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'Enough of this nonsense': Comments of the week

ByRachel Witkowski
October 17, 2019 9:30 PM

Readers cast doubts on regulatory attempts to jointly revamp the Community Reinvestment Act, react to Democrats berating the CFPB head, an upcoming House hearing with Facebook's CEO and more.

Comptroller of the Currency Joseph Otting (right) and FDIC Chairman Jelena McWilliams.
On some federal regulators indicating they could move separately if fellow agencies cannot jointly agree to reform the Community Reinvestment Act :

"Enough of this nonsense."

Related: Joint CRA plan is no sure thing, FDIC's McWilliams says
Kathy Kraninger
Kathy Kraninger, director of the Consumer Financial Protection Bureau (CFPB) nominee for U.S. President Donald Trump, listens 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 Consumer Financial Protection Bureau Director Kathy Kraninger taking a verbal beating from Democrats during a House Financial Services Committee hearing:

“The fact is elections DO matter. The person appointed by the president may make decisions counter to the career bureaucrats, who, at the CFPB are especially liberal."

Related: Dems unload on CFPB’s Kraninger: ‘You are absolutely worthless’
facebook-bl-080919.jpg
Attendees stand in the demonstration room during the F8 Developers Conference in San Jose, California, U.S., on Tuesday, April 30, 2019. Facebook Inc. unveiled a redesign that focuses on the Groups feature of its main social network, doubling down on a successful but controversial part of its namesake app and another sign that Facebook is moving toward more private, intimate communication. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg
On an upcoming Financial Services Committee hearing with Facebook CEO Mark Zuckerberg, who will likely be quizzed on the proposed Libra coin:

“It will be interesting to review the concerns of regulators and address the impact reporting. Social media financials is definitely a step in innovation in a technological age.”

Related: Facebook's Zuckerberg to testify to House on Libra
p1974nhlcr1hcomko1clf17fia447.jpg
Mark Zuckerberg, chief executive officer of Facebook Inc., speaks during an event at the company's headquarters in Menlo Park, California, U.S., on Thursday, June 20, 2013. Facebook Inc., operator of the largest social network, plans to unveil video-sharing tools, bringing its Instagram into closer competition with Twitter Inc., a person with knowledge of the matter said. Photographer: David Paul Morris/Bloomberg*** Local Caption *** Mark Zuckerberg
David Paul Morris/Bloomberg
Another reader reacts to the upcoming hearing with Facebook's Mark Zuckerberg:

“Mark will get throttled on this issue if and until he cuts a few healthy campaign contributions.”

Related: Facebook's Zuckerberg to testify to House on Libra
CFPB headquarters
Signage is displayed inside the Consumer Financial Protection Bureau (CFPB) headquarters in Washington, D.C., U.S., on Monday, March 4, 2019. House Financial Services Committee Chair Maxine Waters will hold a hearing this week on the semi-annual review of the CFPB. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
On the CFPB giving financial institutions that originate few mortgages a little reprieve from the Home Mortgage Disclosure Act:

"This added reprieve is helpful to small credit unions who might lose valued efforts in non-essential reporting for minimal lending. It will be interesting to see how this reporting break will come through data analysis."

Related: CFPB extends temporary HMDA relief for small institutions
Rep. Katie Porter, D-Calif.
Representative Katie Porter, a Democrat from California, questions Tim Sloan, president and chief executive officer of Wells Fargo & Co., not pictured, during a House Financial Services Committee hearing in Washington, D.C., U.S., on Tuesday, March 12, 2019. Wells Fargo & Co. stock is underperforming Tuesday pre-market as Sloan prepares to appear before a House committee focused on what it's calling a "pattern of consumer abuses." Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
On Rep. Katie Porter, D-Calif., gaining attention for her ferocity on the Financial Services Committee, particularly on consumer protection issues:

"Too many of our elected officials appear to rule rather than govern. ... Isn’t it possible to champion causes without losing the demeanor appropriate for a public servant?"

Related: The next Elizabeth Warren? How Katie Porter is shaking up House banking panel
Rachel Witkowski
Tech reporter, Financial Planning
CRA Fintech HMDA Jelena McWilliams Kathy Kraninger FDIC House Financial Services Committee CFPB News & Analysis Facebook Cryptocurrency
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