'A Billion Dollar Loss Will Focus the Mind': The Week's Best Quotes
January 28, 2014 8:26 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.
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On Target's new emphasis on promoting chip and PIN cards following the data breach:
"It feels kind of like a magician's trick to me, as in 'look over here, not over there,'"
Julie Conroy, senior analyst and fraud expert with the Boston-based Aite Group
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(Image: Thinkstock)
On concerns that the Justice Department wants to punish banks and payment processors for doing business with online payday lenders:
"Our policy is not to prohibit or discourage financial institutions from providing payment processing services to customers operating in compliance with applicable federal and state law and we are committed to tailoring our investigative efforts accordingly."
Assistant Attorney General Stuart Delery
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On the current demand for FDIC-style insurance for Bitcoin:
"I get a call about every two weeks asking me about the feasibility of
running an FDIC for bitcoins,"
Marco Santori, a counsel at Nesenoff & Miltenberg LLP who advises technology startups
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On whether T-Mobile wants to become a financial institution:
"We're not a bank. We don't want to be a bank."
Taylor Collyer, senior director of marketing at T-Mobile
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(Image: Bloomberg News)
On Target's newfound interest in EMV technology following the data breach:
"It's amazing how a billion-dollar loss in market cap will focus the mind,"
Chris McWilton, MasterCard's president for North American markets
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On Fifth Third Bancorp's efforts to replace deposit advance loans:
"We see... a high demand in this area.
We will continue to look to see if we can't find a good solution [and] keep our clients in a regulated banking system, which we think is best for all."
Kevin Kabat, CEO of Fifth Third Bancorp (FITB) in Cincinnati
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On the Troubled Asset Relief Program:
"I know it has a lot of bad connotations for a lot of people because it's viewed as a 'bailout' but without Tarp, my sense is the crisis would have been more severe."
Charmian Uy, Chief Investment Officer at U.S. Treasury
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On companies' usage of geolocation information technology:
"In the financial world, many people are miles behind the curve."
Greg Nudelman, chief executive of San Francisco-based DesignCaffeine.
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Asked how long it will take to earn back the tangible-book-value dilution in its deal for the $1.3 billion-asset Central Community near Austin, Texas:
"As far as putting out any specific numbers on anything, we're not into that game,"
Dan Rollins, CEO of BancorpSouth in Tupelo, Miss.
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On whether his optimism about lending is grounded in anecdotal evidence or data:
"It is not on the balance sheet. It is purely sentiment and perhaps it's a lot of just pent-up, long-overdue demand to get things moving. But sentiment is always the leading indicator, right?"
U.S. Bancorp CEO Richard Davis
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(Image: Bloomberg News)
Reflecting on a career that began with a Brown Brothers Harriman internship 48 years ago:
"I made a ton of friends in the industry,"
Frank Barkocy, 69, the director of research at Mendon Capital
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On the suggestion that KeyCorp's efficiency is hampered by its small presence in certain markets:
"There is no particular cost burden to our geographic footprint that I think is burdensome to the company,"
KeyCorp CEO Beth Mooney
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