Readers opine on prospects for the midterm elections, respond to Facebook's forays into collecting bank data, weigh in on new overdraft legislation and more.
Slideshow
'What blue wave?': Comments of the week
August 9, 2018 10:00 PM
Johannes Berg/Bloomberg
"I think the technical term for this is 'bad idea'."
Related:
Production Perig - stock.adobe.com
"I read somewhere, 'If you are getting anything for free, you are the product.' I cannot imagine a bank insane enough to agree to Facebook's offer... but, then again, people shock me on a regular basis."
Related:
Andrew Harrer/Bloomberg
"what blue wave? A GOP win is a win. The regulatory changes provided by the Trump administration is just the tip of the ice burg. FIs will have more latitude than ever to meet the needs of their customers, lend in a more concise manner, and not spend as much of the bottomline trying maintain the over reaching regulations."
Related:
Aaron P. Bernstein/Bloomberg
"The solution is simple...don't allow a fee to be treated any differently than interest rates. Strengthen and enforce usury laws. Technology exists to prevent all overdrafts. Consider only allowing a fee if the item is paid. If you are making the lion share of your profits off of the poor you have a shameful business model. If the only way to extend credit is to charge 35% or more, this is a broken lending arrangement."
Related:
JohnKwan - stock.adobe.com
"'But the senators cited a Pew Charitable Trusts study that said 52% of people who overdrew their checking accounts and paid a fee in the past year could not recall consenting to the service.'" Does anyone recall receiving the vast amounts of disclosures banks are required to provide at time of account opening? The Dems want more disclosures and most people could care less about the disclosures and their content. Where's the accountability when someone overdraws their account?"
Related:
Wolfilser - stock.adobe.com
"It is time to rethink the entire regulatory model used to oversee the activities of both insured commercial banks and non-bank firms. Our current bank and financial regulatory system is the textbook definition of disparate impact. Various financial stakeholders are being regulated in significantly different ways that gives certain segments significant advantages over other like segments within the same industry! We must find a better regulatory mousetrap."
Related:
Andrew Harrer/Bloomberg
"If Americans want more bi-partisanship in Congress they must reward bi-partisan behavior when they see it. Congress is hyper-partisan because Americans are hyper-partisan. If we are going to fix dysfunctional government, it starts with us! We have been given a perfect opportunity to recognize and reward bi-partisan regulatory reform. We better step up or we may never see it again."
Related:
W.Scott McGill - stock.adobe.com
"Tester plays a "moderate" on TV every 6 years. Votes in support of a far-left agenda outside of election years. Reward him for the few times he voted opportunistically with Republicans for sensible banking legislation? I don't know... maybe just vote for the Republican?"
Related:
Andrew Harrer/Bloomberg
"Fannie and Freddie need reform. Getting a home loan today is the most difficult ever. Deserving borrowers are denied by the mountains of paper work, delays in gathering information, disclosures that are meaningless to the borrower and rules that have no substance to the credit decision. This is the key reason we continue to have a sluggish housing market even at the tail end of the economic recovery cycle. the FHFA could help with new leadership but Congress must act."
Related:
