government-directed lending is not a happy one, for borrower or lender."

Related Article: Boston, Minneapolis Mandate 'Responsible' Lending by Banks

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On why fewer banks are making loans to low-income borrowers:

"All the new regulations are intended to restrict credit."

Related Article: Boston, Minneapolis Mandate 'Responsible' Lending by Banks

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On a wisecrack that the Consumer Financial Protection Bureau may go after ad agencies next:

"While the 'going after ad agencies' is sardonic wit, it may also be prophetic. Ask yourself this question: If a bank has no duty to provide good financial advice to its retail banking customers, then why not make them disclose that in their ads?"

Related Article: Will CFPB Go After Ad Agencies Next?: Comments of the Week

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On the public reaction to JPMorgan ending money transfers for basic small business accounts:

"I have been asked an uncomfortable number of questions like 'Is this the first move to confiscate our money?' … JPMorgan must explain its actions in common-folk media. The rumors are wild."

Related Article: Apocalypse No: What's Really Behind JPM's Money Transfer Ban


On the fear that JPMorgan's $13 billion settlement with the government will discourage banks from rescuing the next Bear Stearns or Wamu:

"Senior management does not (and cannot) know whether they are 'getting the best part of the deal' until well into the crisis-driven acquisition…. It is inconceivable that 'orderly resolution' will work safely in the case of failure on the part of any of the extremely large banks, so without other banks as 'bailout agents' of the government, a crisis will be much worse and probably more expensive for taxpayers."

Related Article: Four Takeaways from JPM's Massive $13B Mortgage Settlement

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