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'Thanks, Daddy Cordray': Comments of the week

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader responses to AmericanBanker.com articles, social media, and from around the web.
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In support of the Office of the Comptroller of the Currency creating a fintech charter:

"As banks get bigger their ability to provide services may increase but their desire/need for profits prices the common customer out of their products/services. This in turn is causing migration to other sources that are willing to fill that niche. You might as well get fintech companies involved with the OCC as they are going to find a way to succeed. It's called innovation and competition."

Related Article: OCC fintech charter sparks opposition from Senate Dems
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In response to calls for more and bigger black-owned banks:

"As a banker and second generation Mexican-American, it wouldn't occur to me to bank with a bank that more closely represents the economic and cultural interests of the Mexican people. My family and I just want products and services that work for us, not for the bank. … It's time to move on."

Related Article: Why #BankBlack falls short
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In favor of the OCC's plan to offer a federal charter for fintech companies:

"Although I have concerns about how this is handled, offering more charters will increase inclusion and create competition, which is a positive for consumers. Last year non-depositories provided half of the mortgages in the U.S. The mortgage market would not be nearly as competitive today if only depositories could participate."

Related Article: OCC fintech charter sparks opposition from Senate Dems
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On the prospect of consumers interacting with their banks through Internet-connected "things":

"C'mon guys, do you really think that people are going to check on bills while they're getting ice cream from the refrigerator, or while using other household appliances?"

Related Article: Banking 'disappears,' and other fintech predictions for '17
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On why the industry dislikes the Consumer Financial Protection Bureau:

"The Director seems to believe the Bureau should protect consumers by protecting us (consumers) from ourselves through limiting our freedom of choice. The Bureau positions itself as a benevolent parent devoted to its wayward children. I think what bothers its opponents the most is that the Bureau positions the financial services industry as actively working to take advantage of consumers, when, of course, that is NOT the truth. Many times after reading something published by the Bureau I find myself thinking sarcastically to myself, 'Thanks, Dad.'"

Related Article: Dear Mr. Trump: please don't destroy the CFPB
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A wry inference about Wells Fargo's new sales goals, which will reward customer retention among other metrics:

"In response to the new retention incentives, instead of opening accounts that customers didn't request, Wells staff will now not close accounts that customers no longer want."

Related Article: Wells Fargo's new sales goal reward group performance
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On bankers' visions for artificial intelligence (via <a href="http://www.nakedcapitalism.com/2017/01/links-11017.html#comment-2741284" target="_blank">Naked Capitalism</a>):

"If you have ever used technology within a large bank you might be a tad skeptical about these claims, which is not to suggest that jobs won't be lost. Also, from what I've seen so far, the 'AI' being unleashed right now is more like slightly more powerful Excel macros. But bitcoins! VR! Uber, disruption! And still email stability is an elusive goal."

Related Article: Bring on the Bots
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