Image of comment bubble icons.
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.
Rabbit in magic hat

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.”

Related content: Can blockchain be used to build a better credit bureau?
p1a0cq10f9173vhgs1sol12ls13gm7.jpg

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?”

Related content: Can blockchain be used to build a better credit bureau?
CFPB Director Richard Cordray
Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, April 7, 2016. Testimony from Cordray today may shed light on the status of several regulations that could curtail revenue from payday loans, prepaid cards and other financial products. At a March 16 hearing, Cordray hinted that a rule to limit prepaid cards won't be finished until June. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Richard Cordray

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.”

Related content: Cordray's personal appeal to Trump: Save the arbitration rule
Why sign

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?”

Related content: What women's growing wealth means for banks
Money in front of mouth
Everyone has a price

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.”

Related content: Large banks uncertain of path forward on small-dollar loans
Stats on women's share of global private wealth

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.”

Related content: What women's growing wealth means for banks
MORE FROM AMERICAN BANKER