Saying Hello, CFPB Style: The Week's Best Quotes

July 30, 2013 8:18 AM

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.

(Image: Fotolia)

Wintrust Financial (WTFC) Chief Executive Ed Wehmer on the competitive threat posed by MB Financial (MBFI), which recently agreed to buy Taylor Capital (TAYC):

"In the words of my favorite movie, 'The Godfather,' we wish them the best of luck as long as their interests don't conflict with ours."

On why Discover Financial Services (DFS) is expanding into home-equity lending at a time when some banks are scaling back:

"We have the fortune of not having legacy portfolios from '05, '06, '07 that others are having to deal with."

David Nelms, Discover chief executive

(Image: Bloomberg News)

On Consumer Financial Protection Bureau action against a Utah mortgage lender for paying loan officers bonuses for steering borrowers into high-priced loans.

"The CFPB is clearly sending a message that they are going to actively investigate loan officer compensation plans."

Mitch Kider, chairman and managing partner at the law firm Weiner Brodsky Kider

(Image: Thinkstock)

On the mid-June spike in long-term interest rates:

"We didn't expect the strong mortgage market to last forever ... but we did expect it through the end of the year."

Michael Daly, chairman, president and CEO of Berkshire Hills Bancorp (BHLB)

On how PacWest (PACW) executives' frustration with the slow economy may have led to the bank's deal to buy commercial lender CapitalSource:

"It's like a Nascar driver sitting in a 35 mile-per-hour zone."

Chris Marinac, an analyst at FIG Partners.

(Image: Thinkstock)

On Wells Fargo's (WFC) decision to suspend sales of consumer debts to outside collections agencies while it reviews its practices:

Wells Fargo is going through "a period of retrenchment, reassessment and redesign of their policies ... When they start up at the end of the year, the list of approved debt buyers will be very limited."

Michael Flock of collections industry advisory firm Flock Advisors

(Image: Thinkstock)

On how the increasing regulatory scrutiny of banks is affecting the debt-sales industry:

"It's a whole new ball game."

Mark Schiffman of collections trade group ACA International

(Image: Thinkstock)

On why concern for the environment as just one factor in Eastern Bank's decision to finance solar farms:

"As much we are interested in the altruistic aspects of it, it's also good business."

Bob Rivers, president and chief operating officer of Eastern Bank in Boston

(Image: Thinkstock)

On new rules to tighten record-keeping requirements and other collections practices for banks and third-party debt buyers:

"These reforms will help level the playing field for consumers."

Benjamin Lawsky, New York State Superintendent of Financial Services

(Image: Bloomberg News)

Wilshire Bancorp (WIBC) CFO Alex Ko on his bank's agreement to buy Saehan Bancorp, which many considered a popular M&A target:

"Wilshire is the winner; everyone wanted this franchise."

Alex Ko, CFO of Wilshire Bancorp (WIBC) in Los Angeles

PacWest (PACW) CEO Matt Wagner poking fun at the detailed questions posed by Julianna Balicka, a Keefe Bruyette & Woods analyst, during a CapitalSource buyout discussion:

"You didn't leave anything out, Julianna. That was like 11 questions."

Matt Wagner, CEO of PacWest