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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.
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In response to rumors about Amazon wanting to buy Capital One:

“This would [be] great. The banking industry is shamefully slow at adopting new financial technologies within & throughout their supply chain, claiming it’s too costly to fix. They are coddled. One of the biggest issues during the financial crisis was transparency: there was none. No one knew the interconnections, network effects, or the ownership of assets/liabilities & how to value them. It is this lack of capability that adds to financial panics. It’s fixable. Amazon would pave the way.”

Related article: Amazon buying Capital One Fat chance, but fun to ponder
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On plans by the American Bankers Association to form a school to groom bankers for political office:

“Unfortunately, there are bankers who would be right at home surrounded by the greed and corruption of Washington politics. I encourage the ABA to chose wisely and support banker candidates that will move the industry in the right direction. Let's not repeat the mistakes of the past.”

Related article: The ABA wants to groom bankers to run for office
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On President Trump’s executive order to review financial regulations:

“Eliminating the consumer as a target for a core mission is past fishy, and it's hard to believe $50 billion does not present a systematic risk. Others will likely chime in about the community banks — and should — the act in its present form is not doing them any favors. Mnuchin was far too sweaty in the confirmation hearings — and I'm sure his past will catch up with him. We'll find out what he has under the hood pretty quick.”

Related article: Trump’s Dodd-Frank review could do a lot of good — if done right
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On a startup, which makes small-dollar loans in Kenya and the Philippines, raising $30 million in new funding:

“It’s amazing to me how a startup can raise that much money. I hope the investors are ready [to] lose their money.”

Related article: Lending startup with focus on emerging markets raising $30 million
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On Zelle, the Venmo competitor developed by banks, which will not allow users to share information about their transactions with other members of their network:

“I think the Zelle app is missing a crucial point: that Venmo allows all transactions to be private. Users have the ability to share their payments through a social media-esque transaction, and the ability [to] keep it low key. Venmo also has such a user-friendly interface that my mother can use it no problem — and she struggles with technology.”

Related article: The anti-Venmo? Banks’ P-to-P payment product eschews social ‘sharing’
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On the death of Columbia Bank CEO Melanie Dressel:

“I remember Melanie, who was so often a part of ABA's councils, as a wonderful and wise banker, who greatly loved the banking industry. And she demonstrated that good banking has a central, personal element to it. I will miss associating with her in our meetings, conferences, and deliberations.”

Related article: Remembering Melanie Dressel, mentor to a generation of bankers
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On calls to reform the Bank Secrecy Act:

"You're right, BSA was designed to catch tax evasion. Then it morphed into a law to monitor the money flows involving organized crime. Finally, it became a law to track the activities of terrorists. The first two activities involve monitoring very large transfers of money. Terrorists generally transfer small and innocuous amounts. The law is hurting international commerce, developing countries, and lower income people worldwide. IT MUST BE REFORMED NOW."

Related article: Time to bring Bank Secrecy Act into this century
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Casting doubt on the Office of the Comptroller of the Currency's fintech charter:

“However, one has to ask, ‘when has a federal agency ever given us clear and simple rules?’ Beyond that, how can it be a good idea to enable the OCC to take on a charter type beyond its statutory powers, or to grant a federal agency authority to preempt yet another area traditionally the province of the states? Federalism, anyone?

Related article: OCC fintech charter: Something Ds and Rs can both love
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