'Choose the harder right over the easier wrong': Comments of the week
December 14, 2017 10:00 PM
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Readers chime in on the GOP’s inheriting vast regulatory powers, the continuing back and forth over who leads the Consumer Financial Protection Bureau, the root causes of cryptocurrency hacks, and more.
Comments of the week
Michail Petrov - stock.adobe.com
On how the GOP is now benefiting from unconstrained executive-branch regulatory powers granted by the Dodd-Frank Act:
“I would love to see the Repubs take this opportunity to fix the problem and not use it as a tool like the Demos did. Choose the harder right over the easier wrong.”
Related link: Democrats lamenting Trump policies now see Dodd-Frank’s problems
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On the concerns of state attorneys general about Mick Mulvaney leading the CFPB:
“What the State AG's are missing is that their ‘I can enforce our own state laws to deter fraud’ is what they should have been doing all along. The CFPB was always unnecessary.”
Related:Mulvaney unfit to lead CFPB: Schneiderman, 16 state AGs
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Chris Titze/Chris Titze Imaging - stock.adobe.com
On bank employees lobbying customers for positive survey reviews:
“I've received the same requests of ‘perfect or nothing,’ and always felt it a bit...strange. We can't be afraid of feedback. If we can accept it with humility, we can begin working towards actually earning the scores we ultimately hope for.”
Related:When bankers lobby customers for praise, customer service loses
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Olivier Douliery/Bloomberg
On President Trump, who tweeted his criticism of Wells Fargo, wading into an arena typically left to independent regulators:
“Independence be damned. Looks like we are going back to the days of Richard Nixon, who directed the IRS to go after political opponents.”
Related:Trump's Wells Fargo tweet fuels regulatory independence concerns
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On questions about the security protocol of cryptocurrencies:
“Not to worry, if stolen your bitcoins are insured.... wait, no they're not!”
Related:Cryptocurrencies aren’t the problem in recent hacks, user error is
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On American Banker’s Banker of the Year awards (via Twitter):
“❤ seeing my heroes Beth Mooney @keybank & Mary Ann Scully @howardbank honored in @AmerBanker!”
Related:Banker of the Year: KeyCorp's Beth Mooney
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On Democrats’ unwillingness to support agency appointees who they fear will weaken regulations:
“Senator Warren confuses strong regulations that hurt banks as good regulation. The hundred thousand pages of regulations from Dodd/Frank did not strengthen the banking system nor did stress testing—the simple requirement to keep more capital was all that was necessary for the multi-national banks. Community banks are disappearing daily but the financial crisis was not the result of community banks or even regional banks, a fact even the Fed's smart people do not yet understand.”
Related:Yellen dismisses concerns about regulatory chops of Fed’s new leaders
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