Slideshow

'Let's encourage banks to join payday lenders': Comments of the week

July 11, 2019 9:30 PM

Readers react to the Fed warming up to CRA reforms, criticize the Democratic presidential candidates, defend Pittsburgh as a megabank attraction and more.

Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Financial Services Committee hearing in Washington, D.C., U.S., on Wednesday, July 10, 2019. Powell said today that downside risks to the economy remain with trade wars softening business investment and weak inflation, signaling that policy makers may be poised to cut interest rates as soon as this month. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On how the Federal Reserve has surprisingly warmed up to Community Reinvestment Act reforms, such as expanding certain activites for CRA credit:

"CRA should be expanded to include providing credit for opportunity zones for my pals and loans for high end condos, golf courses for me and my family . . . And let’s encourage banks to join payday lenders and Wells Fargo to take advantage of soldiers and students."

Related: The Fed’s remarkable turnaround on CRA

2020 Democratic presidential candidates Marianne Williamson, author, from left, John Hickenlooper, former governor of Colorado, Andrew Yang, founder of Venture for America, Pete Buttigieg, mayor of South Bend, former U.S. Vice President Joe Biden, Senator Bernie Sanders, an independent from Vermont, Senator Kamala Harris, a Democrat from California, and Senator Kirsten Gillibrand, a Democrat from New York, stand on stage during the Democratic presidential candidate debate in Miami, Florida, U.S., on Thursday, June 27, 2019. Biden opened the second night of the Democratic presidential debates with a direct attack on President Donald Trump's handling of the economy, setting the tone for a night in which he and nine other hopefuls sought to demonstrate for voters the stark choice they will have in the 2020 election. Photographer: Jayme Gershen/Bloomberg

Jayme Gershen/Bloomberg

On where some of the Democratic 2020 presidential candidates stand on financial services issues:

"There is an all out assault on capitalism by Democrats, who assume banks willfully/wantonly abuse consumers, and are responsible for/can cure economic inequality. That is the lens through which topics of consequence will be."

Related: Where the 2020 Democrats stand on banking issues

Leadership concept with blue paper ship leading among white

Kenishirotie - stock.adobe.com

On mobile-only German challenger bank N26 entering the U.S.:

"Interested to see how N26's real time promise delivers when cards and checks are not real time payment mechanisms."

Related: German challenger bank N26 makes U.S. debut

An attendee looks at a mobile phone while walking 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 why Facebook's new crytpocurrency Libra should face tougher competition instead of federal regulators:

"Sure, lets just pretend that this Libra currency has value although it is not based on any real value and is not insured. Oh, and lets not regulate it because it is a waste of time. Genius."

Related: Regulating Libra’s a waste of time

Downtown Pittsburgh, Pennsylvania at dusk.

Sean Pavone/SeanPavonePhoto - stock.adobe.com

On megabanks JPMorgan Chase and Bank of America entering Pittsburgh:

"One should never characterize Pittsburgh as one of the 'rust belt' cities. It never was. It has a long and very successful history of reinventing itself, and while the demise of the steel industry was a particularly hard hit for the region, the region rebounded rather quickly."

Related: Pittsburgh banks brace for BofA, JPMorgan

close up hand of business giving or paying money US dollar bill

suphaporn - stock.adobe.com

On the startup banks that opened up in 2019:

"It's encouraging to see renewed interest in de novo banks, not least because an industry no one wants to get into is generally not a healthy one."

Related: New banks of 2019

Connected Interests. A closely connected network of people, data and technology. Illustration.

James Thew - stock.adobe.com

On whether bank privacy laws under Title V of the Gramm-Leach-Bliley Act should also apply to tech firms:

"As the author outlines, the implementation of Title V has met the test of addressing the needs of customers as well as the firms that provide them with financial services, and it has successfully adapted to the evolution of financial services technology."

Related: Proven bank privacy laws should apply to tech firms, too

designer491 - stock.adobe.com

On a letter by 25 state attorneys general opposing the Consumer Financial Protection Bureau from curtailing its regulations on overdraft.

"It should have been disclosed it is a Democrat letter in this article. If it was bi-partisan, it would have been a bigger story."

Related:

State AGs oppose CFPB efforts to roll back overdraft rule