Restoring banking value system is must: says FDIC head
The head of the Federal Deposit Insurance Corp., Sheila Bair, stated at the University of Kansas' Robert J. Dole Institute of Politics that the improved lending standards are needed by U.S. to avoid reoccurrence of financial crisis in 2008.
The banks should ask for more evidences from the borrowers before lending to verify that a borrower is capable to repay the debt.
To ensure repayment of loan, a portion of borrower’s money should be at risk.
According to her, the financial reforms are the step towards repairing and restoring the value system of the banks in U.S.
The bank should deal with genuine customers who customers repay their debts and the customers should also feel proud in repayment of loan and in banking their savings.
She is a graduate from the University of Kansas and after that she has gained lots of knowledge while working at Lawrence savings and loan.
She added that the lenders have lowered their standards in a competitive market by lending to those who can not afford to repay it back.
But she hopes to have strong banking values in coming times.
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