Slideshow 'Fintech charter was a whimsical notion': Comments of the week

Published
  • March 17 2017, 8:30am EDT
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American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

On the House GOP asking Comptroller of the Currency Thomas Curry to slow down on a fintech charter (via <a href="https://twitter.com/rcwhalen/status/841652369775611908" target="_blank">Twitter</a>):

“No surprise there. #OCC #FINTECH charter was a whimsical notion at best, scant legal support for it....”

Related article: House GOP demands that OCC slow down on fintech chartero

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Another reader reacts to lawmakers’ resistance to the OCC’s fintech charter (via <a href="https://twitter.com/bradjaybailey/status/841649544999927808" target="_blank">Twitter</a>):


On the role of branch banking even in the digital age:

“The branches are often forgotten about in an Omni-Channel strategy, yet they are the one channel, because of its physical nature, that leaves a longer lasting impression on the minds of customers, especially considering that customers make a larger effort to visit the branch than doing their banking on the train on the way to work. Omni-Channel strategy must include the branch, and the branch must compliment the online strategy.”

Related article: What if customers don’t want branch banking to end?

On bankers believing they have a real shot at repealing the Durbin amendment:

“I never understood why Congress ever took sides on an issue where two major industries could easily wage economic war with each other. By taking sides, it was the consumer who lost.”

Related article: Does the industry have a shot at repealing Durbin?

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On the Federal Reserve Bank of New York promoting the creation of a database that would enable prospective employers to check job candidates’ records in order to identify bad actors:

“Bad idea with the likelihood of running amuck. Regulators have the authority to remove someone from banking for bad behavior and there are standards and case law. When do you put someone on the black list for making bad decisions? All of us could be on that list at one time or another in our careers.”

Related article: Unpacking the N.Y. Fed's plan to rid industry of bad actors

On whether Democrats would oppose a possible choice for a key Federal Reserve Board slot:

“Interesting that some on the Hill would oppose Thomas Vartanian because of his association with corporations. Like, you mean the private sector? The real world of business, where the economy actually happens? As opposed to someone from academia, whence the Fed has traditionally taken its Governors and heads of supervision? Haven't we had plenty of experience with the work of the latter?”

Related article: What Vartanian as Fed vice chair would mean for bankers