'No More Gimlet-Eyed Examiners': Comments of the Week
December 16, 2016 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 our social media platforms.
On harnessing artificial intelligence for the regulatory compliance process:
"No more gimlet-eyed bank examiners sitting across from and interrogating bankers. Instead, gimlet-eyed government agency computers will interface directly with and interrogate bank computers, unearthing in mere nanoseconds violations that used to take months for human examiners to find. It boggles the mind."
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On federal banking regulators dismissing claims they are pressuring banks to cut ties with payday lenders:
"Folks, there's no direct pressure. It's the additional burden of banking these clients that have many banks say it's just not worth it. Once you've had an examiner ask how you documented your client due diligence, question your third party risk monitoring and suspicious activity reports and you realize it's just not worth the FTEs to manage this book of business. Let the bank down the street deal with the headaches."
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On the American Bankers Association challenging the National Credit Union Administration's field-of-membership regulation:
"Put a tax exempt superstore next door to Wall-Mart. See how that plays out."
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On reforming the Community Reinvestment Act:
"They have had plenty of time to fix it but haven't. It is poorly written and poorly directed regulation and should die. If they want to replace it with something better that is fine with me but give them some motivation by killing this fat pig first."
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Another reader reacts to an op-ed about the CRA:
"It applies to a tiny segment of financial providers. It should apply to all or none."
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On the customer security threat posed by the "open banking" concept, which has been embraced in Europe:
"Open banking would give the CFPB a whole new mission in life."
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