‘What a load of horse hockey!’: Comments of the week
March 8, 2018 10:00 PM
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Readers opine on the possibility of an Amazon-JPMorgan Chase checking partnership, weigh in on the Crapo bill, applaud plans that would make the CFPB more of a backup regulator and more.
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On calls for more regulatory relief for community banks:
“This won't happen, but the ultimate regulatory relief would be to repeal all consumer protection laws/regulations and all their obscene technicalities, and subject banks to one regulation about UDAAP. The alphabet soup is pretty much rooted in poor customer service, e.g., not being clear about whatever transaction into which the customer is about to enter. What about just holding banks to high customer service standards? Shaft the customer, you pay. It's simple.”
Related:Community banks like mine sorely need regulatory relief
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Mike Kane/Bloomberg
On the possibility of Amazon working with a big bank to offer a checking-account-like product:
“Simply put, it's time to put the brakes on Amazon for the good of all American businesses that even approach being called retailers or wholesalers. Amazon makes John D. Rockefeller in decades past look like a juvenile - at least John D. only controlled oil production and refining - not multiple lines of business."
Related:How would regulators react to Amazon-JPM checking partnership?
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A retort to an argument that the Crapo reg relief bill would harm the banking system:
"What a load of horse hockey! There is NOTHING in this common sense bill that is going to bring down the banking and economic system of the United States. Stop the lunatic hype please. This bill is a Main Street bill people!!”
Related:Dear Congress: Reg relief bill is a giveaway for large banks
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On how many of the companies named in this year’s Best Fintechs to Work For list were recognized for, among other things, a willingness to involve employees in decisions about how the company is run:
“What I find amazing is the notion of actively seeking employee input is seen as novel. No wonder employee engagement is typically so low. Industry leaders, like Southwest Airlines, Capital One and BHP Billiton, and hundreds of private companies empower employees to think and act like owners, driving and participating in the profitable growth of the company.”
Related:The rewards of ‘amazingly flat’ management
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On another new bank being developed in North Carolina:
“To my banker friends in N.C. - fellows, are we ‘really’ going down the denovo path in order to really serve our communities with community banking services? Or, really, are we forming banks to promptly sell the banks at a nice profit to our northern banking brethren clammering to get into N.C. ? Sounds like shades of Florida and Texas in the 80's to me.”
Related:Second group looks to form bank in North Carolina
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Andrew Harrer/Bloomberg
On acting Consumer Financial Protection Bureau Director Mick Mulvaney’s plans to effectively make the bureau a backup regulator:
“The CFPB was always a massively redundant regulatory organization at its incep. Everything that came under its purview was already clearly regulated by other entities. One of two things needed to happen instead of what happened: 1) No CFPB 2) CFPB and decommission the duplicative agencies. The CFPB turned out to be nothing more than masters of extortion for those they regulated and they accomplished very very little to actually assist consumers. Mulvaney is bringing sanity to the issue. Finally.”
Related:Mulvaney’s idea for curbing CFPB’s clout: Hand it to other agencies
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On an argument that banks should think twice before being pulled into political fights:
"Bankers do not wear judicial robes, and they have no police badges on their shirts."
Related:Yielding to political pressure is slippery slope for banks
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