Slideshow ‘High five, Mr. Mulvaney’: Comments of the week

Published
  • April 13 2018, 9:26am EDT

Readers weigh in on the use of blockchain in property records, Mulvaney's efforts heading the Consumer Financial Protection Bureau, the need for financial standards in banking and more.


On how blockchain could help improve the collection and storage of property records:

“Improving the transfer and recordation of property titles is clearly a valid use case for the mortgage industry. Whether or not you can retro-fit a blockchain type architecture to this need is debatable -- and very expensive. Getting the 50 states to adopt a common XML template for property records would seem a simpler step. In either event, good luck convincing state and local officials to come along for the ride.”

Related: Here's how blockchain could help the mortgage industry

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On the Financial Industry Regulatory Authority recently issuing a strongly worded warning to investment companies and investors about the dangers of sharing account data with aggregators:

“More secure and vetted arrangements/APIs are needed, as well as disclosure. But customer consent, understanding and reauthentication (such as occasional opt-in's) should be the beginning of every conversation.”

Related: Is Finra's dire warning about data aggregators on target?

On CFPB acting Director Mick Mulvaney saying in a letter to Sen. Elizabeth Warren, D-Mass, that the agency’s structure prevents him from answering her questions about the bureau:

“High Five, Mr. Mulvaney.”

Related: Mulvaney thwarts Warren inquiry, citing CFPB structure

On new data showing that the issuance of financial regulations has dropped to a 40-year low:

“I'm waiting for the regulators to reclassify ‘guidance’ from their list of rules. Pass a law or issue a regulation and be done with it! But please stop issuing guidance and treating it like a law or regulation.”

Related: Bank regulatory actions under Trump fall to historic lows

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On Mulvaney considering reforms to the CFPB's consumer complaint process:

A reader used an animated gif to weigh in on what a potential complaint process would look like under the acting director. (via Twitter)

Related: CFPB eyes potential changes to consumer complaint process

On the need for standards as financial institutions adopt open banking:

"Summary - we want banks to do the work for us so we can take their data and more easily make money off of it."

Related: To capitalize on open banking, the industry needs standards

On the challenges regulators face in revising the Community Reinvestment Act:

"Lots to unpack here. 1st, bank regulators do NOT wish to exercise unbridled discretion. 2nd, trust me, banks do NOT want objective standards as that would be an unfair one size fits all non-solution. Talk about teeth gnashing! 3rd, the problem with the CRA regulation is that it calls for stuff (investments & services) not mentioned in the statute. 4th, the problem with CRA is that it even exists. Evaluating a bank's performance is impossible. It's simply, gasp, a social engineering tool."

Related: CRA’s black box could prove difficult to open