'We're at Risk of Regulatory Balkanization': Week's Best Quotes
October 1, 2013 9:55 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.
(Image: Thinkstock)
On the confusion over the Consumer Financial Protection Bureau's recent guidance for how credit card companies can market add-ons:
"I got lots of calls [asking], 'What does this mean?' The bad news was, I couldn't tell them."
Rick Fischer, a banking lawyer at Morrison & Foerster
Related Article:
(Image: Thinkstock)
On banks' opposition to a proposal under which private investors would incur at least 10% of the first losses on mortgage-backed securities:
"Many of you are going to try to dwindle that down. I hope all of you are very unsuccessful and we keep it as it is."
Sen. Bob Corker , R.-Tenn.
Related Article:
(Image: Bloomberg News)
On the scope of the Justice Department's crackdown on online lenders and the banks that do business with them:
"This is at base an attack on fraudulent conduct. It's not an attack on an entire industry."
Michael Bresnick, former executive director of the Financial Fraud Enforcement Task Force
Related Article:
On the need to diversify loan portfolios:
"Commercial real estate is not a bad business.
It just can't be all of what you do."
Steve Rownd, chief executive of Northwest Georgia Bank
Related Article:
On how lucrative it can be to manage royalty rights for properties with oil and natural gas reserves:
"You can move the decimal pretty easily."
Bud Shuffstall of Northwest Bancshares
Related Article:
On the need for banks to develop their payments operations:
"It's time to place additional bets on the payments roulette wheel. Not playing is not an option."
Jim Marous, a senior vice president at digital direct marketing agency New Control
Related Article:
(Image: Thinkstock)
On the need for global regulators to cooperate in establishing consistent rules:
"We're at the risk of descending into a regulatory balkanization."
Irene Dorner, CEO of HSBC USA
Related Article:
(Image: Michael Chu)
On how disorder and uncertainty in Washington has become a routine consideration in valuing banks for M&A deals:
"It is just a nuisance. It is part of the discussion that most people are candidly tired of hearing."
Stephen Nelson, managing director of investment banking for D.A. Davidson
Related Article:
(Image: Thinkstock)
On why any regulatory relief for banks will likely need to be passed piecemeal, rather than in one large, comprehensive bill:
"When large bills come before Congress, they [Congressional representatives] run for the doors."
James Ballentine, chief lobbyist for the American Bankers Association
Related Article:
(Image: Rick Reinhard)
