'You Can't Ignore This. It's a Freight Train': The Week's Best Quotes
Published July 16, 2013 9:57 AM
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Updated July 16, 2013 10:12 AM
1 Min Read
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.
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JPMorgan (JPM) Chief Executive Jamie Dimon on former New York Governor Elliot Spitzer's return to politics:
"I think the American people have the right to vote for who they want
and I've always had a very good relationship with Eliot Spitzer."
Related:
Image: Bloomberg News
On reports that one of Spitzer's top priorities if elected New York City Comptroller would be separating the roles of chairman and CEO at large banks:
"When I think about any public office, the responsibilities that various officeholders have, I would just kind of scratch my head and say, 'Gosh, should that really be the No. 1 item on their list of things to be concerned about?'" Wells Fargo (WFC) Chief Financial Officer Timothy Sloan
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On signs that the Consumer Financial Protection Bureau plans to hold banks responsible for abuses by debt collection firms they work with:
"You can't ignore this. It's a freight train." Paul Joseph, director of business development for McCarthy, Burgess & Wolff, a debt collector in Cleveland
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Image: Thinkstock
On why debt collection is on the CFPB's radar:
"We have seen the CFPB prioritize its focus on industries by the total number of consumers those industries touch.
Debt collection is primed to be one of the next areas of focus for that exact reason." Isaac Boltansky, a policy analyst at Compass Point Research & Trading
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Image: Thinkstock
Senator Elizabeth Warren (D-Mass.) on why she introduced a bill to bring back a Depression-era law separating commercial and investment banks:
"Banking should be boring."
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Image: Bloomberg News
On why Elizabeth Warren is widely considered to be an enemy of the banking industry despite her support for community banks:
"I would say that most of the angst and fear and the negative feelings about Senator Warren emanate mainly
from the Wall Street side of the financial services industry." Camden Fine, president and chief executive of the Independent Community Bankers of America
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Image: Thinkstock
On why a busy M&A market should help Chicago's Metropolitan Bank Group, which was recently recapitalized by BXM Holdings:
"By the time we're done with [resolving problem assets], hopefully the other banks have merged among themselves and gotten a few competitors out of the way for us." Robert Herencia, BXM Holdings
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On why technology vendors often have an advantage in contract negotiations:
"Anyone can look at a contract but you don't have the context to ask the right questions unless you've seen a couple hundred different versions." Bradley Leimer, vice president of online and mobile strategy, Mechanics Bank in Richmond, Calif.
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On why more M&A is inevitable in Pennsylvania:
"A lot of Pennsylvania banks have had a fierce independent philosophy, but economic and regulatory changes
will result in more transactions." Alan Dakey, president/CEO, Peoples Financial Services
On the importance of marketing wealth-management services to women:
"You would be missing a huge piece of your potential client base if you ignore the decision power already in play from women." Renee Newman, wealth management director, Sterling Savings Bank in Spokane, Wash.
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On why banks should try to lock customers in to longer-term CDs in anticipation of a rise in interest rates:
"I don't think it's smart to think that liquidity will be there when bankers want it. The wave of liquidity that was moving into banks [after the financial crisis] is starting to turn around and go the other way." Frank Sorrentino, chairman and chief executive of ConnectOne Bank, in Englewood Cliffs, N.J.
