Slideshow 'Around Since 1472': Comments of the Week

  • January 22 2016, 7:30am EST
8 Images Total

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.

In response to a BankThink post arguing that the unpopular Current Expected Credit Loss model will be beneficial:

"Banking has been around since 1472 and we have made it all this time without the help of CECL."

Related Article: Why FASB Reserving Model Isn't as Bad as Banks Think

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On why consumers may not find the best banking advice at their local branch:

"Why should I listen to a young, pretty bank employee with a thimble full of experience? My point: I believe we need to redefine 'financial services' to ensure the 'advice' dispensed has far greater impact then what is being delivered today."

Related Article: How to Inspire Millennials to Save

On whether overlapping missions of the FTC and CFPB have led to a rivalry between the two agencies:

"The fact that this is even a question points out the bloated bureaucratic system in Washington. The overlap between all of the regulators is enormous."

Related Article: Are the CFPB and FTC Partners or Rivals?

A retort to a call for bank-drafted ethics codes to reverse negative public opinions about banks:</P>

"A bit like wandering out into a World War One battlefield in order to suggest the Marquess of Queensberry rules are still relevant. We live in an era where the Geneva Convention is crumbling, and the devastation of quiet class warfare is our new 'normal.' The notion of self-policing is noble: actually firing a few people might be a good place to start, along with putting a firm wedge in the revolving door between public and private roles in the financial services industry (right, Mr. Holder?)."

Related Article: Banks Can Use 'Code of Ethics' to Strengthen Public Trust

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A sympathetic comment on the GOP presidential candidates' support for easing regulations:

"Puzzling why anyone in banking would ever vote Democrat."

Related Article: GOP Presidential Hopefuls Call for Slashing Regulations

On the growing tensions between the FTC and CFPB:

"A chief promise of the creators of the Consumer Bureau--to centralize all financial consumer protection in one agency--has been a bust. From the beginning, insurance and securities products were excluded. In addition, prudential regulators have had difficulty finding the line between consumer protection and safety and soundness."

Related Article: Are the CFPB and FTC Partners or Rivals?

A reaction to an op-ed calling for the price of remittances to fall:

"The cost of remittances from the U.S. were in a steady decline due to increasing competition as more banks got into the market, until Dodd-Frank tasked the Consumer Bureau with regulating the business. Now, financial firms in the U.S. are more likely to exit than to enter the business. Wonder how that decline in competition will affect pricing."

Related Article: Remittance Market Bogged Down by Regulation, Cost