Will CFPB Go After Ad Agencies Next?: Comments of the Week
October 11, 2013 11:40 AM
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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On the Consumer Financial Protection Bureau taking action against payment processors for allegedly allowing debt relief firms to collect illegal fees:
"Well, I guess we can now expect the long arm of the CFPB reaching into the media business to stop the facilitation of advertising efforts of these 'bad actors'?
How will TV and radio stations overcome all the dead air space?"
Pictured: CFPB Director Richard Cordray
Related Article:
(Image: Bloomberg News)
On the Consumer Financial Protection Bureau taking action against payment processors for allegedly allowing debt relief firms to collect illegal fees:
"A level playing field for all lenders in conjunction with full and complete disclosure of all fees and rates for consumers will eliminate the unscrupulous 'players' that exist in all industries and government."
Related Article:
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On regulators discouraging banks from processing payments for 'high risk' merchants:
"It is interesting that much of the 'high risk' business can be associated with vice.
The bank simply has to ask itself the first question that every commercial credit officer determines in every credit request. 'What is the quality of the management of the company that I am reviewing?' And quality starts with integrity."
Related Article:
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On regulators second-guessing banks' decisions who they do business with:
"Lacking binoculars, how does one tell a crow [or] a seagull from an eagle? Only in retrospect. You really want a bank examiner to determine the winners and losers?"
Related Article:
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On whether the federal debt crisis could help big bankers revamp their image:
"I don't believe a little visit to the White House is enough to repair the reputation of these bankers that gambled with taxpayer money and lost."
Related Article:
(Image: Bloomberg News)
On a court denying an injunction to stop N.Y.'s crackdown on tribal lenders:
"There has to be a better way to ensure consumer protection without resorting to yet another unconscionable disregard for the rights of Indians and the blatant breaking of longstanding treaties."
Pictured: Benjamin Lawsky, Superintendent, New York Department of Financial Services
Related Article:
(Image: Bloomberg News)
On why the court's denial of an injunction to stop N.Y.'s crackdown on tribal lenders is not surprising:
"Tribes, again and again, are forced to waste resources on legal fights that often constitute little more than judicial training seminars in the nuances of tribal sovereignty. Here we go again."
Related Article:
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On Federal Reserve officials promising supervision changes for community bankers:
"How can we believe they really want community banks when no traditional de novo charters have been approved in four years?"
Pictured: Federal Reserve Chairman Ben Bernanke
Related Article:
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On Tarp dividends getting more costly:
"Tarp was never intended to be a perpetual source of funding
a bank using those funds for expansion, when it could repay, is abusing the program."
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On a call to combine the Federal Housing Administration with a new mortgage agency to avoid another bailout:
"What we truly need is greater accountability at the banks and lesser greed for profit."
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On the need for more nuanced overdraft regulation:
"It should be more extensive than simply opting in. The customer should be able to opt in, but opt out of stacking which can turn a single overdraft into 10-plus overdrafts."
Related Article:
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