‘Maybe credit bureaus are dead?’: Comments of the week
November 3, 2017 10:05 AM
Readers weigh in on a blockchain-based credit bureau, react to the CFPB’s arbitration rule and chime in on calls to invest more in women.
FOTO CATALIN EREMIA 0744842022 /catalineremia - stock.adobe.com
Rephrasing the question of whether blockchain can strengthen credit bureau data storage (via Twitter):
“Or maybe credit bureaus are dead? Banks could use open banking APIs for real-time credit analysis — better insight & no bureau fees. Magic.”
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Another reader wonders if a blockchain-based credit bureau could work in the U.S.:
“I'm not sure how this would go in the western economies. Are the big banks going to give up their private ledgers for a shared ledger? What would be the point of having two ledgers? I'm having trouble imagining how it would get started (for real, as opposed to experimentation). How big would the shared ledger be, and how long would it take to update?”
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Andrew Harrer/Bloomberg
On Consumer Financial Protection Bureau Director Richard Cordray urging President Trump to preserve the arbitration rule:
“This rule is not about fairness to consumers but rather about money to trial lawyers — consumers rarely benefit from class action law suits but trial lawyers make millions. The arbitration process is recognized by the Supreme Court and is easy and inexpensive for consumers to petition for damages. Cordray has always been a pawn of trial lawyers now he needs their money to run for a political office. This rule is not about consumer protection.”
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On an essay that highlights why banks should invest more in women (via Twitter):
“If investing in #women is the right thing to do and makes biz sense, then why don't pple do it?”
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On a Pew Charitable Trusts study finding that most payday loan customers would prefer to borrow from a bank:
“If Pew thinks that they have a great idea for a product, let them put their shareholders' money at risk and offer the product.”
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On statistics dealing with wealth advisers’ catering to female clients:
“I think that the most important stat was the number of wealth managers marketing to women. The other numbers say, ignore them at your peril.”
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