'We Are at Genesis and Revelations Are Yet to Come': Week's Best Quotes
April 8, 2014 2:06 PM
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: Thinkstock
On a CFPB employee's testimony that staffers who file complaints within the agency face the threat of retaliation:
"Regrettably, shamefully, this appears to be the tip of the iceberg."
Jeb Hensarling, chairman of the House Financial Services Committee
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Image: Bloomberg News
On the prospect that more allegations of racial discrimination will emerge at the Consumer Financial Protection Bureau:
"I believe we are at Genesis and I think Revelations are yet to come."
Rep. Al Green, D-Texas
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Image: Bloomberg News
On regulators' decision to delay for two more years the Volcker Rule's ban on collateralized loan obligation holdings:
"This 'fix' is no fix at all. Today or two years from now, this rule will force small and large banks to needlessly write down or hold a fire sale."
Rep. Scott Garrett, R-N.J.
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Image: Bloomberg News
On the new products that Platte Valley Financial Services plans to introduce at the recently acquired Mountain Valley Bank in Colorado:
"Remote deposit capture could work. It can get pretty remote out there in the mountains."
Hod Kosman, Chief Executive of Platte Valley Financial Services in Scottsbluff, Neb.
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On State Bank of Countryside's plans to again finance home building after suffering huge losses in the market during the financial crisis:
"Residential construction was our strategy for 38 years. For 33 years it worked really well."
Bill Wheeler, co-president of State Bank of Countryside in Ill.
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On why every community bank should consider issuing credit cards:
"It is the best money we've ever made."
Rusty Cloutier, president and chief executive of MidSouth Bancorp in Lafayette, La.
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Image: Michael Chu
On why C1 Bank decided to pay full-time employees a "living wage" of $14 an hour:
"We need to make sure that everyone is benefiting from [our] success, because they're contributing to it every day in the trenches."
Trevor Burgess, CEO of C1 Bank in St. Petersburg, Fla.
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On how most banks do not have the systems in place to defend against cybersttacks:
"I went into 100 banks, and 98 of them [were like] deer in the headlights. They would say, we've got a security group and administrators and Bobby takes care of it."
Rodney Joffe, senior vice president and senior technologist at Neustar
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Image: Fotolia
On why costly infrastructure and low loan demand are forcing mortgage lenders to sell servicing rights:
"It's like building a car wash and running four cars through it. Today, if you don't sell the servicing, you don't break even."
Mark Garland, the president of MountainView Servicing Group in Denver
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On the Justice Department's unsuccessful attempt to hold Bank of America (BAC) responsible for faulty mortgages:
"It's a warning shot."
Arthur Wilmarth, a George Washington University law professor
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