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Hanging Speech Bubbles
Readers weigh in on the possibility of Mick Mulvaney becoming the White House chief of staff, debate whether the industry needs more or less consolidation, chime in on Wells Fargo’s updated mobile app and more.
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Donald Trump, 2016 Republican presidential nominee, speaks during a campaign rally in Hershey, Pennsylvania, U.S., on Friday, Nov. 4, 2016. As the U.S. presidential race heads into its final weekend, Trump is showing strength in Iowa and Ohio pre-Election Day voting, while Hillary Clintons advantage in early balloting looks stronger in North Carolina and Nevada. Photographer: Andrew Harrer/Bloomberg

On reports that President Trump is considering naming the Consumer Financial Protection Bureau's acting Director Mick Mulvaney as White House chief of staff:

“DONT do it Donald. After 7 years of oppression, you placed a person with intelligence and reason in the only Federal agency that has accountability to no one. Only do so after you have a confirmed replacement. The financial world can't take another pompous Cordray.”

Link: What happens to CFPB if Mulvaney becomes Trump's chief of staff?
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On an argument that the community banking sector must not shrink any further:

“More frequently I'm receiving questions from community bank stockholders about the required size or scale to be relevant and compete? Who came up with $1 billion threshold anyway? Hogwash. If your community bank is efficient, profitable, well-capitalized and well-managed by experienced leadership and an engaged Board that understands enterprise risk management, the magical $1 billion shouldn't matter."

Related: M&A isn’t the answer: We need more, not fewer, community banks
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A Wells Fargo & Co. sign sits on display outside the company's offices in San Francisco, California, U.S., on Tuesday, April 27, 2010. Wells Fargo & Co., the fourth-largest U.S. bank by assets and deposits, may raise its dividend once capital levels satisfy regulators and if the economic recovery continues, said Chief Executive Officer John Stumpf. Photographer: David Paul Morris/Bloomberg

On Wells Fargo updating its mobile app to predict what customers may want to do next:

“If Wells Fargo really wants to help people be financially healthy, they should close and never open again.”

Link: ‘Am I about to overdraft?’ Wells app predicts consumer behavior
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In response to a commenter saying there are not enough qualified women available to promote to senior roles in banking:

“That's absolutely ridiculous but I'm sure s/he was not the only one with that sentiment, sadly. Death by a thousand cuts - this is one of them. We have more work to do.” (via Twitter)

Related: Banks need more women in senior leadership
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Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, April 7, 2016. Testimony from Cordray today may shed light on the status of several regulations that could curtail revenue from payday loans, prepaid cards and other financial products. At a March 16 hearing, Cordray hinted that a rule to limit prepaid cards won't be finished until June. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Richard Cordray

On the CFPB’s move to downplay enforcement of unfair, deceptive or abusive acts:

“UDAAP may be the CFPB's most powerful weapon but it is also the foundation of regulatory oversight by enforcement action. Under Cordray, targets didn't stand a chance in defending themselves. With the CFPB's building full of lawyers and their unlimited budget, they would just threaten to litigate you to death and/or destroy your businesses reputation until you agreed to pay their designated regulatory toll fee to leave you alone. Mulvaney is exactly right on this issue.”

Link: Mulvaney looks to neuter CFPB’s most potent weapon
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Another reader weighs in on the move away from using UDAAP to punish financial firms:

"While other commenters may argue for overreach by the CFPB, their effectiveness cannot be denied. As it stands now, with its so-called 'Vision' under Mulvaney, it is nothing more than the Mulvaney Political Donor Protection Bureau. Consumers have no one there to protect them. The CFPB no longer has the protection of the consumer as its primary goal."

Related: Mulvaney looks to neuter CFPB’s most potent weapon
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