The Week's Best Quotes: Subprime Resurrection; Reputational Repair; Retaining Good Employees
June 11, 2013 10:29 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.
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On a refinancing offer Bank of America (BAC) mailed to a customer:
"This is like an old-school subprime pitch."
Brian Koss, a managing partner at Mortgage Network
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Judd Gregg, former U.S. Senator and chief executive of the Securities Industry and Financial Markets Association, on how banks can improve their public image and prevent excessive regulation:
"We have to make it clear that we are committed to the individual investor. We are not committed to the individual institutions."
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(Image: Bloomberg News)
Describing banks' tentative approach to the underbanked market in the face of nonbank innovation and regulatory scrutiny:
"It's as though the entire industry decides to get into the fetal position because things are changing. That's not smart."
Raj Date, consultant and former CFPB official
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(Image: Bloomberg News)
Jean Smith, formerly of JPMorgan Chase (JPM), praising the aid to the homeless provided by BronxWorks, a New York social services group that was set to honor her June 10 for her contributions as board member and fundraiser:
"These folks wouldn't have a fireman's chance in hell if our guys hadn't gone out there on a regular basis and found them, fed them and brought them in."
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On why bank buyers often have to accept some branches they don't want in order to secure a larger deal:
"When you buy, you can't buy the perfect geography."
Scott Kisting, CEO of AmericanWest Bancorp (AWBCQ)
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Arguing that regulations mandating simpler bank products will ultimately help business:
"Everyone wants to think that banks are on one side of this or another, but if it's right for the consumer that's where we should go."
Elizabeth Garza, the managing director for global consumer banking at Citigroup
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On Bank of America's efforts to repair its reputation and better understand low-income customers:
"We know there is a long-term profitable business in banking America, one that starts with earning back the trust of consumers and small-businesses."
David Darnell, co-chief operating officer of Bank of America
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On American Express' (AXP) plans to develop more products for lower-income and underserved customers:
"It feels like the first half of the first inning for us
It's a different world; it's not the world we grew up in."
Alpesh Chokshi, the president of global payment options at American Express
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On the Securities and Exchange Commission's proposal to reform money-market mutual funds:
"We've come up with a solution that doesn't solve the problem."
Joshua Siegel, managing principal of StoneCastle Partners
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Explaining why community banks have a much higher percentage of small business loans on their books than larger banks do:
Small-business lending "is a rounding error" at big banks. "For us, it's a livelihood."
Bruce Lammers, chairman and chief executive of Ridgestone Bank in Brookfield, Wis.
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On the importance of retaining good employees:
"Talent is the one sustainable advantage you can get in this business."
William Crawford 4th, CEO, Rockville Financial (RCKB)
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On why Seacoast Banking Corp. of Florida (SBCF) introduced a new office concept that puts advising clients above pitching loans:
Gen X entrepreneurs want "empowerment and engagement, so we have tried to develop a process that allows that."
H. Russell Holland 3rd, Seacoast's chief lending officer
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