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American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and from our social media platforms.

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On Isis Wallet changing its name to Softcard to avoid confusion with the violent militant group in the Middle East:

"Would Jeff Bezos change the name of his company if a terrorist group called themselves Amazons? I think not."

Related Article: Isis Wallet Picks a New Name

(Image: Bloomberg News)

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On the forces conspiring to limit financial service options for immigrants and low-income consumers:

"Fascinating situation. First, banks deny or close accounts for immigrants, foreign-born nationals and other low- to moderate-income consumers. Then, they deny or close accounts for the non-bank businesses that serve the financial needs of these consumers. All the while, the U.S. government and self-appointed consumer activists push failed efforts to 'bank the un-banked' — turning a blind eye towards the banks' increasing disenfranchisement of citizens of modest means and the legal businesses that serve them. Finally, there is shock that consumers resort to illegal means to transfer money, obtain credit and satisfy other basic financial needs."

Related Article: For Somalis, U.S. Remittance Crackdown Cuts Deep

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On the debate over the security of cloud services in the wake of the celebrity nude photo hacking:

"The cloud is a mistake. No one's data is safe. It is vulnerable to hackers, terrorists and others. Anyone who tells you differently is mistaken. Steve Wozniak, Apple's co-founder, has expressed similar views for many years, and he is correct."

Related Article: iCloud Hack Underscores Risk to Banks When Employees Use Cloud

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On how banks can work with cloud-service providers to keep data safe:

"Banks can have control over security protocols such as authentication controls, data access and audit logs for monitoring malicious activity and internal risk. But to operate effectively in the cloud, banks must first understand the level of safeguard, control procedures and infrastructure [cloud-service providers] offer to ensure that the appropriate protocols are in place to protect their customers, employees and corporate integrity."

Related Article: Are Cloud Services Safe? iCloud Breach Revives Debate

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On other ways companies can prevent hacks on cloud storage devices:

"[The] only way to solve [the] problem is new innovations that use other authentication besides passwords, like biometrics." (via Twitter):

Related Article: iCloud Hack Underscores Vulnerability of Cloud Storage Devices

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On the lack of political support for corporate tax reform:

"It is undeniable that high taxes can drive anyone to move elsewhere. Britain finally cut taxes for rich individuals after the Beatles and the Rolling Stones moved away for more tax-friendly places. Perhaps tax reformers in Congress could manage the issue by playing the Beatles' song 'Taxman' during press conferences announcing the changes."

Related Article: Patriotic Finger-Wagging Won't Stop Companies from Moving Overseas

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On the factors behind the growing popularity of credit unions:

"Maybe credit unions are growing larger and [banks'] number [is] decreasing is because of the regulatory burdens imposed by bad actions of banks. It wasn't credit unions that caused Congress to pass the Truth in Lending Act, Truth in Savings Act, privacy laws within Gramm-Leach-Bliley, and mortgage laws and the Consumer Financial Protection Bureau within Dodd-Frank. Just to name a few."

Related Article: Businesses Should Pay Straightforward Taxes — Credit Unions Included

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On the debate over whether to reauthorize the Export-Import Bank:

"If it is profitable, it can be done privately. If it is not profitable, taxpayers should not fund the crony capitalism. It's that simple; get the government out of the financial sector, except as a regulator."

Related Article: Reauthorizing the Export-Import Bank Is Just Common Sense

(Image: Bloomberg News)

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On the idea that banks are overreacting to regulatory guidance on vendor management:

"'Two guys operating out of their garage' are always going to raise more red flags than one of the well-established Mastodons that occupy the particular 'space.' If a bank … wants to deviate from the 'safe' course and hire 'the next Bill Gates' over IBM … it needs to be prepared to defend that decision to its examiners, who are not likely to be 'cutting edge kind of guys.'" (Via Bank Lawyer's Blog)

Related Article: When Vendor Management Goes Too Far

(Image: Microsoft, via Bloomberg News)

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