'It's been rotting for years': Comments of the week

In response to former Consumer Financial Protection Bureau Director Richard Cordray commenting on Acting Director Mick Mulvaney's ties to an installment lender, in which Cordray noted that "the fish rots from the head down."

“The record speaks for itself, regardless of whether you're a banker that is accused of supporting payday lenders, or an attorney for an industry that is accused of abusing its tax-exempt status to compete unfairly compete against said banker. CFPB has been a rogue agency, that should've never been created, pushing a political agenda, while paying themselves premium wages. The former director is correct about the fish - it's been rotting for years. Fortunately, there is a new head.”

Related: Cordray's rebuttal to CFPB's Mulvaney: I also read Thomas More

On Mulvaney slamming the consumer bureau's mission under his predecessor:

“Mulvaney is ABSOLUTELY CORRECT in his assessment and criticism of the crusaders from the prior administration. His insightful assertions of the flaws and abuse of power resident in the Warren/Courdray era offers hope that a more measured and objective approach is in our immediate future. Good news for the health of the financial services industry and the economy as a whole.”

Related: CFPB's Mulvaney blasts prior leadership, charts new mission for bureau

A retort to an argument that even more consolidation could benefit the industry:

“I don't agree with that. There will always be a need for small banks, there are always needs for mid size banks and the same for larger diversified FI's. If half of the banks die & disappear or merge, we could experience more than a desert.” (via Twitter)

Related: Survival strategy: Cut the number of banks in half

Another reader reacts to the idea of cutting the number of banks in half:

“Small community banks are incredibly competitive and resilient. What they need is regulatory legislation that does not burden them unnecessarily. Remove this burden and these small community banks in rural areas of our country will thrive as they drive the communities they serve.”

Related: Survival strategy: Cut the number of banks in half

On a letter congressional Democrats sent to Mulvaney questioning a delay of the agency's payday rule:

"What a surprise! The farthest left of the grand-standing leftist Democrats in the US Congress are upset that Mr. Mulvaney slowed down the renegade Richard Cordray-Leandra English regime's overreaching rulemakings. Pardon me while I shed crocodile tears."

Related: Warren, Waters ask Mulvaney about CFPB change of heart on payday

On President Trump’s State of the Union speech casting doubts about how quickly Congress can move financial services legislation, particularly a housing finance reform package:

“If the crisis didn't tell us all we needed to know about the need for GSE reform - nothing ever will. The reality is that Washington is hooked on easy money for housing and we will likely never see meaningful reform because that would cost congress in the election cycle.”

Related: Trump speech bodes ill for banks’ D.C. priorities