'Scales of Justice Anything But Balanced': Comments of the Week
February 7, 2014 9:09 AM
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 Raj Date launching a subprime credit card:
"CFPB subprime experts formulate rules for the underbanked and then resign from the CFPB to launch de novo credit card companies? Another nail in the traditional payday loan product."Related Article: Raj Date's Firm to Launch Subprime Credit Card
(Image: Bloomberg News)
On whistleblower Lynn E. Szymoniak suing 22 companies for allegedly filing fraudulent mortgage documents:
"How about getting her to run for president?" (via National Mortgage News)Related Article: Banks, Mortgage Companies Defrauded HUD, Veteran Whistleblower Says
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On lawmakers' concerns about the Volcker Rule:
"The obsession with the Volcker Rule has caused lawmakers and regulators from not dedicating enough time to data and transparency issues at banks that are much more important if we ever hope to have successful banking sector reform."Related Article: Lawmakers Stoke Fears of Disjointed Volcker Rule Enforcement
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On a call for banks to adopt better technology:
"Perhaps Amazon should lead the way and open a bank with new technology
Forget about the Postal Service ... the right technology would open banking to a far broader spectrum based on retail-style algorithms."Related Article: Low-Tech Means High-Risk in Banking
(Image: Bloomberg News)
On U.S. Bank developing mobile shopping software:
"This should be a great way to insure against fraudulent activity because the bank will know exactly what was purchased and where."Related Article: First Look: U.S. Bank Developing Mobile Shopping Software
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On the government enabling Wall Street's bad behavior:
"The scales of Justice are anything but balanced when it comes to the prosecution of community bankers vs. megabankers."Related Article: How Feds' Double Standard Enables Bad Bankers
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On the government enabling bad bankers:
"One might ask why, even if
proof at the level of criminal accountability is difficult, the banking agencies are not making greater use of their enforcement powers?
After all, these were meant to be used for misconduct that did not rise to the level of a crime."Related Article: How Feds' Double Standard Enables Bad Bankers
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On Sen. Elizabeth Warren lauding the idea of postal banking:
"Leave it to big government to support more big government."Related Article: Sen. Warren Lauds Idea of Postal Banking
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On the U.S. Postal Service potentially getting into banking:
"The postal service has no competition for standard mail services. Therefore the resources that management provides for customer service are severely lacking."Related Article: Postal Banking: Maybe Not So Crazy After All
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On the U.S. Postal Service potentially getting into banking:
"Stop by your local check-casher on a busy day and see for yourself how quickly the customer is served and notice the smile on their face. On the same day go to your local Post Office and see the opposite."Related Article: Postal Banking: Maybe Not So Crazy After All
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On the U.S. Postal Service potentially getting into banking:
"If Ye Olde Postal would like to go modern, perhaps they should adopt the (slightly more modern) grocery store model of incorporating bank branches in their facilities. The rent might save some of the impending PO closings."Related Article: Postal Banking: Maybe Not So Crazy After All
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