'Banking Is Still Stacked Against Consumers': Comments of the Week
February 14, 2014 11:18 AM
American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.
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On the Consumer Financial Protection Bureau's push to change auto-loan pricing:
"Government price and rate-setting. How could that possibly go wrong?"
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On courthouse 'rocket dockets' giving debt collectors an edge over debtors:
"Going on six years after the financial crisis, it's hard to believe the U.S. financial services industry is still stacked against consumers, and that the CFPB isn't uncovering these types of collections abuses."
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On courthouse 'rocket dockets' giving debt collectors an edge over debtors:
"The Maryland courts should invest in self-help centers, where those without lawyers can go for orientation and be presented all of their options, before they go to an unattended conference that has the imprimatur of being a judicial settlement."
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On the CFPB's effort to alter debt-collection rules:
"There's a very high number of instances of creditors selling the same debt to multiple creditors, of debt collectors attempting to collect non-existent debts, and other such abuses relating to poor information-sharing practices. If the rules address these problems, they are definitely needed."
Related Article:
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On why banks might want to stay out of private student lending:
"The rigor associated with identifying potential delinquencies and the associated cures that are found in the mortgage industry are generally missing from student loan servicing."
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On TD Bank falling shy of its New York market share goals:
"In an industry where market share changes at glacial speed
seems reasonable to me."
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On Federal Reserve Chairman Janet Yellen treading carefully in addressing 'too big to fail' before Congress:
"TBTF is still with us. Until we separate commercial and investment banks and limit their size taxpayers will have a contingent liability."
Related Article:
(Image: Bloomberg News)
On the notion that the U.S. Postal Service should get into banking:
"This idea should go no further until the post office can produce credible pro formas showing what it would have to charge to break even on these loans. I suspect Sen. [Elizabeth] Warren would not be happy about the results of that analysis."
Related Article:
(Image: Bloomberg News)
On the view that customer service issues should keep the U.S. Postal Service out of banking:
"If there were a centralized place for consumer complaints about banking practices, it would be far longer than that for U.S. [Postal Service] per person."
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On the view that customer service issues should keep the U.S. Postal Service out of banking:
"Existing banks wrecked the economy for about the 15th time, gambling with money from depositors. The post office hasn't wrecked the economy ever."
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On the view that customer service issues should keep the U.S. Postal Service out of banking:
"The U.S. [Postal Service] attempting to enter banking will only make the banks look better."
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