It's Easier to Rob Ft. Knox Than Log In Remotely: Comments of the Week
May 29, 2015 7:30 AM
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 from our social media platforms.
Image: iStock
On how one community bank is attempting to ward off hackers by tightening authentication security for employees who use its systems remotely (<a href="https://twitter.com/grifmon/status/601887182329147394" target="_blank">via Twitter</a>):
"Risk? I'd have an easier time robbing Ft Knox than I do logging in remotely. #10FactorAuthentication yes really."
Related Article:
Image: iStock
On how reforming the Community Reinvestment Act could encourage banks to increase lending and investment in Baltimore's underserved neighborhoods and other low-income areas:
"The truth about CRA is that it's important and necessary, but needs retooling. Most banks achieve satisfactory CRA ratings by lending to low- to moderate-income families residing in middle- to upper-income census tracts leaving low- to moderate-income census tracts underserved."
Related Article:
Image: iStock
On what would happen if Starbucks had to face the wrath of the Consumer Financial Protection Bureau:
"Starbucks might have some difficulty getting the audited financials from their third-party Costa Rican coffee vendors!"
Related Article:
Image: Bloomberg News
On evidence that high-performing banks tend to invest in systems that support growth rather than focus on cutting expenses:
"Good evidence for the principle that the way to create wealth is to grow one's business, earning more profits by serving more customers. This simple principle is even more important today, when the fixed overhead costs of complying with the most onerous regulation in our history must be spread over a larger revenue base in order to be bearable at all."
Related Article:
Image: iStock
On JPMorgan Chase's plan to woo small-business clients by cutting back on paperwork and highlighting the advantages of its multiple product offerings (<a href="https://twitter.com/bpeckcfsi/status/603950345560137728" target="_blank">via Twitter</a>)
"Guessing this is the start of @jpmorgan plan to mitigate the threat of alternative business lenders Dimon identified."
Pictured: JPMorgan Chase chairman and CEO Jamie Dimon
Related Article:
Image: Bloomberg News
On mutually beneficial partnerships between traditional banks and marketplace lenders:
"Innovative lending with bank partnerships is helping small business and the banks in an era where bank regulation is choking off banks' abilities to increase earnings
This is a model that should be embraced, since it allows banks to earn without putting deposits at risk."
Related Article:
Image: iStock
On the need for merchants to step up compliance with the Payment Card Industry Data Security Standard, which includes a requirement that merchants' computer systems be scanned for security vulnerabilities:
"PCI is becoming the Treaty of Versailles for security. It's rapidly getting so complicated that merchants are simply checking 'no' to all of the boxes and skipping the scanning entirely."
Related Article:
