Slideshow 'It's Not Hard to Give Away Money': Comments of the Week

Published
  • June 24 2016, 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 AmericanBanker.com articles and our social media platforms.

On Citizens Financial Group offering 0% interest-rate financing to consumers buying the latest iPhones:

"Why would anyone be surprised or impressed that Citizens attracted a lot of loans at a 0% rate? It's not too hard to give away money. It is highly unlikely that those borrowers will be inclined to do other business with Citizens just because they got a free loan to buy their iPhones, any more than indirect auto borrowers are good cross sell prospects."

Related Article: iPhone Financing? Regionals Get Creative with Consumer Lending

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On what the attack on the DAO, an automated venture-capital fund, means for banks:

"This attack and its repercussions will raise doubts about the validity of crypto-currencies and the blockchain in general, not just the DAO and Ethereum."

Related Article: What the Attack on the DAO Means for Banks


In response to how the CFPB's proposed payday rules limit banks' ability to help the underserved:

"And Lord help the lender who does deem someone creditworthy and give them a loan. In the small-dollar loan arena, chances are that any terms will be viewed as predatory, discriminatory and/or unfair, deceptive and abusive. I think the best thing for banks to do is give all customers a credit card. Need a loan to repair the car? Charge it. Small loans have been a non-starter for banks for decades due to their profitability."

Related Article: CFPB Plan Will Halt Traditional Lenders' Small-Dollar Loan Progress


In favor of Google banning payday loan ads:

"Google has a right to ban ads. Certainly nobody misses the Marlboro Man riding across our television screens back in the day…"

Related Article: Google Exec Mentions Payday Loans, Porn, Guns in Same Breath

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On who's behind a TV ad that attacks CFPB Director Richard Cordray:

"Probably the employees, based on your other article."

Related Article: Who's Behind the Campaign Attacking CFPB Chief Cordray


On a Government Accountability Office report highlighting discrimination claims by CFPB employees:

"The Captain goes down with the ship. 1/4 of ALL employees have been discriminated against, any other agency would fire the whole leadership crew, How they tell financial institutions how to be fair when they cannot even be fair to their own employees."

Related Article: Significant Slice of CFPB Survey Respondents Claim Discrimination: GAO