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Signature Bank chairman Scott Shay argues regulators should level the playing field and not just worry about big banks.
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On battle with cancer.
The Wall Street Journal is reporting that the Obama administration has been holding intense talks to toughen up regulations.
On banks after JPMorgan's two billion dollar trading blunder -- CEO Jamie -- Has already told Fox Business but the vocal role hurts small banks more than big banks like had.
But the policy is much tougher smaller banks.
Have you actually he writes -- tell -- more banks all the time I asked them what we backlog and our clients -- -- -- rules will be tougher than them they are not us.
And I don't think it's a good thing.
Scott say it runs one of those smaller banks he is the chairman of signature bank and Scott I'm curious if you agree with Jamie Dimon.
I don't agree -- at the Volcker Rule has major impact and banks like us.
I think the Volcker Rule was put into place because.
The congress and the administration -- time didn't wanna we -- the core problem which is Glass-Steagall.
And I think that's.
The that's the real issue here the fact -- at the speculative side of the financial markets has been.
Combined with what used to be safe and sound deposit taking banking.
And until we -- -- -- I don't think the Volcker rules really gonna accomplish.
Whole lot do you have concern -- that any regulation whether it is against the big banks could affect the smaller banks in the sense that it could again affect lending.
Overall -- -- that if fact the a busy.
As climate overall is not a concern fear because you depend Muslims Iraq and there's no doubt that all the regulation that is really intended to protect.
The economy and the taxpayer against the problems of too big to fail banking group are -- the -- the smaller banks.
We have to put up with a lot of regulation that frankly is totaling applicable the top five banks have 96%.
Of all the derivative contracts that exists in the banking industry.
Yet every one has to play by those same girls.
All right -- you know.
Let me ask you this you talk about consolidation you talk about the consolidation of the banking industry where we at a 150 banks back in the eighties night it got four.
Big banks but yet smaller banks community banks like yourself -- midsize banks have actually been gaining investor.
And the portfolios because of the fact that you are taking those business clients that that don't wanna -- those big four banks -- -- -- Thank you for loans revenues for you know.
We're strong.
Revenues were growing we had a record quarter and in earnings in deposits into loans.
We're growing and we're fighting every day against the big banks and competing against them.
The only thing that I'm what I'm arguing is that everybody should be on a level playing field.
It should all be about safety and service and not too big to fail banks from getting clients just as -- bake.
Why we'll say the stock is up 11% of -- last year 7% the last six months of investors are certainly.
Following you as you move through the industry Scotch -- witnessing unit and thanks for coming and thank --
