Community banker Guy Williams has not yet met Sen. Elizabeth Warren in person. We’d like to be there when it happens, though.
During a recent interview with Williams, the president and CEO of Gulf Coast Bank & Trust—a $1.6 billion-assets bank that’s based in New Orleans—had this to say about the Democratic senator from Massachusetts:
“Elizabeth Warren thinks she’s in favor of community banks, but just does horrible things for them. The simplest example is her premier achievement: the Consumer Financial Protection Bureau, which was not supposed to affect community banks but does, and has raised our costs significantly.
“The thing that Sen. Warren doesn’t understand is that complexity favors the large. Citigroup has more attorneys than we have total employees. It’s not a big deal for them to digest an 800-page document. It’s a big deal for us. Any time you pass a very complex bill you have favored the biggest banks.”
Something tells us Sen. Warren would have a comeback if the two faced off. It would be fun to watch.continue reading »