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Chappel quoted in Post-Dispatch story

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By The Staff

Ernie Chappel, president of First National Bank of Vandalia, was quoted in a St. Louis Post-Dispatch column on Aug. 31.
Business columnist David Nicklaus, writing about the impact of the new Dodd-Frank Wall Street Reform and Consumer Protection Act, quoted Chappel's reaction to the legislation.
Chappel likened the act to "Aunt Betty's sweater, the ugly and uncomfortable one you were forced to wear at Christmas.
"We're going to be wearing that sweater for a long time," Chappel said. "All of the changes were a reaction to a few bad players, and the impact will be on banks that were never part of the problem."
Chappel's comments came while he was serving on a panel discussion at the Federal Reserve Bank of St. Louis. Chappel serves on the Federal Reserve Bank of St. Louis  board of directors.
Others on the panel were David Kemper, chief executive of Commerce Bancshares, and Ron Kruszewski, chief executive of Stifel Financial.
Nicklaus concluded:
"If these solid Midwestern bankers think Dodd-Frank will hurt that core business, then it will also hurt the communities they serve. They're not whining. They're expressing genuine concern, and the regulators in Washington had better listen to them."