Transcription:
John Heltman: (
Welcome to the American Banker podcast. I'm John Heltman. Richard Hunt is a well known quantity in Washington, having served as president and CEO of the Consumer Bankers Association since 2009. In that time he steered the organization through the thick of the mortgage crisis, the passage and implementation of DOD, Frank, the creation of the consumer financial protection bureau and the COVID pandemic. And this summer he's retiring from the CBA, but before he heads off into the sunset, I took some time to ask him about how the public's view of the banking industry has evolved since he joined the CBA 13 years ago, how the industry is evolving to compete with fintechs and what he thinks about the direction the CFPB is taking under the Biden administration. Uh, Richard, thanks for joining us.
Richard Hunt: (
Great. Thank you.
John Heltman: (
Um, so you joined CBA in 2009 and that was, uh, of course a different time kind of the financial crisis. Uh, and now you're retiring at the end of, or I guess at the tail end of, of the pandemic crisis, uh, and possibly at the outset of another recession, how has the banking industry changed since you started at CBA and specifically like, how has the public's perception of the banking industry evolved since, uh, since you started?
Richard Hunt: (
Yeah, John, thank you very much. Uh, I am not retiring from life. I am stepping down from CBA. I've done a 13 year run and it's just time for somebody else to take over. I've enjoyed every single minute of it. John, what hasn't changed, between 2009 to today, the advent really of the telephone, the iPhone really changed things. Uh, but I cannot think of anything that has done 180 degree turn like the reputation of the banking industry. Uh, in 2009, we were partly partly the reason why we had a financial collapse across the globe. We are also now partly responsible for the turnaround in the economy and helping small businesses and individuals get back on their feet as well. We could not have done that in 2009. So yes, I remember that time at the white house on March 11th, 2020 in the oval office in the cabinet room with the president of the United States, Donald Trump at the time bank CEOs of the leading banks and Dr.
Richard Hunt: (
Uh, Dr. Burkes and, uh, Fauci telling us the world, as we know it was going to change. And it was surreal, John, because after the meeting was over, the president brought people into the oval office and I'm looking around saying, we've got a national crisis going on. I'm going back to the office, right. I'm not hanging around to do it, uh, the PO and circumstances. Right. But I knew walking back from the white house, two CBA world headquarters by golly, this was our time to lead. So I was very proud. Would've transpired. If you look at Gallup polling numbers, uh, they will show that no other industry has had a turnaround, like the banking industry has had when it comes to trust. Uh, so yeah, John, that was the lowest of the low in 2009. And, uh, look, obviously I wish COVID had never happened, but I'm glad the banks were in the position to lead,
John Heltman: (
You know, but what accounts for that change? I mean, obviously the, the financial crisis was, as you said, uh, banks were a part of, but not, you know, exclusively sort of cause of that crisis. And I remember kind of covering, you know, banks in the, you know, 20 14, 20 15, that's that sort of like Paul was still around the banking industry for a long time. And there's a lot of thought going into like, how do we change this? Like, what do you think accounts for that, that turnaround? Is it like the, sort of the change in the way banks sort of supervisory structure is, uh, oriented? Is it the way that regulators do their, their business? Is it just the fact that banks were in a unique position to offer the kind of help that people needed during the crisis? Like a combination?
Richard Hunt: (
Yeah, I think it's a combination. I think it's all the above. Uh, so I get in trouble. Uh, a lot of times with my Republican acquaintances and friends, uh, cuz I don't think DOD Frank was all that bad. I think 30 to 35% of it was bad serving the Durban interchange amendment was horrendous. Uh, some other price control efforts were horrendous, uh, the Collins amendment. Um, but we needed more regulation. I think in the banking industry, especially how to wind down a bank. There was no way to, to wind down a bank if they were going Inso or going under, we didn't know what to do. And so you couldn't afford to have a bank go under in 2009 cuz of the global implications. I also believe John, we've got some very good CEOs in the banking industry who have basically fortified their, uh, balance sheet and made it very, uh, almost recession proof if you will. Uh, so I think there's a lot of credit to go around regulation. Some regulators, not all and the cos of banks as well. Also believe the consumer had more demands on banking as well. And I think that's been a good thing.
John Heltman: (
Demands on banking. In what way? Like demanding better service demanding.
Richard Hunt: (
Yeah. Better services, more transparency, more access, uh, to the banking products. I do believe there was a time John between 2009 to 2013, our banks had their heads down getting through the new regulation that was thrust upon us, again, most of it positive, but then this whole new word of technology happened and it was tough for banks to do both at the same time. And that's where I think the fintechs, uh, had an opportunity to sort of take in market share from us. But I compared it to a marathon, I felt the fintechs had a 10 mile head start. But now at the 20 mile mark, I think we're about even with the FinTech
John Heltman: (
One, one issue that your, of course, consumer bankers association, uh, represents, uh, retail banks. Right? So, and one of the bigger issues in retail banking is sort of the consolidation, uh, in that industry. You know, if you look at the F D I C like the number of banks in the country, it's sort of been declining since the eighties. Um, every year there's maybe a couple hundred fewer banks than there were before. Um, but there's also a number of banking, uh, sort of advocacy groups and uh, trade associations in Washington. Uh, CBA of course being one, um, you know, the American bankers association, bank policy Institute, uh, financial services, round table, mortgage bankers association, you know, a lot of different groups that kind of represent, uh, in many cases, a lot of the same people is there. How does that ecosystem work in DC and, and how do those different groups add value? And is there any kind of, is there any redundancy there, do you think?
Richard Hunt: (
So? I remember when I started in 2009, I sat down on my kitchen table and I said to myself, how are we gonna make CBA different than every other trade association? What is our value add to everyone? And come around 2010, you had the creation of the consumer financial protection bureau and the emergence of a lady by the name of Elizabeth Warren as well. And so we made a decision right then and there that we were gonna represent only the large banks. And we were only gonna represent a certain part of the bank, the retail consumer side. And John we're gonna put both feet in on all things, CF P B Hmm. We're gonna do everything we could to help our banks navigate, learn all things, CF P B. So that's the mission statement we made other trade associations. Uh, they represent small banks, medium banks and large banks.
Richard Hunt: (
Mm-hmm the mom just represent the per the parental issues. If you will, more concerned about the fed than consumer site as well. Mm-hmm like, I understand, uh, there are 10,000 trade associations in Washington, DC. We also know there are a lot of publications as well. you have to fair enough. Yes. You have to figure out who your readers are as well. You have to segment who you wanna reach, same thing in the trade association. Now I am glad to say, uh, over the 13 years I have been here, I've only had a call other trade heads, maybe three times say, Hey, uh, you're encroaching on our territory. And there were times they've called me and said, Hey, I think you're encroaching on my territory. And we just had a good discussion and said, okay, you what you may be right. Uh, I remember there was one time our board wanted us to go all in on mortgage issues. And I said, look, I would like to do so it's a sexy issue, but we got this thing called the mortgage bankers association. Right. They should be doing this not us. So I think we've actually become stronger at CBA, more influential by being more focused than some trades in town who are all things to all people.
John Heltman: (
Um, speaking of the CFPB, uh, we have a new director, uh, I guess newish, uh, director RO Chopra, uh, at that agency. And he's got some big, uh, ideas about what he wants to do at that agency. What do you think of, of his approach? And, um, I understand you guys have, uh, met with him recently.
Richard Hunt: (
Yeah. We finally met, uh, with director Chopra. He's been in, uh, he's sworn in last October. And look, I didn't always agree with Richard Cordray when he was director of the bureau, believe it or not. And contrary to demand by some in the democratic party. I didn't always get along with Kathy Kraner. So what , that doesn't matter. As long as we had an opportunity to sit down around a table and discuss issues and tell them the consequences of any enforcement action or rule and had our fair say, there's nothing wrong with that. The problem I've had with this director is his not wanting to meet with groups. And I finally had to go to Capitol hill when he was testifying at the house financial services committee to get an audience with him. I was the only person in the entire hearing room until he and his staff showed up.
Richard Hunt: (
And I went up to him and I said, you know, director, Troper you and I had a relationship back when you were a student I'm Budsman again, wasn't always positive. And I said, I've called you 12 times 12 as in one more than 11, one less than 13, 12 times. and you ever return any of my phone calls? He was shot by that. And I handed him an invitation. I would like for you to come and talk to our board of directors, which he did last week. And we went at it for 50 minutes and there were some issues we were, um, aligned. And there were some where we were scratching our heads, but the direction he was trying to go with the bureau and not being clear and transparent. And that is the one thing, uh, we repeated many times to him. You do what you gotta do, but it's gotta be clear and it's gotta be transparent.
John Heltman: (
I, I don't suppose you wanna tell us a little more about what you guys were on the same page about and what you were scratching your heads about.
Richard Hunt: (
No, I'll, I'll tell you exactly. Uh, what we're on the same page about was level playing field between banks and non-bank. Hmm. You've got a whole new entity out there, uh, called the so-called FinTech and that's great. They've been good for the industry for the most part. Uh, they've taught us in the banking industry quite a bit about how to interact with consumers and customers in the like, however, John, once they cross the line to start offering products to consumers like loans and deposits, then they've got an obligation to have federal regulation over them. So the consumer is not harmed. And now you're seeing story after story about the layoffs that are occurring at FinTech. Now we're hearing that one customer has over 20 B pay later products, cuz there's no wholesale inventory place. You look to see how many, uh, BPLs somebody may have.
Richard Hunt: (
I think this is gonna end badly. Hmm. Uh, for non banks non-regulated entities, look, they wanna sell products, banking customers. That's like us creating platforms that we know nothing about. Right? So that's where, uh, I, uh, if, if you were to say what's the most positive aspect of the CF P B over the years, one I'll throw it the te RESPA integration. The first two pages. When you buy a house, you have to look at the first two pages. And I think those pretty good, but toward right now, John, I don't understand the 80 pages, a few pages. I have no clue what all that says. Now. I don't think the average American does either. Uh, and then I give 'em credit that they have under the portfolio, the ability to regulate non-bank entities. I just don't think they've gone far enough just yet. And again, if, if I, I commend SoFi who was a FinTech, but now they have a bank charter. So now every quarter we understand their safety and soundness acumen. Uh, we also know that they have to have consumer protection rules as well. And if they eat the lunch of the traditional bank and market share and, and everything else. So be it, that's fine. Right. As long as it's in an equal and level playing field,
John Heltman: (
Uh, and as for differences of opinion, shall you say
Richard Hunt: (
oh, there are several, uh, look, one thing we wanna convey to the director is that his words matter on a global stage. So I'm not a big fan. As of his salacious press releases that he sends out using many. And some, I, I just wish he'd be more specific. Uh, when he says, uh, there are some people, some banks that have junk fees, right. Which I hate to use, but I think our banks are very clear and transparent and forthright, uh, when they offer products and services. Hmm. He just said that out of the blue, I don't know who he's talking about. Right. Uh, certainly if one of our banks, if they're not transparent, if they're not clear, if they're broken the law, throw the book at 'em right. That, but don't go out there with all these innuendos and threats. If they do not exist, he also changed the examination manual as well. When it comes to fair lending, he's applying that to more than just lending. That was, I know this is gonna sound geekish, but within the banking industry, that was what I call a big deal but he didn't come out with guidance. He didn't come out with what he, our FAQs, right. Give us some help to let us help him achieve what he's trying to get to, but he doesn't do that at all.
John Heltman: (
Hmm. Is that, is that, do you think maybe just a kind of, uh, something that'll get filed around the edges as time goes on. I mean, he's pretty new in the job,
Richard Hunt: (
But we hope so. Well, you say he's new, but he was an FTC commissioner. That's true. Uh, he was F the C F P B as well for many years. So it's not like he just, uh, flew in yesterday. Yeah.
John Heltman: (
One of the things that's interesting to me about the C F P B, is that, I mean, it's, it's a fairly, it's a new agency just started in 2010 or I guess was first set up in 2011 or something. And it's had three directors and those directors, well, I guess if you don't count interim directors as well, it's gone in pretty radically different policy directions in a pretty short amount of time, as opposed to say, like, you know, the fed, when the, we had the DOD Frank, you know, implementation era, and then the Trump appointees kind of took the reins and they pursued something that was, you know, at the very least less radical than the sort of changes that, that the C a P B, uh, experienced. And I guess, like, how does, what does that mean for banks who are subject to it's the same, it's the same enforcement powers, the same regulatory powers that C a P B has from administration to administration.
John Heltman: (
But if they're pursued in radically different ways from administration to administration, that must be kind of, I imagine that would be difficult to kind of keep up with, and there would be a desire for some consistency and some endurance of like, when you solve a, a problem, when you put out a rule that you can have some reasonable expectation that something like that rule is gonna remain in place for the foreseeable future. Is that something that you think is just an inherent quality of that agency, or is that something that you think will kind of, as I said, sort of like those, those rough edges will get filed down over time.
Richard Hunt: (
Yeah. So look, I think they made a monumental mistake at the very beginning in 2010 at four o'clock in the morning when they filed the, uh, the Senate side of what is now called DOD Frank, when they changed it from a five person commission, uh, to a single director, it signal to everybody right then and there that this was gonna be basically a dictatorship style of governing. And from that point on, it became more of a political organization. Then it became a regulatory banking organization. And look, both parties have been hypocrites on this. This idea started with the lady named Elizabeth Warren, Senator Warren. She started it, it was voted that way through the house representatives with bar Frank Maxine waters and Nancy Pelosi. Then it got to the center and they stripped it to make it a single director. And then Jeff Hensman, who had voted for it commission many times when the elections happened in 2016, and Donald Trump eventually put MC in, he says, I don't wanna do a commission anymore.
Richard Hunt: (
Cause my guy's in there and he's gonna change everything. Right. That's just a wrong attitude to have. We've seen 95% of all other regulatory agencies in this town or a three to two commission. Now, what does that provide? A, the minority gets to have votes mm-hmm they get to be heard right now at the bureau. It's the director's way or the highway period. And I said that in whether it was Kager Chopra or cord, it doesn't matter. And I think when you have a five person commission, you don't have this whipsaw effect of regulation every four years. So John, you asked the question about banks, let me tell you who hurts the most in all this it's the consumer, cuz I will tell you, banks will be hesitant to come up with a new product if they have any inkling that the new administration may change directors and that director may have a different opinion of the previous director, cuz it was done all by them. I'll give you an example and positive advance products. We had a great product that we offered, uh, to help people make ends meet. Um, and it was one of the most popular products we had
John Heltman: (
Like an earned wage access kind of thing.
Richard Hunt: (
Yeah. Deposit end product. Uh, we gave people 500 bucks to make it to their next payment. As soon as they got their payment, we got paid back, nobody got into major debt and that was a good product. And then the three regulators got rid of it. And now where did people go? Payday lending, I'm sorry. Yeah. Payday lending online lending and their rest. So you're gonna see that, uh, through and through the whips effect every four years because of the ruling of the Supreme court, uh, they get all the money. They want 10% of what you can from the Fed's budget. It's just a different regulator than the rest. And I mean, it can't work this way. You gotta have the banks and the regulators not be an adversarial. We don't wanna be adversarial with the bureau. We've helped the bureau craft rules that made it better for consumers that were workable and manageable. But with this C PB, sometimes I feel like they don't care what people think they're gonna do what they want to do.
John Heltman: (
But I mean you have single single director entities all over government. I mean the EPA
Richard Hunt: (
Is yeah, John, John, not with this power. Uh, they have jurisdiction over not only banks, but many credit unions as well. They have rule writing, they have enforcement. Uh, you just cannot compare the other agencies to this one.
John Heltman: (
Well, you have other multi-member commissions. Like uh, when Gary gosler was the CFTC a lifetime ago, that was my job covering him there. And like he certainly ran things
Richard Hunt: (
Through S E C, right. The D I C. Sure.
John Heltman: (
But he ran things through that, you know, maybe weren't particularly popular or uh, from everyone on the commission. I mean, I guess like do that, the idea that a commission would have that kind of cooling effect or would have a kind of more consensus oriented. I, I guess I, is it the fact that the CFPB has a great deal of power and a great deal of jurisdiction? Is that the thing more so than the structure at the top, do you think?
Richard Hunt: (
Yeah. So look, it's a combination of both. Uh, even if you have a three to two vote, let's say the C P B was three to two in favor of the Democrats and they did everything RO hit chop wanted to do. At least we would have on record the two minority voices, what would they do if they were in charge? So if we did see that everybody was in alignment, then you could offer products knowing that in four years, even if the administration did change, their philosophy would not change and study after study has shown that if you have a commission or board, they're less likely to have their wild swings.
John Heltman: (
Um, you mentioned a minute ago, fintechs and sort of the, the need for a level playing field. Uh, of course, uh, fintechs, uh, have, uh, particularly in consumer space have absorbed a great deal of what was once kind of banks, exclusive market share and consumer facing products, uh, buy now pay later, of course is one, you know, uh, earned wage access, which we talked about for, uh, for a little while. How, how do banks like, and as you said, like, uh, the C P director Chopra has an interest in leveling that playing field. Um, but for the time being, how do banks kind of compete, uh, with FinTech? And of course now we have defi and sort of crypto, uh, offerings as well. Um, how do banks compete and what specific things do you think could be done either by the C F P B or other regulators or all like, or all regulators in tandem to actually like fundamentally change that dynamic. And do you think that those changes are politically viable?
Richard Hunt: (
Well, if you talk to the regulators, the regulators say, Congress must act not them and we're going, no, no, no. Congress gave you the authority to act on behalf of the consumer. So I don't wanna hear from the regulators that Congress has to act. I don't buy that one bit. Look, the banks have to step up to the plate and they have, we now have four of our tub banks that spend 10 billion per year on technology. Most banks don't have 10 billion in total assets. So I think some of our banks are like a FinTech. I'm waiting for the fintechs to behave and be responsible as banks. So I know the fintechs were all sexy and that was the flavor JTS of the month, but it's coming to an end mm-hmm and I hate to say this, but I think it's gonna be at the expense of consumers who are gonna be, who are not gonna be able to meet their obligations. That's my biggest fear.
John Heltman: (
Uh, but specifically like, okay, let's say, uh, you know, uh, the, the regulators all hear this podcast and they're like, you know what Richard Hunt is, right. We're gonna get to work today on leveling that playing field. Like, what do you, what do you do just like require, uh, cuz I mean, fintechs don't have the same kind of, you know, if you're a bank, you have a bank charter, that's your capture, right? Like that's what makes you a bank? Fintechs are a little squishier. How do you kind of, how do you reign those things in and um, and, and sort of avoid this sort of regulatory arbitrage of a bank, maybe a FinTech kind of like changing itself to a, I call itself a consumer tech or you know, or a yeah,
Richard Hunt: (
No, no, no, it it's very easy. John. That's where the CF PB has to come in and issue a large participant rule, which they did with rocket mortgage. Rocket mortgage is not a bank and they have over 50% of the mortgage origination, uh, market. So they can do that. And I think in my opinion, they're about to do that with some of these entities and whether they can't issue it on every single FinTech, once you issue it on one, usually it's a trickle down effect and it'll affect everybody else. Hmm. Look, I'm not in favor of what I'm about to say. but maybe there's an enforcement action. That's gonna come down on one of the fintechs that will be, uh, rule making by enforcement. And usually I'm not afraid of that, John. I wish they didn't have to do that. Sure. But I think fintechs have grown so fast so quickly. They may have to use that tool. Think about this over 50% of their personal lending space is now done by fintechs, non banks. And again, the consumer loses at the end of the day, all the fintechs have to do is step up and adhere to all the bank regulations participate in CRA and things would be much better.
John Heltman: (
So I mean, are we talking about like, okay, so they that's how you get 'em uh, then are we talking about, uh, you know, capital requirements, liquidity requirements? Sure.
Richard Hunt: (
All the
John Heltman: (
Above, all the
Richard Hunt: (
Above, all the above, just like yet you see what's SoFi now and you see what's Vero. Now everybody understands now how solid or UNS solid or insufficient they're they're about on sheet. Their, their balance sheet may be, but everybody now sees it every three months when quarter reports come out. Uh, but everybody should have that throughout the country for every company who's offering consumer products.
John Heltman: (
Um, you mentioned at the top that, uh, things are different from when you started 2009 and banking, uh, is fundamentally different than it was say 10 years ago or 20 years ago. I, you know, I, a long time ago I used to wait tables at a diner in Chevy chase. And, uh, I joined a bank that had the, uh, a branch across the street. Uh, partly because I talked to the branch manager and I asked them if I could park there, if I was a member or if I, I joined the bank and they said, sure. And also because that was, I would go and deposit my cash after my shift, you know, I haven't been in a bank branch and I don't know how long , you know, like all of that happens with my phone now. Um, no. Um, how do you, how do you think that the banking experience the banking and, and by extension, the banking industry will evolve say 10 or 20 years from now. And will it be, as you say, like banks are getting a little bit more like fintechs, fintechs are getting a little bit, maybe are about to get a little bit more like banks. Like what is, what is that experience going to be like? Do you think, uh, in, you know, the next generation
Richard Hunt: (
Look, John, uh, I cannot predict the next 20 Mary we're supposed to have George Jetson highways. by now as well. So I'm not gonna give you a crystal ball. What it looks like in 20 years. Here's what I can say. John. Some people like to read online publication of American banker and some people like to see the print edition. Some people like to read it on their phone. Some people wanna read it on their iPad and everybody has their own preference about how to do things.
John Heltman: (
I strongly endorse that sentiment by the way. Yeah.
Richard Hunt: (
John. Believe it or not. Some people still love going to the branch. They love getting their lollipop in their pin and seeing their favorite teller and everything else. People like you and me don't go to the branch. The only time I go to the branch is to get currency when I go to Las Vegas. Right? So I have cash when I'm in Las Vegas. That's about yet, but otherwise, yes, I get on my phone. The phone is my bank. I check my balance every day. I see the transaction every day on my phone, many times, multiple times a day, but are we gonna have less branches? Of course we are. Mm-hmm we have less grocery stores. We have less, almost everything, less bookstores in this country. Uh, I cannot predict 20. Here's what I will tell you. John, looking at banks, I think there'll be big banks and smaller banks. When I first started at CBA, everybody said the magic numbers. You had to be 50 billion for econom, economies of scale, plus technology, uh, expenses or investments. Now that number may be not 100, not 200. It might be 500 billion, which is why SunTrust and BB and T merge. Cause they couldn't keep up with chase and bank of America anymore, unless they combined forces to get over that $500 billion. So, uh, it'll be interesting to see what happens, but I think the so goes the iPhone, they so one Hmm. They so go the banking system
John Heltman: (
All. Are you ready for a lightning round? Uh,
Richard Hunt: (
I'm ready. And it is lightning right now by the way. Oh,
John Heltman: (
Is yeah. If you hear that in the background. Yeah. Uh that's what's happening. Yeah. Uh, alright. So I, I spoke with your staff about a number of your interests and crafted, uh, some lightning questions.
Richard Hunt: (
Unscripted. I did not gonna meet the
John Heltman: (
Question. Do not know what's coming. I don't know. And you know, I know you don't know because I just came up with him about half an hour ago. Um, so here we go, who looks worse in a Dodgers uniform, Trey Turner or Fred Freeman.
Richard Hunt: (
Oh, Freddy Freeman. That was a complete disaster. His agent should go to jail.
John Heltman: (
I'm sorry. The correct answer was Trey Turner. Uh as a nationals fan. I have to tell you, uh, but Friday Freeman is, uh, that's. It's a shame as well. Yeah. Um, better swag tote bags or branded pens.
Richard Hunt: (
Gotta be the tote bag.
John Heltman: (
I agree. Yeah. Better Twitter follow Rob Blackwell or Sean Tuffy.
Richard Hunt: (
I gotta go Rob Blackwell.
John Heltman: (
Okay. I, I would've accepted either. They're both very good. Okay. On a hot dog, ketchup mustard, relish or combination.
Richard Hunt: (
You never put ketchup on a hot dog.
John Heltman: (
That is the correct answer. Thank you. Yeah. Uh unless you're under 12 years old, uh, in which case that's fine. Better bobblehead max Scher or Jacob D
Richard Hunt: (
Oh, Matt Scher. The two different colored eyes. Are you kidding me? That's in combination right there.
John Heltman: (
That is the correct answer. Betterer max Scher. Jacob Beron.
Richard Hunt: (
Oh, no. Max Scher by far competitor.
John Heltman: (
Also the correct answer. Better bad team. Orioles are the nationals.
Richard Hunt: (
You know, it's just embarrassing for the Orioles to be a bad team for over 20 years, that nationals are just in a, a dip, but they will come back. If they can keep their general manager.
John Heltman: (
I, I will accept either, uh, as a fan of both, but I, my heart is with the Orioles right now. Uh, I want them to do better sooner shake shack or five guys
Richard Hunt: (
Shake shack. I think they got the better meat throughout the country. Five guys is now overpriced and I'm not a fan of their French fries either.
John Heltman: (
Agreed Atlanta international airport or O'Hare
Richard Hunt: (
Oh, that's a no brainer. That's the easiest question. Of course. It's Atlanta,
John Heltman: (
Chicago
Richard Hunt: (
Outta Chicago, especially in the
John Heltman: (
All right. Uh, Atlanta international airport or, uh, Dubai.
Richard Hunt: (
I haven't been to Dubai, but I gotta believe Dubai's gotta be a better airport.
John Heltman: (
uh, who wins in a fight? F D I C or OCC
Richard Hunt: (
This year? It's F B I C
John Heltman: (
Can you tell me why?
Richard Hunt: (
Well, because Marty Greenberg has been chairman, um, Michael Sue is acting and has not been chairman look, Michael, Sue's a terrific individual. I like him a lot, uh, most days, but Marty's been there only cuz of experience.
John Heltman: (
Good answer tacos are cheese steaks
Richard Hunt: (
Tacos.
John Heltman: (
Okay, good answer. Cheese steaks are good too. I had one for lunch. All right. And this is a trivia question. Uh open-ended which four us states were once independent countries,
Richard Hunt: (
Florida.
John Heltman: (
Mm-hmm
Richard Hunt: (
No four states or independent countries, correct? I would've said I would've said Louisiana, Florida, Texas.
John Heltman: (
That's one.
Richard Hunt: (
Texas is the only one.
John Heltman: (
No, the, the one that you've got so far. Yeah.
Richard Hunt: (
Okay. Uh, so Texas was Mexico. I take it.
John Heltman: (
Well, it was an independent country between being a part of Mexico and being part of the United States. Okay. There's another one like that too. For the other three. You, you give up,
Richard Hunt: (
I'm giving
John Heltman: (
Up. All right. It's California. Uh,
Richard Hunt: (
Well, yeah, it's an independent country now.
John Heltman: (
it was briefly sort of semi-independent uh, during the Mexican war and then was annexed to the United States, along with Texas, Hawaii was its own country before it became a state where a territory rather, and Vermont, uh, was an independent country during the revolution. Uh, it was, uh, it, it seceded from Mon had competing claims between Montreal or sorry, Quebec, New Hampshire and New York. And they just decided to be their own thing.
Richard Hunt: (
What are the four commons in the United States?
John Heltman: (
Oh, Massachusetts, Virginia. Is it Louisiana? I know they got parishes instead of counties there. Yes. Commonwealth of
Richard Hunt: (
There's two more.
John Heltman: (
Can you gimme a region? Are they all in the Northeast?
Richard Hunt: (
No.
John Heltman: (
Okay. All right. No, uh, Washington state.
Richard Hunt: (
No.
John Heltman: (
All right.
Richard Hunt: (
None. All the west coast. How about Kentucky and Virginia?
John Heltman: (
Okay. Well, I had
Richard Hunt: (
Virginia in Pennsylvania.
John Heltman: (
In Pennsylvania is Pennsylvania Commonwealth? Yes, they are. All right. Well, I didn't know that, so I, I got it as good as I gave it. Yes. Makes me feel good. Um, Richard, this has been really fun. Thanks for taking some time to talk with us and, uh, you know, good luck on your next step,
Richard Hunt: (
John. Thank you very much thoroughly enjoyed it. And uh, I'll see you down the road. I'm coming, visiting your basement one day.
John Heltman: (
okay. Looking forward to it. Thank you. All right. Thanks a lot. Thank you for listening to the American banker podcast. I produced this episode with audio production from Kellie Malone. Special thanks this week to Richard Hunt and the consumer bankers association rate us, review us and subscribe to our content at www.Americanbanker.com/Subscribe. For American Banker, I'm John Heltman. And thanks for listening.