Slideshow 'A Utopia for Criminals': Comments of the Week

  • February 19 2016, 7:30am EST
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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 articles and our social media platforms.

On the idea that biometrics, among other technologies, could replace the username and password:

"In a world where we live without remembered passwords, say, where our identity is established without our volitional participation, we would be able to have a safe sleep only when we are alone in a firmly locked room. It would be a Utopia for criminals but a Dystopia for most of us."

Related Article: A World Without Usernames, Passwords? It's Coming, Says USAA Exec

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On whether lenders will extend credit to consumers who have previously walked away from their underwater mortgages:

"Character is still a very important underwriting consideration. Strategic defaulters lack character."

Related Article: Are Lenders Ready to Give Strategic Defaulters a Second Chance?

Responding to an article saying that people continue to open accounts in person despite the rise of digital banking:

"Most banks have made it difficult to open accounts online. In most cases, the process is equivalent to faxing an application. Make it easy, timely and reliable to apply and fulfill online, and many consumers will choose that channel."

Related Article: Bank Branches Are Still Good for at Least One Thing

In agreement with an op-ed advocating a revamp of the Financial Stability Oversight Council:

"Is there any surprise that the FSOC — designed by Congress to perform the same function as the FFIEC way back in 1979 — would fall victim to bureaucracy on steroids. Until people in power accept that the system is broken — and are willing to redesign from scratch — we will see no progress nor will we meaningfully curb systemic risk."

Related Article: Dodd-Frank's Risk 'Council' Is Just an Unfocused Bureaucracy

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In response to an op-ed on how a millennial bank CEO would prioritize technology:

"Thirty years ago, we recognized that one common trait of failed banks was not having current technology or underutilization of current technology on hand."

Related Article: Millennial Advice on How to Run a Bank

On why consumers still visit their visit bank branch:

"Despite the convenience provided by digital banking, people interaction will give a sense of loyalty and [unique selling point] for well-run banks."

Related Article: Bank Branches Are Still Good for at Least One Thing

On whether Sen. Elizabeth Warren would be a good choice as successor to the late Supreme Court Justice Antonin Scalia:

"I like Sen. Warren, but she is no jurist. She's a great issues person, but that doesn't make her an expert on the Constitution. We should be able to do better."

Related Article: Could Sen. Warren Really Replace Scalia on Supreme Court?

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On recently enacted legislation to require the Federal Reserve to transfer surplus capital in excess of $10 billion:

"In the 1950s, [Former Rep.] Wright Patman tried more than once to pass a bill that would transfer the Fed's surplus to the Treasury, but failed. If his spirit haunts the Capitol, he must be overjoyed."

Related Article: How Congress Gutted the Fed's Capital Coffers

On a California court decision saying a borrower can challenge a foreclosure based on gaps in the chain of title:

"No one is focused on whether or not this woman was a deadbeat to her financial obligations and should get thrown out on the street for not paying for years but instead on whether a paper trail was broken and whether the bank holds the right to foreclose. This is a half ass stall tactic. She didn't finish paying for the house."

Related Article: Calif. Supreme Court Lets Borrowers Challenge Wrongful Foreclosures