Slideshow 'Banks See No Limits to Gimmicks': Comments of the Week

Published
  • July 12 2013, 10:33am EDT
14 Images Total

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 a new Senate bill that would effectively reinstate Glass-Steagall:

"Legislation is no substitute for competency and enforcement of existing rules."

Related Article: Warren, McCain Push for Return of Glass-Steagall

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On Sen. Elizabeth Warren's show of support for small banks:

"Am I the only one laughing? No, now I am crying."

Related Article: Elizabeth Warren, Champion of Small Banks

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On Sen. Warren supporting a two-tiered regulatory system for banks:

"A small county bank of 30 employees jumping through the same hoops as a nationwide corporate bank is a bit beyond ridiculous. Maybe with Warren's common sense approach, the CFPB will soon begin to understand how community banks foster home equity lending."

Related Article: Elizabeth Warren, Champion of Small Banks

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On Warren's words of support for small banks:

"…says the woman who constantly imposes fixed regulatory costs that only the big banks can cover profitably." (Via Twitter)

Related Article: Elizabeth Warren, Champion of Small Banks

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On Warren supporting a two-tiered regulatory system for banks:

"Once you buy into the premise that the government can do what it wants to any industry in the name of the people, then the only thing left to argue about is degree … Remember that when [Warren] decides that 'big' includes your bank."

Related Article: Elizabeth Warren, Champion of Small Banks

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On the Consumer Financial Protection Bureau using complaint data to scrutinize debt collectors:

"Monty Burns responds: 'Actual consumer complaints used as a basis for regulatory action? What kind of Marxist nonsense is this? Is the proletariat going to drive action on its own behalf? Somebody get a lawyer on this: if those families in Sector 7-G don't get their weekly early morning Saturday wakeup call from the medical debt collectors, they might get enough rest to vote or something.'"

Related Article: Complaint Data Key to CFPB Scrutiny of Debt Collectors

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On startups launching programs that tie short-term loans to the borrower's employer:

"This type of program has been around for more than a century: They're called credit unions."

Related Article: Employers Hold Key in Efforts to Undercut Payday Lending

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On Carolina Premier Bank using rocking chairs and robots to revamp its branches:

"Truly impressive that so many banks see no limit to gimmicks but seem unwilling to offer the basics: great service, anytime, anywhere, anyplace … along with attractive pricing on products and services."

Related Article: N.C. Bank Relies on Rocking Chairs and Robots to Revamp Branches

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On the claim that lack of competition is the real problem with reverse mortgages:

"The real problem with reverse mortgages is the lack of any suitability standard and protections for the consumer."

Related Article: The Real Problem with Reverse Mortgages? Lack of Competition

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On American Express pushing alerts to cardholders' Facebook pages:

"I don't need that much info in my Facebook feeds. It gets enough junk."

Related Article: Amex Pushes Alerts to Cardholders' Facebook Pages

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On U.S. regulators proposing a higher leverage ratio:

"Higher capital equals less need for regulation equals lower operating cost equals higher efficiency equals higher profits equals the way free markets are supposed to work."

Related Article: Compromise on Leverage Ratio Angers Both Sides of Capital Debate

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On U.S. regulators proposing a higher leverage ratio:

"At this moment, when warning signs stating 'bank creditors, caveat emptor, you won't be bailed out like before' are being put up all over the world, starting in Cyprus, banks have to be truly insane not knowing they have to substantially raise their capital."

Related Article: Compromise on Leverage Ratio Angers Both Sides of Capital Debate

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On the assertion that bank regulators can save the free market system by smoothing credit cycles:

"Sure, government bureaucrats can control macroeconomic cycles, 'macro-financial' cycles, and even the climate."

Related Article: How Bank Regulators Can Save the Free Market System

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