Slideshow 'Too big to seriously punish': Comments of the week

Published
  • September 29 2017, 11:42am EDT
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Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more.

A retort to an op-ed arguing that consumers benefit from the Consumer Financial Protection Bureau's arbitration rule:

"The most revealing data is in the CFPB's arbitration study. Consumers get little or nothing from class actions. That is because a class action is not a group banding together to right a wrong, it is usually an attorney appropriating the rights of a group of consumers without their knowledge or consent in pursuit of a settlement that will result in large attorney's fees and nothing for the consumer. It is a racket, not justice."

Related: CFPB arbitration rule is an undeniable win for consumers

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On Wells Fargo insisting that it has a policy not to retaliate against whistleblowers:

"They also had a policy against opening fake accounts. Actions speak louder than words."
Related: Wells Fargo fighting order to rehire whistleblower

On the most powerful women in banking and finance rankings:

"This. This is the best part of the year — the #MPWIB list." (via Twitter)
Related: The Most Powerful Women in Banking

On Royal Bank of Canada readying an AI-based personal financial management module for its banking app:

"Great to see AI and machine learning put to good use, here in the PFM space. Focusing on behaviours that are socially desirable but financially rewarding is the way forward — also in finance."

Related: RBC's stab at fixing what's broken in personal financial management

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On the soul-searching for financial institutions that have had a business relationship with Equifax:

"From a vendor due diligence perspective, it is hard to ignore the fact that Equifax knowingly failed to implement basic safeguards and ignored 'critical' patch management. How can you justify (to your depositors, your board and your shareholders) continuing to do business with Equifax?"

Related: Credit union suit of Equifax may be first, likely won't be last

On Federal Reserve Board Chair Janet Yellen's hinting that Wells Fargo may face further regulatory penalties:

"Don't be fooled. Too big to fail also means too big to seriously punish. If it weren't WF or one of the other mega banks, the regulators would have shut them down and closed them for the fraudulent and damaging actions taken."

Related: Yellen signals Wells may face more actions