You're watching...
Valley National Bank CEO Gerald Lipkin on the impact of financial regulation overhaul.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Peter.
Well proponents of more bank regulation believe it what -- stock JPMorgan Chase is two billion dollar trading loss.
Why don't we ask a banker himself Gerald lipkin is -- national make chairman president CEO -- it's great to see you again to see you sure you don't all of us well.
First of all as we were saying before where community bank and Valley National banks.
There's a local banks that serves the local community of northern New Jersey New York City Long Island.
We don't get involved in a lot of these transactions and a lot of these issues that have created problems in the banking system.
Yet everybody keeps talking -- banks.
And they lump us in with everybody.
You're gonna that they didn't get the big value bank.
Iran and even though even though we don't do these things we never made sub prime residential mortgage loans.
But now we're getting bashed because of some banks that -- do with where are -- having regulations put upon us.
That are very onerous.
-- what do you think what happens though to your business to community banks regional banks across the country.
If they go back and add more regulations whether it's making the bet -- -- -- closing a -- the -- all the talking about Dodd-Frank.
What do you think overall happened to.
Gonna cost us more money -- -- That's the bottom line.
We use the vocal rule will have very little if any impact on valley national bank.
Because we don't deal in -- trades of that nature for our own books credit so really doesn't affect us.
Overall the Dodd-Frank if they load that -- that doesn't affect you absolutely -- from a stock perspective has actually been doing.
Very well.
Yes -- but were being forced to do things today.
That we never had to do in the past we have to documenting cross document doubled document the -- -- loans.
This -- assess the causes us to hire more people.
Which adds more expense.
Which hurts our shareholders.
Does what about the customer get a -- do you -- -- the pact takes it takes a little it would pass some of those fees on.
And it takes a lot longer for the customer to get their loan.
In the meantime they're blaming the bank why haven't I gotten my loan in in three days laggards what I could.
And it's just impossible.
-- have been Jerry you then you the value since 1975 and we need you spend most of your life and professional life in banking yes have you ever seen -- time.
Like this with regards to how the banks have been and frankly attacked by whether -- the media Occupy Wall Street.
This is worse than ever bankers used to be the number one.
Most in need position.
And today were way down on the pile and it it's not that we have done something.
Everybody blames banks.
But it's not all the banks first of -- most of the sub prime lending was done by a handful mortgage companies that went unregulated.
Get her out of business and they're out of business yeah it floats yes that's it you don't get mortgages get loans for businesses.
Think given check and we gives we negative accounts right -- a thousand plus loans are bubbling over thousands founded two -- 3000 loans.
-- months.
But nobody gives us credit for that.
Well it is -- a national ticket talked about it today chairlift districts see you again always -- -- -- valley national -- thank you northeast like -- -- okay.
