Slideshow

'Can't trust these career regulators': Comments of the week

February 28, 2019 9:38 PM

Readers weigh in on Democrats' call for more scrutiny of the BB&T-SunTrust merger, changes to the CFPB's payday lending rule, criticism of Square's ILC application and more.

Senator Elizabeth Warren, a Democrat from Massachusetts, listens to a question during a discussion at American University in Washington, D.C., U.S., on Thursday, Nov. 29, 2018. Warren said she opposes Nafta 2.0 in a foreign policy speech and will vote against it unless President Donald Trump reopens the agreement and produces a better deal for Americas working families. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On Democratic lawmakers pressing the Federal Reserve about its oversight of the pending BB&T-SunTrust merger:

"Warren and Waters are again spot-on. Can't trust these career regulators to properly vet complex merger transactions. They clearly lack the objectivity of a Liz Warren or the integrity of a Maxine Waters or the keen understanding of economics and business acumen of an AOC. Better to submit such applications to a panel...of disinterested presidential candidates. Better still... a plebiscite. That's it! We'll approve them by plebiscite. Let the people decide."

Related: Democrats to Fed's Powell: Take hard look at BB&T-SunTrust deal

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On an argument that criticisms of the BB&T-SunTrust deal are unfairly conflating a lawful merger with the debate over "too big to fail" institutions:

"A well considered argument that articulates a reasonable view of the proposed BB&T-SunTrust merger; however, the politicians that are posturing as having concerns are not interested in reason. Sound-bytes and a calculated appeal to a perceived anti-bank voter sentiment is likely the real motivation behind the sudden concerns expressed about the proposed merger. The concerns will likely be voiced, only as long as the politicians think a large enough voter population cares."

Related: Criticism of BB&T-SunTrust deal is overblown

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On an argument that growing competition in the industry led to the BB&T-SunTrust merger:

"Well said. It remains unclear whether the new scale of the merged ST/BBT bank will deliver the efficiencies and technical advances needed to truly compete with the big-four, and the lurking non-bank competitors, but what is clear is that ST and BBT as independent regionals were not going to have the heft to truly compete. Critics are either ignoring the realities of the competitive market, or they're trying to promote themselves using political sound-bytes...."

Related: As BB&T-SunTrust shows, banks must grow, change or die

Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB) nominee for U.S. President Donald Trump, speaks during a Senate Banking Committee confirmation hearing in Washington, D.C., U.S., on Thursday, July 19, 2018. Kraninger, a little-known official who has worked for the White House's Office of Management and Budget (OMB) since March 2017, is poised to succeed her boss Mick Mulvaney as director of the CFPB. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On an argument that the Consumer Financial Protection Bureau should not revise its current payday loans rule, removing a requirement that lenders evaluate a borrower's ability to repay:

"Sure payday loans are a bad long-term strategy for the poor...but so are lottery tickets! Which is more useful in putting out fires like an unexpected medical bill or car or home repair?"

Related: CFPB reversal on payday lending is a big mistake

The Marriner S. Eccles Federal Reserve building stands in this photograph taken with a tilt-shift lens in Washington, D.C., U.S., on Tuesday, Sept. 1, 2015. Bill Gross said the Federal Reserve has waited so long to raise interest rates that any move now may be labeled "too little too late" as market turmoil restricts the room for policy makers to act. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg News

On the Fed barring two Wyoming bankers from the industry for misusing a bank's proprietary information and whether it could signal tougher punishments going forward:

"I couldn't be happier with the intent to prohibit. Those two scum bags deserve it. Those are the type of bankers that ruin it for the rest of us."

Related: Fed’s stance on trade secrets could mean more banker bans

A customer inserts a credit card into Square Inc. device while making a payment in San Francisco, California, U.S., on Tuesday, March 27, 2018. The mobile payment market is anticipated to grow reaching a market value of $4,574 billion by 2023, according to data provided by Allied Market Research (AMR). The growth projections are attributed to an increasing demand for hassle-free purchase of goods and services, as well as an increased preference of consumers toward digital and cashless payments. Photographer: David Paul Morris/Bloomberg

David Paul Morris/Bloomberg

On opposition to Square's bid to own an industrial loan company because some argue they do not face the same regulation as regular institutions:

"Am I missing something? Aren’t ILCs regulated and examined by the FDIC, subject to the same regulations (such as CRA and Regulation O) as banks?"

Related: Square's ILC bid is a regulatory end run

Mick Mulvaney, director of the Office of Management and Budget (OMB), listens during a meeting with U.S. President Donald Trump, not pictured, and workers in the Oval Office of the White House during a "Cutting the Red Tape, Unleashing Economic Freedom" event in Washington, D.C, U.S., on Wednesday, Oct. 17, 2018. Trump plans to withdraw the U.S. from a treaty that gives Chinese companies discounted shipping rates for small packages sent to American consumers, another escalation of his economic confrontation of Beijing. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On former acting Consumer Financial Protection Director Raj Date criticizing one of his successors, Mick Mulvaney:

"I have a lot of respect for Raj, but if he was so concerned about management of the CFPB he wouldn’t have bailed on it as quickly as he did."

Related: Mick Mulvaney was ‘a disaster' as CFPB chief: Raj Date