Top Quotes of <em>American Banker</em>'s Regulatory Symposium
Published September 21, 2011 3:56 PM
1 Min Read
Raj Date, the defacto head of the Consumer Financial Protection Bureau
"Consumer finance is a $20 trillion business, and you should not pretend that every actor in the business is playing by the rules. If there is not adequate enforcement, you should not expect rules to be abided by."
Rep. Shelley Moore Capito, chairwoman of the House Financial Services financial institutions and consumer credit subcommittee
"It's been seven months. I'm surprised that we haven't been able to do more. I really am," on why Republicans have not addressed the future of Fannie Mae and Freddie Mac.
Rep. Barney Frank, ranking member of the House Financial Services Committee
"We're a free society. You can't go around and shoot everybody that makes a bad loan."
Harris Simmons, chairman and CEO of Zions Bancorp.
"I heard Barney Frank say a few minutes ago that in a free country you can't just go around shooting everyone that makes a bad loan. Some examiners didn't get the word."
Robert G. Wilmers, chairman and chief executive officer of M&T Bank Corp.
"One devoutly wishes to be able to say that this new law has done that which it was passed to do: prevent a recurrence of a financial crisis like the one we have experienced. I fear very much, however, that it will likely fall short."
James Beit, the managing director of JPMorgan Chase & Co.
"The proposed capital surcharge in our view will have a negative competitive impact on U.S. institutions, especially very large institutions, and is likely to strain economic growth."
Martin Gruenberg, acting FDIC chairman
"The FDIC is … reviewing key challenges facing community banks such as raising capital, keeping up with technology, attracting qualified personnel, and meeting regulatory obligations. Additionally, we are looking at our own risk-management and compliance supervision practices to see if there are ways to make the process more efficient."
John Walsh, acting Comptroller of the Currency
"As we explored the best means of ensuring that injured homeowners had the opportunity to seek relief, it became clear that what was needed was a robust, transparent, and accessible complaint process that will give borrowers the opportunity to request an independent foreclosure review. I'm happy to say in the next several weeks you'll see the roll out of just such a process."
Sen. Jack Reed, R-R.I. on Republicans seeking changes to the CFPB's structure
"It's somewhat interesting that before the agency really gets out of the blocks so that you can make an objective evaluation of what they're doing, they're saying it has to be changed. I think they just want to frustrate the ability of the agency to operate."
Karen Shaw Petrou, managing partner of Federal Financial Analytics on new capital and liquidity rules
"You'd really think the regulators … have walked into Wendy's, … ordered every topping, added every condiment, asked for a side of fries and then decided to have a shake. They ordered everything all at once." The "ingredients" might be good, but all of them together "are going to make us sick."
