PayThink

The Department of Justice and federal regulators are being asked to prosecute more individuals involved in breaking the law at financial institutions by Rep. Barney Frank.

"Although the industry's track record when it comes to Dodd-Frank implementation is hardly noteworthy, its war-game to test regulators' new powers to seize and dismantle a megabank is not only fascinating, it's exemplary," writes American Banker's Editor-at-Large Barbara Rehm.

If banks apply a standard of parity, they will wind up in a holding pattern because right now and for the foreseeable future, Internet banking is not keeping pace with mobile platforms.

We must pay more attention to placing blame where it exists and punishment where warranted, not foisting penalties off on shareholders, investors, customers and employees.

Eric Grover, partner at Intrepid Ventures, a financial services and payments consulting firm, questions why bank chieftains support the "stifling regulation" under the Dodd-Frank Act.

The Consumer Financial Protection Bureau was questioned by Sen. Sherrod Brown, D-Ohio, about problems with the credit reporting system in a study the agency released last week.

The Consumer Financial Protection Bureau is seeking comments on how the Credit Card Accountability Responsibility and Disclosure Act of 2009 has impacted consumers. The input will allow the agency to construct future proposals for new credit card rules.

Smartphone capabilities, like instant Internet access, integrated cameras and GPS systems, have given consumers more control over their banking relationship and are forcing financial institutions to adapt.

A new study concludes the agency's basic business model puts homeowners at an unacceptably high risk of default with negative consequences for communities. Nothing could be further from the truth.

Massive regulation provides a deep moat protecting large financial institutions against competition from community banks and innovators.