Slideshow ‘All your stuff is compromised’: Comments of week

  • September 07 2017, 4:35pm EDT
8 Images Total

On concerns from banks about tech firms like Square owning banks through the industrial loan company charter:

“So they can originate loans for their customers through a community bank and that's OK, but if they jump through all the hoops and charter a bank and make the exact same loans themselves, that's bad? I hope my industry isn't that protectionist."

Related: Square's bid to be industrial bank inflames ILC debate

Content Continues Below

On the potential for bank customers to video chat with their bankers on mobile devices:

“There's no question that video on personal devices will become a norm for banking purposes. The next question is where will the innovation start, the large mega-banks, or smaller community banks? In my opinion, this transformative technology provides a huge advantage to smaller FI's. It can be implemented without large investments in physical infrastructure and far fewer dependencies [on] big banking systems. My bet is that community FI's will lead the charge with personal video.”

Related: Will the branch of the future be in your living room?

On an argument that federal financial regulators are failing to hire enough millennials:

“Let the youngsters earn their stripes at those private ventures, the generations before them made their own way in the world as well, but I prefer to have experience and qualification at the helm of agencies charged with ensuring industry safeguards and consumer protection of that $59 trillion transfer.”

Related: Regulators are still mostly ignoring millennials

On Fifth Third readying to roll out a stand-alone app that will help users pay down their student debt:

“Kudos to @FifthThird: Finally, a savings app pegged to a big, hairy goal (paying down student debt). @AmerBanker” (via Twitter)

Related: Debit cards, a trillion in debt, and millennials: What could go wrong?

Content Continues Below

Agreeing that the new operational security paradigm is one of "persistent threats," in which the safest assumption is that a bad actor has already penetrated your system:

Only 2 legit OPSEC assumptions: 1) All your stuff is compromised; 2) Apart from point 1, never assume anything.” (via Twitter)

Related: What banks can learn from a cryptocurrency’s bug bounty program

On the Federal Reserve sidestepping a decision on whether it will have a substantial operational role in faster payments:

"The U.S. payments system has grown stagnant as the big banks have been enabled to form cooperatives to control payments and avoid competing with one another. The Fed must take an active operational role in order for us to move forward; and the cooperatives need to be abolished. As long as the big banks are allowed to run payments in this country, merchants, consumers, community banks and credit unions will suffer the consequences."

Related: Fed dodges key decision on faster payments

On an op-ed criticizing the notion of installing Treasury Secretary Steven Mnuchin to run the Consumer Financial Protection Bureau:

“Right idea but wrong solution. The CFPB does not need a director, it needs a board of directors not just one dictator from either party.”

Related: CFPB needs more than a caretaker to succeed Cordray