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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.
"I would strongly argue that until the federal laws are changed to allow the bank a defense that it was the aggregator or consumer that did not protect information which ultimately led to the unauthorized access (and thus shift liability to the person best able to stop the loss), then as a banking industry, we should strongly protect our rights to restrict access to not only our system, but also our data bases, to those that we find will protect them to our satisfaction."
On the challenge for the inventor of the first 3D-printed handgun in getting banking services:
"I would be interested to know how much of the banks reticence is because of internal aversion to firearms and how much is in anticipation of regulatory scrutiny. The latter should hopefully be addressed by the new administration."
On regulators stepping up anti-money-laundering enforcement at smaller institutions:
"And, they wonder why there haven't been any bank startups in recent years."
In response to an op-ed describing the Consumer Financial Protection Bureau's mission as modest:
"The bureau's mission may be modest, but the way that they pursue it is anything but. They are highly capricious, coercive, and punitive, applying interpretations of laws and regulations that regulated entities don't know about until they're used against them. The CFPB operates as investigator, prosecutor, judge, jury and executioner. It's hard to argue against consumer protection, but there should be checks on an imperious, autocratic crusader."
On bank CEOs crediting fintech for improving their offerings:
"Like the saying goes 'The lion gave the gazelle his speed.' Competition drives improvement."
Challenging the notion that state regulators will get tougher if federal regulations ease under President-elect Trump:
"It seems unlikely that a large number of states are chomping at the bit to 'fill any void.' On the contrary, I think many states will welcome those voids, or at least fill them with less complex and arbitrary regulation, while seeking to benefit from the resultant renewed economic vigor."
On the deregulatory focus of former BB&T CEO John Allison, who was rumored as a Treasury secretary candidate:
"Jeez. Deregulation fever again? We learned nothing from Clinton and Bush years?"