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Quotes Worth Quoting

"You've got to fix the rules." - Sally Miller - director of the ABA Center for Securities, Trust and Investment and general counsel - on the SEC's latest deadline extension for banks to comply with broker requirements under the Gramm-Leach-Bliley Act. "There's no one way a member applies for a...

By Staff Writer | Updated on October 25, 2005

“You’ve got to fix the rules.” – Sally Miller – director of the ABA Center for Securities, Trust and Investment and general counsel – on the SEC’s latest deadline extension for banks to comply with broker requirements under the Gramm-Leach-Bliley Act. “There’s no one way a member applies for a mortgage, and a credit union needs an integrated process so no one independent channel such as branches, Internet, indirect lending or a call center, is more favored and all members regardless of the channel they use receive fast and satisfactory responses.” – Tom Geggel, industry analyst for Callahan & Associates who commented during a Callahan-hosted mortgage webinar on the importance of CUs having online mortgage capabilities in balance with their other mortgage lending channels. “So, without saying it, what I’m actually trying to tell you is that there’s a strong possibility that we may not have an insurance premium because prospective losses may not be as heavy as we thought.” -

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