Slideshow

'Make up your mind, Jamie': Comments of the week

September 27, 2018 10:00 PM

Readers parse JPMorgan Chase CEO Jamie Dimon's latest public comments, debate a California small-business lending bill, weigh the impact of open banking and more.

James "Jamie" Dimon, chief executive officer of JPMorgan Chase & Co., listens during a forum session on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, Jan. 23, 2013. World leaders, Influential executives, bankers and policy makers attend the 43rd annual meeting of the World Economic Forum in Davos, the five day event runs from Jan. 23-27. Photographer: Chris Ratcliffe/Bloomberg *** Local Caption *** Jamie Dimon

Chris Ratcliffe/Bloomberg

On comments by JPMorgan head Jamie Dimon that regulators should not impose new rules on large businesses:

"Is the same guy who said tax the rich and give low-income Americans $30,000 now saying don't raise the regulatory bar for businesses like his? As long as businesses make money, companies are providing a social good? Make up your mind Jamie?"

Related: Dimon: Big business is not the enemy

rubber stamps marked with regulations and rules

Wolfilser - stock.adobe.com

On an argument that steps by regulators to ease some bank rules is on the right track:

"Let's see, no bank failures, strong bank profits, a sure sign that regulation is working incredibly well, in no need of reform? I seem to remember 2006 being a lot like that."

Related: Why reg relief is moving in the right direction

Sergey Nivens - stock.adobe.com

On an argument that the U.S. must adopt open banking:

"The way I see it, any customer of a bank has the right to download their banking transaction information. They can then provide that information to whomever they choose. They could give it to Hillary Clinton for all I care. But I don't agree that a bank must spend big bucks on programming additional security measures to format the information for the 100 different platforms that want to use it to steal the banks customer. Talk about a stupid idea."

Related: U.S. way behind the curve on open banking

On an argument that California's governor should sign a bill that would create consumer-style disclosures for small-business lenders:

"Translation: regular people are too stupid to do math so the big government of California is promising to make the process idiot proof. Of course we all know how well liberal government entities do when trying to "fix things". I'd bet 10 to 1 that if this mess gets passed it will cause at least 5 problems worse than the original and then the same government body will say that they will just pass more laws and regulations to fix the problems they created and the cycle will repeat ad nauseam."

Related: California Gov. Brown should sign new bill to protect small businesses

document folder with the label regulations

cacaroot - stock.adobe.com

Another reader weighs in on an argument in support of California legislation creating disclosures for small-business lenders:

"This type of legislation already drove our bank out of the mortgage business. If it creeps into nationwide policy, it will likely drive us out of that market also."

Related: California Gov. Brown should sign new bill to protect small businesses

JohnKwan - stock.adobe.com

On an argument against California's recent legislation for small-business financing:

"This argument has been around forever--disclosure is good for the other guys, but not for me."

Related: Gov. Brown should veto California’s small-business lending bill

Representative Mel Watt, a Democrat from North Carolina and U.S. President Barack Obama's nominee as director of the Federal Housing Finance Agency (FHFA), waits to start a Senate Banking Committee nominations hearing in Washington, D.C., U.S., on Thursday, June 27, 2013. Watt faced lawmakers skeptical of his knowledge of housing finance issues today at a Senate Banking Committee hearing on his nomination to oversee mortgage giants Fannie Mae and Freddie Mac. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Mel Watt

Andrew Harrer/Bloomberg

On a look at five questions that could be posed at a House hearing featuring Federal Housing Finance Agency Director Mel Watt:

"Wall Street firms pull private label securities together in just months, why does FHFA allow Fannie and Freddie to drag their feet on the Uniform Mortgage Backed Security? Finish it already."

Related: 5 questions as lawmakers set to probe FHFA, GSE scandals