'These Are the Right Rules': Top Quotes from <em>American Banker</em>'s Reg Symposium
September 26, 2013 8:30 AM
American Banker's Regulatory Symposium in Washington included several top regulatory, legislative and industry officials, including Comptroller of the Currency Tom Curry, HSBC USA CEO Irene Dorner, and Sen. Bob Corker, R-Tenn. Following are the highlights of their remarks.
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On new compliance and audit procedure guidance due out for large banks:
"As part of this 'heightened expectations' program, we are insisting that internal controls and audit be raised to the standard of 'strong' and we are making it clear that satisfactory ratings are not acceptable."
Comptroller Thomas Curry
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(Image: Rick Reinhard)
On why some Dodd-Frank rules should be implemented as is:
"Changing midway is destructive. These are the right rules and I think we should see them through."
Irene Dorner, CEO of HSBC USA
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Sen. Bob Corker on comments by Senate Majority Leader Harry Reid opposing the Corker-Warner GSE reform bill:
"I think that Sen. Reid had not been really even aware that there was a bill moving in the Banking Committee. I don't think his staff had briefed him relative to the contents of it, and I don't see Sen. Reid as a roadblock to keep this from coming to the floor."
Sen. Bob Corker, R-Tenn.
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On how social media is more effective than the CFPB in keeping banks honest:
"The whole world is watching and it takes a long time for those comments to fade into obscurity."
Kevin Kabat, CEO of Fifth Third
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On changes to the Home Mortgage Disclosure Act reporting process:
"We
will be revising the process by which the financial institutions provide information about the mortgage market under HMDA
both to improve the categories of information that are gathered and to ease the operational and technological burdens on industry to comply with this law."
CFPB Director Richard Cordray
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On the case for tougher leverage requirements:
"Without a corresponding increase in the leverage requirement, there is a risk that these institutions could employ strategies that may increase their leverage to imprudent levels."
FDIC Chairman Martin Gruenberg
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