Home > business, Real Estate > What’s Going on With Banks? Part II: Comptroller on Currency and Community-Based Banks

What’s Going on With Banks? Part II: Comptroller on Currency and Community-Based Banks

In my March 11th Post on “What’s Going on With Banks” I made an observation: such worldwide bad press on big banks might lead to increased lending at community based banks.

No sooner than I hit “publish” on my post did I receive several more news headlines regarding big bank lawsuits.

I get regular  “Enforcement Actions” e-mailed to me, but you can search them yourself here

I also get regular DOJ press releases, that highlighted several more settlements with Banks.

I recently read that the DOJ may be revoking some settlement agreements with banks related to “manipulating the interest rates” – yikes.

At any rate….

Today  Thomas J. Curry, Comptroller of the Currenc,y gave remarks before the  ABA Mutual Community Bank Conference in Washington D.C.  You can read the remarks here

Mr. Curry had this to say in favor of community-based banks:

“These community-based institutions extend credit to farms and families and local businesses in towns and cities across America, and they serve their customers in a way that large banks just can’t match. They are small enough to be able to know their customers, and they work with them in good times and bad. But they are also large enough to provide the services communities need. Mutual savings associations fit firmly in that tradition”

In further support:

“You are free to do what is best for your customers, and that means you provide services and price those services in a way that puts people first – ahead of quarterly profit targets and ahead of investor interests.”

Those are pretty glowing remarks for community-based lenders.

They are certainly attributes I like to see when I am referring any of my business clients to a commercial lender – particularly a start-up entrepreneurial type client.

Mr. Curry also commented that “big banks”:

“offer a variety of important services to companies and consumers, from commercial loans to credit cards, and they present a number of challenges from a supervisory perspective.” 

I’d say the supervisory challenge was an understatement.

Questions? Comments? 

email: Jeshua@dwlawpc.com

http://www.dwlawpc.com

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