Slideshow 'Regulation Without Representation': Comments of the Week

Published
  • October 18 2013, 10:19am EDT
12 Images Total

American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.

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On a call for regulators to stop policymaking-by-enforcement:

"What? You don't like regulation without representation?"

Related Article: Regulators Must Stop Policymaking-by-Enforcement

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On the Consumer Financial Protection Bureau's decision to pull enforcement attorneys from its exams:

"Dick the Butcher, the character in Shakespeare's Henry VI who uttered the memorable line, 'The first thing we do is kill all the lawyers,' would be pleased with this news."

Pictured: CFPB Director Richard Cordray

Related Article: CFPB Pulls Enforcement Attorneys from Its Exams

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On regulators pressuring banks and processors not to do business with morally questionable companies:

"Prohibition of products and services demanded by consumers worldwide does not work. What does succeed is a spectrum of consumer choices in conjunction with full and complete disclosure of all rates and fees."

Related Article: Bankers and Processors Are Not Moral Police

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On regulators pressuring banks and processors not to do business with morally questionable companies:

"In America today, we are worried about the NSA looking at email contacts, but do Americans really understand that their government imposes obligations on every 'financial institution' to monitor their customers' financial transactions and flow of funds and report 'suspicious activity' to Fincen?"

Related Article: Bankers and Processors Are Not Moral Police

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On why payments innovators are threatening banks:

"The profit margins [for banks] are squeezed so thin that the continuum of regulations usurps the ability to properly serve the community and the stockholders."

Related Article: Flurry of Payments Tech Threatens to Bury Banks

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On appealing to underbanked consumers:

"Financial institutions that continue to market the same old products will not only fail to see results; they run the risk of further disillusioning a huge population segment."

Related Article: They May Be Underbanked, But They're Highly Networked

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On who should be appointed Federal Reserve Vice Chairman for Bank Supervision:

"There just has to be someone out there who … can write regulations that are comprehensible to folks other than Wall Street and K Street lawyers. That person is not on the Board of Governors now."

Related Article: What Yellen's Ascension Means for Fed's Tarullo

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On a call to rally around qualified women to get them into top positions in banking:

"Talent and will to perform, along with integrity and courage, brings success to those who seek it."

Related Article: Yellen's Lesson for Women in Banking

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On whether overdraft services need more regulation:

"There are bad players in all industries. Some (and a small number) of banks may have behaved badly in the past. But the overwhelming majority of banks have provided a service customers have been more than willing to pay fees for."

Related Article: Overdraft Services Need Greater Oversight

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On getting regulators to recognize the need for community banks:

"Let's keep up the talk and maybe, just maybe, we will be heard."

Related Article: Fed Supervisory Head: Regulators Realize the Need for Community Banks

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On the regulatory crackdown on payday lenders:

"Eliminating an industry makes good headlines and gives do-gooders … a warm fuzzy, but leaves an entire demographic underserved"

Related Article: Lawsky Should Leave Tribal Lending Alone