'Welcome to our World, Jamie': Comments of the Week
September 20, 2013 9:48 AM
American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.
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On the slew of regulatory actions against JPMorgan Chase:
"All I can say as a community banker is welcome to our world, Jamie!"
Related Article:
Pictured: Jamie Dimon, CEO of JPMorgan Chase
(Image: Bloomberg News)
On Rep. Maxine Waters' op-ed calling for further government intervention to prevent another financial crisis:
"The government made [American Banker] publish this column in lieu of paying a $920 billion fine for some trumped-up regulatory violation."
Related Article:
(Image: Bloomberg News)
On Rep. Maxine Waters' op-ed calling for further government intervention to prevent another financial crisis:
"I think we need the government to tell us whether a loan is good or bad, maybe call it a Qualified Mortgage or something like that."
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On the complexity of the Dodd-Frank Act:
"The Dodd-Frank Act has already taken over four years to implement and is estimated [to] be in excess of 80,000 pages worth of rules. In a country formed by signing a one page document that went from draft to ratification in 19 days, how can anyone believe this regulation is good for America?"
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On the 20,000 new pages of Dodd-Frank regulations still to come:
"The biggest structural problem with the Dodd-Frank Act is that it makes banks pay more attention to their regulators than they pay to their customers."
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On Sens. Bob Corker and Mark Warner's call for comprehensive housing reform:
"We don't need dramatic housing finance reform, just sufficient capital. That's what the housing lobby and politicians have continually opposed."
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On Sens. Bob Corker and Mark Warner's plan for comprehensive housing reform:
"The above mentioned bill has merit and may bring some value to the 'floor.' Yet I would cut out investor loans, cash out refinance loans and demand a $2,000 net residual shown by the borrower."
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On some bankers' worship of complexity:
"The atom is very simple, yet it is very powerful."
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On a case for small banks to buy mortgage firms:
"Baloney! Most small banks do not have the management skills or systems to run a commission-based residential mortgage company."
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On Comptroller Thomas Curry's call for better regulatory coordination on cybersecurity:
"It's amazing because, despite being hacked for 18 months through their online networks, big banks have refused to make the necessary expenses to shore up their communications systems."
Related Article:
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On the Consumer Financial Protection Bureau promising more changes to its mortgage rules:
"Stop making changes - banks and service providers can't finalize development and training until you do."
Related Article:
Pictured: CFPB Director Richard Cordray
(Image: Bloomberg News)
