Congressman Barney Frank Addresses Bank Consortium to Discuss Need for Balanced Regulations.WASHINGTON -- Congressman Barney Frank Barnett "Barney" Frank (born March 31, 1940) is an American politician and a member of the United States House of Representatives. He is a Democrat and has represented Massachusetts's At-large congressional district since 1981. met with the Consortium on Bank Regulation to review his agenda as the incoming Chair of the House Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Committee to a gathering of bankers. "The enemy of good regulation is bad regulation and excessive regulation," said the incoming chairman of the House Financial Services Committee to the attendee's. Congressman Frank added, "Congress's goal is to provide the private sector with the goals but not mandate how to meet the goals." With the right goals set, banking professionals will need to develop ways to meet the requirements while also maintaining their competitiveness in the financial markets. The meeting focused on developing industry-wide capabilities to ease the exploding costs of complying with regulations. "Several banks were written up in the American Banker American Banker is a daily newspaper covering the financial services industry. Founded in 1835 and based in New York, American Banker's 70 reporters and editors in six cities monitor developments and breaking news affecting banks. today suspected of biased lending practices. The data was inconclusive to prove bias, however the lack of solid evidence did not keep the banks out of the headlines," stated Wayne Abernathy of the American Bankers Association The American Bankers Association (ABA) is comprised of banks and other financial institutions. It seeks to promote the strength and profitability of the banking industry by Lobbying federal and state governments, building industry consensus on key issues, and providing products and . "The asymmetry of information means that banks must rely on regulators to tell them the value of reporting," stated Mr. Abernathy. William Phelan, President of PayNet, Inc. and the meeting sponsor said, "our goal is to create an industry-wide information source. This will enable banks to create new products, lower costs and broaden access to financial services which is in the best interest of all parties." About PayNet, Inc.: PayNet, Inc. creates and delivers proprietary information products and services to improve the process of granting and managing small and medium size business loans. The SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. lending market has historically been a manual process with high transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). and high risk. This causes lenders pain points such as low credit approval rates, inability to cross-sell, high compliance costs, high operating costs and credit losses. PayNet improves lending and managing the more than $1.5 trillion in SME loans for banks and commercial lenders. Over 150 commercial lenders are Members including eight of the ten largest finance companies, representing a majority of the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. in the industry. Founded in 1999, PayNet Inc. is headquartered in suburban Chicago. For more information, visit www.paynetonline.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion