‘They don’t need to cheat’: Comments of the week

On state regulators preparing to become more aggressive in anticipation of the Consumer Financial Protection Bureau losing power:

“States have done a better job of prioritizing consumer protection while the CFPB has imagined abuses that did not exist like discrimination in indirect auto lending based on computer models and assumed race/gender. There are lots of abuses occurring every day and the states are closer to the issues than the CFPB.”

Related: States preparing to pick up slack if CFPB backs down

On banks’ criticism of the CFPB:

“I have never understood why so many bankers are so myopic about consumer protection and the CFPB. Banks have a huge advantage over nonbank in the ability to conform and comply. They don't need to cheat, and their reputations depend on not doing so. This is also a shareholder issue. Many violations spill over to safety/soundness issues. Ask those who lost their shirts over ‘pick-a-pay’ mortgages! Sometimes I think bankers are led by the nose by their self-interested lobbyists.”

Related: States preparing to pick up slack if CFPB backs down

On a federal judge dismissing a CFPB lawsuit against several payment processors:

"The CFPB is a rogue agency that extorts money from just about anyone they 'perceive' may be doing something to harm consumers. Their tactics are to bully companies using the full force of the federal government. They have repeatedly been on the wrong end of the federal court decisions. Cordray should resign. Consumers need protection from bad actors but not at the expense of due process."

Related: Judge dismisses CFPB lawsuit against payment processors

Another reader reacts to the ruling on the CFPB’s payment processor suit:

“I believe this ruling illustrates the need for greater accountability of the CFPB. They, like everyone else, should have to abide by the same rules. They are not above the law. But lack of accountability has made them a 'rogue' agency.”

Related: Judge dismisses CFPB lawsuit against payment processors

Houses and trees stand surrounded by floodwaters from Hurricane Harvey in this aerial photograph taken above West Columbia, Texas, U.S., on Wednesday, Aug. 30, 2017. Unprecedented flooding from the Category 4 storm that slammed into the state's coast last week, sending gasoline prices surging as oil refineries shut, may also set a record for rainfall in the contiguous U.S., the weather service said Tuesday. Photographer: Luke Sharrett/Bloomberg

Luke Sharrett/Bloomberg

On possible legislative steps to reform or reauthorize the National Flood Insurance Program following massive flooding in Texas from Hurricane Harvey:

“NFIP needs to be actuarially sound with as close to 100% participation as is possible. As such, flood insurance premiums [should] be collected as a part of local real estate taxes.”

Related: How Harvey could speed short-term flood insurance fix