We have a Banking Crisis and Congress is Ignoring it.

Deputy Attorney General James M. Cole Delivers remarks at Money Laundering Enforcement Conference in Washington, D.C., illustrates just how serious the problem is in the banking and financial sector of this country. What he doesn't address is the size of these financial organizations and how the very size of these financial institutions alone makes government supervision and enforcement very difficult. The financial institutions themselves are inefficient to manage to all the compliance issue. They lack the human resources but not the financial resources because they do not value compliance. They despise compliance and invest in looking for every opportunity to work around it. It's the same issue with CRA. They have the resources to hire CRA loan officers but are not willing to hire loan officers who need salaries to do the difficult and time consuming work originate and close a CRA loan. Break up the Big Five. They are too big and clearly out of control. Congress needs to act. They represent significant risk to this country's economic well-being. Get back to community banking before all the madness started.


http://www.justice.gov/iso/opa/dag/speeches/2013/dag-speech-131118.html

Comments

  1. Michael UrbanskiNovember 27, 2013 at 7:10 AM

    Your words are burning my eyes. I wonder how long it will take or how many Bernie Madoff's we need in a short period of time before we get sick and do something.

    ReplyDelete

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