Slideshow 'I Would've Liked to Be a Millennial': Comments of the Week

  • September 11 2015, 7:30am 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 articles and from our social media platforms.

In response to advice about how banks can appeal to millennial talent:

"What's wrong with 'Here is what we pay, here is the job description, here is your work schedule, and here are the requirements, and here are the rules we live by?' I think I would have liked to have been a millennial, too. But it wasn't allowed."

Related Article: Take It from a Millennial: Mortgage Lenders Need Us

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On whether Fannie and Freddie shareholders' lawsuit against the government over changing the terms of the agencies' bailout agreement holds water:

"Please, Fannie and Freddie are not private companies. They are creatures of Congress, not privately organized state-chartered corporations. They were insolvent when the government rescued them in 2008. The real crime is that these supposed private investors continue to whine about being mistreated. Best thing now is to wind down the GSE portfolios, put them into receivership and eventually legislate them out of existence."

Related Article: Fannie-Freddie Lawsuit Should Matter to the Masses

On how the government's conservatorship of Fannie Mae and Freddie Mac affects the average American:

"Even worse, the government sets the delivery fees charged to banks to deliver mortgages. Now, the fees are historically high, returning extraordinary profits to Freddie/Fannie which are then confiscated by the federal Treasury. This amounts to a hidden tax on homeowners — and the profits are not for the benefit of shareholders but rather the federal government."

Related Article: Fannie-Freddie Lawsuit Should Matter to the Masses

On whether Lending Club really needs 1,136 employees:

"That strikes me as a lot of employees for an online platform with no retail offices that specializes in one relatively simple product that is producing that volume of originations."

Related Article: Why Lending Club Is Throwing Out the Banking Playbook

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On whether Lending Club's emphasis on user experience will lead it to ignore other factors that determine profitability and long-term performance:

"Borrowers and investors don't care about user interface or ease of experience; it's not an iPad. It's lending. They care about access to capital, borrowers' ability to repay and interest paid."

Related Article: Why Lending Club Is Throwing Out the Banking Playbook

On whether lenders' use of big data could wind up exposing them to disparate impact claims:

"Banking is changing dramatically, and this is a great opportunity for trial and error."

Related Article: How to Talk About Big Data and Lending Discrimination

On whether the merger of two major data storage vendors could prompt banks to make the leap to the cloud:

"No. Too much risk of exposure."

Related Article: Will Big Doc-Storage Merger Nudge Banks into the Cloud?