Readers react to a drive for more public banks, weigh in the launch of an online-only bank, chime in on what millennials need and more.
On regulator fears that River Bank was chasing “hot money” when it introduced digital-only Incredible Bank in 2008:
“Incredible Bank is paying 1.76% APY on savings, the highest yield in the U.S. It is most certainly attracting hot money - those deposits would be gone in a flash if they lowered the rate. They just haven't tested it yet.”

Related: Latest weapon in battle for deposits: A digital-only bank
Broken rope
On what’s driving the push for public banks:
“Public banks never work, require huge subsidies. Look at union controlled banks. Mutuals are far better.” (via Twitter)

Related: What’s driving the push for more public banks?
Bank of North Dakota
Another reader slams the idea of public banks:
“The Bank of ND accepts deposits from ND individuals. Those deposits are insured by ND, not the FDIC. This is the way such banks will have to do it, because neither the FDIC nor the Fed will approve charters for banks dealing in the marijuana industry. Something other than FDIC insurance is all fine until something goes wrong, a bank fails and the depositors are left holding the bag, much as they did with state insured deposits back in the 80s, when all the state funds went broke.”

Related: What’s driving the push for more public banks?
On Arizona drawing inspiration from the U.K. innovation sandbox model to grant financial companies a regulatory carve-out:
“The UK has had mild success with payments and minor financial areas. Last look, there are no innovative lending projects due to low interest rates, high cost of starting a sandbox with high risks associated with an unknown portfolio performance and high incidence of initial online fraud.”

Related: Arizona creates nation's first testing ground for fintech
Improve sign
On a call for banks to offer millennials more financial guidance:
“I agree that this is an area where banks can and must do better. Providing sound financial advice is priceless and will be remembered throughout a lifetime.”

Related: Millennials want it, banks have it: Money management advice
On a fintech company’s goal to get consumers mortgages within 30 minutes:
“There would need to be changes to current regs to allow loans to close that quickly. Waiting periods for disclosures (TRID), etc. Currently 7 days is the fastest.”

Related: A mortgage in 30 minutes? Fintech says it’s coming
Sourcemedia Research survey sexual harassment in the profressional workplace, #metoo
On criticism of the #MeToo movement from male respondents to SourceMedia's sexual harassment survey:
“I can’t even like this via twitter. They need a vomit emoji.” (via Twitter)

Related: A #MeToo backlash is brewing in banking
On the Low Income Housing Tax Credit getting increased funding in the government's latest spending bill:
"LIHTC is a winner. Now if the government would map the need for affordable housing to the supply of credits and stop the GSE's from sucking up all the oxygen in the room, the program might have an impact and be due for additional increases."

Related: Low Income Housing Tax Credit gets boost from spending bill