Slideshow ‘Good riddance’: Comments of the week

  • November 16 2017, 10:00pm EST
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‘Good riddance’: Comments of the week

Readers weigh in on the departure of Richard Cordray, debate whether online lenders are akin to subprime lenders, offer praise of a community banker, and more.

On Richard Cordray, director of the Consumer Financial Protection Bureau, announcing he is leaving the bureau by the end of November:

“Perhaps his successor can trim the Billion dollar budget--the highest of the four federal bank regulators--all without congressional approval or oversight. Unfortunately, this agency is only one of several rogue agencies in the Obama administration. The CFPB's enforcement strategy was to file law suits and the rest of the industry would figure out what the rules were by reading the legal notices and court proceedings. Now, credit availability for consumers is less than ever. Good riddance.”

Related: Cordray to leave CFPB by end of month

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On the guessing game over who will succeed Cordray:

“Fascinating end to this narrative. Let’s see what Trump does.” (Via Twitter)

Related: Cordray to leave CFPB by end of month

On FDIC Vice Chairman Thomas Hoenig drawing differences between universal banks and commercial banks:

“Mr. Hoenig has this 100% right. The larger challenge is having a modern regulatory framework that actually understands and is sufficiently resourced to properly oversee universal banking activities. Main street bank examiners are ill-equipped to oversee universal banking activities. Regulatory organizations need to engage seasoned professionals, at market rates, to properly supervise complex and sophisticated universal banking activities. Creative approaches should be welcomed; not shunned.”

Related: A bank’s activities, not its assets, should decide regulatory status

On reasons to be pessimistic about policymakers enacting regulatory relief for community banks:

“Folks who are counting on anything in Washington to help them are wasting their time. It's up to us to help ourselves. The elected officials are only interested in one thing — being re-elected. Time for everyone to wake up to that fact.”

Related: Washington can’t save community banks. It can’t even save itself

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On a Q&A with Pat Hickman, the chairman and CEO of Happy State Bank in Texas:

“Pat Hickman should be the envy of every community banker in the Country. He proudly says what he does and does what he says. He’s a good man and a good banker.”

Related: Texas banker has plan to battle 'oppressive and stupid' regs

On a report suggesting that online loan borrowers end up in deeper debt:

“I’d suggest that the charge-off percentages and the rates that many of these online lenders charge consumers do merit a valid comparison to sub-prime lenders. Not liking the outcome of the research doesn’t dismiss many of the findings.”

Related: Fed study finding fault with online lending sparks backlash

On the risk of regulators limiting credit options for lower-income borrowers:

“Those members of society who are least able to manage credit have, nonetheless, successfully sought and obtained credit for hundreds if not thousands of years. It should come as no surprise that they have been attracted to this channel. What the authors and others do not seem to understand is that one cannot legislate good credit judgement any more than one can legislate morality. Prudent regulation is called for - excessive regulation will simply driven these borrowers to loan sharks.”

Related: Online lenders should heed criticism of their effect on borrowers