Slideshow 'Thanks for Fixing a Nonissue': Comments of the Week

  • August 07 2015, 7:30am EDT

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of articles and our social media platforms.

On the CFPB's efforts to shift the mortgage industry to an electronic closing process (<a href="" target="_blank">via Twitter</a>):

"Thx for fixing a nonissue. Real prob is all #CFPB rules to get u to the closing table #regburden #fixingthebureau"

Related Article: CFPB Urges Industry to Quickly Adopt Electronic Closings

Content Continues Below

On speculation as to why the Fed and other central banks have maintained low interest rate policies:

"My hunch is that the massive government deficits are the real culprit. Of course debtors prefer very low interest rates — and nearly all governments are way over their heads in debt."

Related Article: Just Do It, Janet: Time for a Fed Rate Hike

On the fallout from the Fed's low interest rate policy:

"It is the long-term zero interest rate environment that has stifled de novo bank chartering. Raise the rates, and raise them now — for all our sakes."

Related Article: Just Do It, Janet: Time for a Fed Rate Hike

On the suitability of annual percentage rates as a measure of the cost of small-dollar, short-term loans:

"An APR is meaningless to the borrower, who wants to know how much the loan is going to cost, not what its hypothetical annual percentage rate is."

Related Article: Why a 36% Cap Is Too Low for Small-Dollar Loans

Content Continues Below

In response to the suggestion that bank culture could be improved if managers used scorecards to judge employees' conduct:

"Bureaucratic measures such as scorecard systems to grade employees' compliance with rules and punishment schedules will not address the culture problem in banking. If anything, they could exacerbate it. Ethics is about principles and values, not rules. The questions are, are executives observing how their subordinates conduct themselves, and what do they do when they observe unethical behavior?"

Related Article: A Call to Punish Industry Bad Guys from Banking's Elder Statesmen

On the jam-packed schedule of the average bank chief information officer: