'That's a Good Thing, Isn't It?': Comments of the Week
September 2, 2016 7:30 AM
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.
On the future of African-American-owned banks:
"Minority banks are seeing a collision with success. As the black middle class grows in size and affluence, they begin to look for the same things in their banks that other groups do: convenience, price and quality of service. No longer can minority banks appeal to customers on the basis of black identity alone. They need to change with the needs and preferences of their customers, just as any other bank. In the long run, that's a good thing, isn't it?"Related Article: What Can Be Done to Save Black-Owned Banks?
Reaction to the resignation of a bank board member over an email server dispute:
"He needs Hillary's lawyers."Related Article: Director at Citizens in Ohio Resigns Over Email Server Dispute
Responding to an op-ed on keeping prepaid cards devoid of overdraft protection:
"Or banks could offer a type of account that would not permit overdrafts."Related Article: Allowing Overdraft Fees Undermines Benefit of Prepaid Cards
On a proposal to give banks more discretion to set loss provisions without too much influence from accountants:
"The accounting profession has actually endangered banks and their depositors by overly prescriptive and complex rules that bear little semblance to the reality on the ground."Related Article: Five Areas Where We Need Regulatory Balance
A retort to a White House report claiming Dodd-Frank hasn't hurt community banks:
"Obama and his minions have no clothes. Nor can they wish away the fact that their policies continue to hurt the very people that they were meant to help. Typical. We're the government, and we're here to help."Related Article: Dodd-Frank Is Not Killing Community Banks: White House
On how regulators address money-laundering risks of nonbanks:
"So you are a drug dealer. You set up a Square Account to process card transactions. You pay folks $50 in cash for a $45 transaction on their debit or credit card. Maybe $100 in cash for a $95 transaction. The moral is until Fincen deals with all aspects of transactions (including nonbanks), money will be laundered."Related Article: Fincen to Close AML Loopholes for Firms Lacking Federal Regulator
On the Consumer Financial Protection Bureau's small-dollar lending proposal:
"The CFPB clearly does not concern itself with alternative funding sources for consumer needs. That's for the private sector to figure out. It is enough for proponents of the CFPB that they have salved their troubled consciences and saved consumers from the predations of unscrupulous lenders. Perhaps Sen. Warren's other grand idea, Postal Service small loans, will fill those needs."Related Article: CFPB's Overreach Could Backfire. Just Ask the FTC
