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Readers react to the CFPB’s final arbitration rule, a new potential hurdle for initial coin offerings, a housing finance reform proposal and more.
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Vintage typewriter, old rusty, warm yellow filter - Stop making excuses

Taking issue with an op-ed contributor’s argument that Wells Fargo’s fake-accounts scandal bolsters the need for the CFPB arbitration rule:

“And ‘Wells Fargo’ is now the new and convenient excuse for more and more layers of regulation on the entire industry. A rally cry to punish the innocent.”

Related article: Why CFPB’s arbitration rule is essential (two words: Wells Fargo)
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Anonymous businessman climbing stair to get the success door on the sky

Another reader slams the CFPB’s final arbitration rule:

“In reality the vast majority of class actions are simply a means for plaintiffs' attorneys to use people's names without their knowledge or permission to commit legal extortion. Most class members don't even know a lawsuit has been filed in their name until they get a notice that if they are entitled to an amount that often is not worth the time to fill out the claim form. Class actions cannot be justified until this problem is fixed.”

Related article: Why CFPB’s arbitration rule is essential (two words: Wells Fargo)
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pipette and test tube in a laboratory

On the importance of banks recognizing diverse segments within larger customer cohorts:

“I’m a BB who fell for Yodlee on AOL in ‘03. I used online banking a decade before that. I view the branch as a test tube (not a bad thing). Most banks simplify segmentation and assume a lot about adoption. In a future that promises contextual, embedded banking, banks will lose control if they fail to recognize the subtleties of segmentation. While mainstream digital adoption will be driven by others, the fate of our banks will be decided by how well customers understand what’s in it for them.”

Related article: ‘Millennial’ does not define how I bank
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EASIER - fluorescent Neon tube Sign on brickwork - Front view - 3D rendered royalty free stock picture. Can be used for online banner ads and direct mailers.

In response to a slideshow about Social Finance’s industrial bank application, one commenter touted a different strategy (via <a href="https://www.linkedin.com/feed/update/urn:li:activity:6295653266659385344/" target="_blank">LinkedIn</a>):

“Excellent summary … of SoFi application issues--today's news is better--most of these problems won't matter to Varo Money Inc. national bank application because it is seeking [a] traditional depository charter #fintech.”

Related article: A quick guide to what’s at stake in the SoFi charter controversy
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Signpost in a park or forested area with arrows pointing two opposite directions towards True and False.

Casting doubt on whether a Securities and Exchange Commission report will indeed put an end to the crowdsales of blockchain tokens known as initial coin offerings (via <a href="https://twitter.com/BitcoinBelle/status/890008651255218177" target="_blank">Twitter</a>):

“Drug convictions may also put an end to drug dealing, mafia, overdoses.”

Related article: SEC report may put an end to ICO boom
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On the idea of shifting Fannie Mae and Freddie Mac’s functions and liabilities to the Federal Housing Administration and Ginnie Mae:

“Um ... no. Let's not move from one bloated government agency to another. This solves nothing. The premise of doing so to provide ‘cheaper housing for the poor and needy’ is a farce. There are already countless programs in place to do this.”

Related article: Fannie, Freddie are irrelevant to a government-backed mortgage system
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Various hands during tug war

On fintech banks challenging incumbents in the U.K. (via <a href="https://twitter.com/ramachgramach/status/890604846503444480" target="_blank">Twitter</a>):

“This battle is the first in a war that will give more allocation autonomy to savers.”

Related article: The battle between banks and disruptors is just beginning
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