'The Whole Brexit Thing Is Way Overblown': Comments of the Week
July 1, 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.
A retort to industry members' fears over the ramifications of Brexit:
"The whole Brexit thing is way overblown. There will be NO financial contagion whatsoever with U.S. banks. [There will be] only a few minor changes with processes that will occur over time in an orderly fashion. The U.K. is Germany's third largest trading partner. Does anyone really think that Germany or the E.U. for that matter is in any position to punish U.K.? Spain, Portugal, Italy, Greece
already alienated by the E.U."
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On the Consumer Financial Protection Bureau's proposal to limit the use of arbitration to resolve disputes:
"Pretty damning that the CFPB's own research demonstrates that consumers are for the most part poorly served by class action lawsuits. Yet, the bureau proposed a rule that will certainly increase the number of class actions. Clearly, this is not about consumer information and choice, as the bureau claims, but about intimidating and coercing financial services providers."
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On banks' ongoing struggle to hire cybersecurity talent:
"I'm a senior cyber guy, and one of the big problems I've seen is that banks tend to have their cyber departments, where cyber types aren't. Example: I live in Northern Virginia, and have been recruited by banks [that] want people in Richmond or Raleigh, and not more traditional tech hubs. If they wanted people who were on-site a few days a month, and otherwise worked remotely, they might get better results
"
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In response to ideas on how to improve the security of mobile banking:
"We should make sure not to bring in biometrics for mobile authentications. It is known that the authentication by biometrics usually comes with poorer security than PIN/password-only authentication."
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On the FICO score being under assault by today's new breed of lenders:
"I have never been a fan of using numbers to justify a loan. The scores are easily scrubbed, so the savvy consumer can produce a score as good as the best, when in reality they could not buy a new car with cash."
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In response to Sen. Mark Warner D-Va., blasting Donald Trump for his promises to be tough on Wall Street:
"Trump was bailed out by Wall Street in 1990 through writedowns. Who ends up paying for this, the middle class? His business depends on Wall Street to survive. His statements seem to be rhetoric to create an emotional response to get votes."
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On a pending court case in which a judge will decide whether bitcoin falls under the legal definition of currency (via <a href="https://www.reddit.com/r/Bitcoin/comments/4qexoo/is_bitcoin_money_florida_judge_to_decide/" target="_blank">Reddit</a>):
"The judge will issue a ruling, but only we get to choose whether BTC is money or not."
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