Readers weigh in on Comptroller of the Currency Joseph Otting's comments about discrimination, opine on President Trump’s pick to head the Consumer Financial Protection Bureau, respond to new anti-money-laundering legislation and more.
President Donald Trump waving to camera
On President Trump’s decision to nominate a relatively obscure OMB official to head the CFPB, possibly in the hopes of keeping acting Director Mick Mulvaney in the position:
Acting CFPB Director Mick Mulvaney
On questions surrounding Trump's the nomination of Kathy Kraninger to head the CFPB:
"This is right out of Trump's playbook. The Ds are damned if they do and damned if they don't. Well played and looks like we see Mulvaney into 2020. Elections have consequences!"

Related: Trump’s CFPB pick clears up what, exactly?
Joseph Otting
A response to Comptroller of the Currency Joseph Otting recently saying he has “never personally observed” discrimination in banking:
“I've been in banking over 30 years and have not personally seen any discrimination or a banker who I thought would intentionally discriminate while making a loan. Bankers make money when they make loans---do not make money by turning them down. Otting should have played the WDC politically correct game and said he knows that there is lots of discrimination and revising the CRA rules will stomp it all out---forever.”

Related: Otting’s ‘discrimination’ comment is blow to CRA efforts: Senate Dems
On a state regulator arguing it will apply the same rigor to consumer protection regardless of what changes occur at the CFPB:
“A check cashing company not following the rules? Here's a about dedicating resources to looking at the activity of used car dealers, payday lenders, check cashers, and pawn brokers before creating another bank regulator or another cop on the beat.”

Related: Will states fill the CFPB enforcement void?
On the House Financial Services Committee setting aside a vote on a bill designed to ease anti-money-laundering requirements when lawmakers balked over the exclusion of new shell-company restrictions:
“Well, well, well, seems that Congress again doesn't get it when it comes to ‘fixing’ minor problems. If the regulators what to know who the shell company ownerships are, then add it in. After all, that information has been out there in the state Secretary of Stat's offices, and the IRS and FenCen can request it at any time. Seems that this is a stall to keep banks from getting relief.”

Related: Bill to ease AML requirements stalls over shell-company rules
Knowledge gaps
On calls to hire people without banking experience to get fresh thinking:
“The fintech stumbles I’ve seen have been because of banking knowledge gaps. The new skills are re-making banking, to be sure, but banking products still require bank product and product regulatory experience.”

Related: Podcast 'Stop hiring people with banking experience'
Avocado toast
On U.S. Bank expecting its robo adviser tool to appeal to customers of all ages, not just millennials:
“Kudos @usbank for thinking beyond the avocado toast :)” (via Twitter).

Related: U.S. Bank marketing robo adviser beyond the millennial set