Also in this playlist...
This transcript is automatically generated
-- -- Hi Richard -- dry day president Obama's choice to head -- Consumer Financial Protection.
Bureau speaking today about why his job is so important.
-- We now have the ability to protect consumers across this country.
And both bank and non bank issues and we are gonna be a 100% focused I personally I'm doing so.
-- those words were not music to the -- of our next guest Frank Keating is the president and CEO.
American Bankers Association on the call you governor from your -- as governor governor.
You know this protection thing you know helping out consumers.
The first projection we've gotten it seems from this -- these new bills have been higher credit card rates less credit cards and restricted credit that doesn't feel like much protection.
Well now I think again I think Richard.
Because he has been now appointed to this position he has -- rich background and enforcement background.
I he wants to get this thing going if you believe you ought to have a CF PBS Consumer Financial Protection Bureau.
Then focus on the non banks the payday lenders -- mortgage brokers.
Better not regulated the banks are heavily regulated as it is so we see we'll see how it all works out but obviously.
There's a lot of uncertainty in the air because obviously there's a lot of uncertainty -- civil legal authority this organization.
Well you look at and it what we went to the Great Depression there was new laws it came out you know on margin a lot of different things.
For new new industries that today -- payday lenders -- only made lot of these rule there was no non bank banks so isn't it time you know that's sort of our history that.
We take a catastrophe and then we regulated so it doesn't happen again isn't it is that a bad thing.
Well I think if you focus in a counter cyclical way as opposed to a cyclical way on something we never do.
And also if you focus on what the real problems -- try to -- some.
But bad facts and frequently as you know make bad law and Dodd-Frank Stallone I'm not just talking about the CF TB.
Is right now over 4000 pages and -- A proposed and final rules that the average bag in this country has 37 employees that means there are three regulators.
Standing in front of every bank in a country community bank in the country howdy responded that how do you read it all it's a very worrisome prospect.
-- you you know we've we have this new leader and hear what what's your message to him I mean what's -- what's the one thing that American banking association wants him to understand.
Well what I'm concerned -- -- -- uncertainty and and this appointment.
Particularly what he's now on the FDIC board -- he really exercise authority and will those decisions be tainted.
The statute clearly says that there has to be a senate confirmed candidacy at the be okay this guy's a recess appointment so.
I mean I would asking to two.
Tread softly at let's just make sure.
They don't do a lot of things that completely gums up the works.
That will cost it much harder and much harder for a slog for us -- to get out of this recession right twenty seconds how the banks doing right now.
We get better where I -- I think we're doing OK art capital is up.
I'm lending of course is a challenge.
But -- really tough obviously if you don't make very much money on.
My credit cards or debit card said.
You can't figure make very much money on CDs because of low ultra low interest rates it's a tough environment and America -- -- -- European banks.
We're well capitalized and we wanna make loans.
That is the best news I've heard all day all right thank you so much for joining us we will see you -- -- soon after -- a little bit light.
Filter by section