Comments of the Week: Oct. 1 - 5

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On why the CFPB's fine of American Express should scare bankers: On why the CFPB's fine of American Express should scare bankers: "What part of the CFPB should NOT scare bankers? It's a bureaucracy run amok, with no accountability."

Related Article: Why the CFPB's AmEx Fine Should Scare Bankers

Pictured: CFPB Director Richard Cordray

(Image: Bloomberg News)
On the CFPB's enforcement action against Amex: On the CFPB's enforcement action against Amex: "Hurray for the CFPB. Having an organization that forces compliance with laws and fair play … will force the bad actors to straighten up."

Related Article: Why the CFPB's AmEx Fine Should Scare Bankers

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On two former Wamu executives eyeing a return to mortgage lending: On two former Wamu executives eyeing a return to mortgage lending: "If you could rob a convenience store of $1,000 and, when you were caught, get away with an apology and paying $100, would you do it again?"

Related Article: Former Wamu Execs Eye Return to Mortgage Lending

(Image: Michael Chu)
On one of John Allison's suggested cures for the banking industry: On one of John Allison's suggested cures for the banking industry: "Eliminating the FDIC is a terrible idea."

Related Article: The Cure for the Banking Industry, Part II: More Private Capital, Less Public Risk

Pictured: Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corp.

(Image: Bloomberg News)
On San Diego's 'Responsible Banking' law: On San Diego's 'Responsible Banking' law: "There is a difference between responsible regulation and zealous overreach."

Related Article: San Diego Council Passes 'Responsible Banking' Law

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On whom the FSOC should deem systemically important: On whom the FSOC should deem systemically important: "They should target the bank regulators."

Related Article: Who Will FSOC Target as Systemically Important?

Pictured: Treasury Secretary Tim Geithner

(Image: Bloomberg News)
On the effectiveness of the FSOC: On the effectiveness of the FSOC: "The FSOC was created to perpetuate the political myth that 'nobody could see the financial crisis coming.'"

Related Article: The FSOC: Systemic Oversight or Overlook?

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On merchant opposition to the proposed Visa/MasterCard swipe fee settlement: On merchant opposition to the proposed Visa/MasterCard swipe fee settlement: "Do retailers really believe cash is less expensive to accept than cards? Go figure."

Related Article: Credit Card Settlement Could Stymie PayPal's Retail Plans

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On a solution to banks' growing cybersecurity woes: On a solution to banks' growing cybersecurity woes: "Maybe the [board of directors] could see its way clear to drop all senior executive bonuses in each year where their systems are hacked. Security issues would get priority really fast."

Related Article: Wells Fargo Is Latest Bank to Report Website Disruptions

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On the use of spreadsheets to track trades: On the use of spreadsheets to track trades: "No wonder there's fraud. Why not incorporate 'notes from mom' as well into the accounting process!"

Related Article: Fraud by Rogue Traders Is Absurdly Easy to Stamp Out

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On whether Dodd-Frank promotes or eliminates 'Too Big to Fail': On whether Dodd-Frank promotes or eliminates 'Too Big to Fail': "There may not be statutory language that adopts it as a national policy, but … TBTF is alive and well in the U.S."

Related Article: Romney Presses Attack on Obama Over 'Too Big to Fail,' QM Rule

Pictured: House Representative Barney Frank and Chris Dodd

(Image: Bloomberg News)
On New York Attorney General Eric Schneiderman's mortgage task force: On New York Attorney General Eric Schneiderman's mortgage task force: "Will the NY AG also be going after Barney Frank and Chris Dodd, and other legislators that received sweetheart loans, plus the regulators that forced banks (CRA) to make non-creditworthy loans?"

Related Article: N.Y. AG Says Mortgage Task Force Just Getting Started
On how Comptroller Thomas Curry could better defend the OCC's existence: On how Comptroller Thomas Curry could better defend the OCC's existence: "He can … change the agency's philosophy, stop acting like a bank trade association and begin acting like a bank regulator."

Related Article: Curry: 'I Absolutely Disagree' with Bair on OCC Abolishment

(Image: Bloomberg News)
On former FDIC chairman Sheila Bair's book: On former FDIC chairman Sheila Bair's book: "What was once 'rumored' as 'tension' between Bair and Geithner during the crisis is now clearly settled. There was no tension but rather disdain and a lack of trust between the two."

Related Article: Seven Explosive Details from Bair's New Book(Image: Bloomberg News)

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

 

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