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'May the odds be ever in your favor': Comments of the week

By Rachel Witkowski
Published October 24, 2019 9:00 PM
|
Updated June 1, 2021 1:36 PM
1 Min Read

Readers react to Regions Financial's plan to replace its core deposit system, a House bill meant to curb jobs moved overseas, a resurgence of consumer complaints against the credit bureaus and more.

Regions Bank
Regions Financial said that the Expresso communications platform will allow its corporate clients to manage the entire lifecycle of accounts receivable from a single platform.
Gary Tramontina
On Regions Financial embarking on a multiyear process to replace its core deposit system beginning next year:

"Necessary but so challenging. May the odds be ever in your favor, Regions."

Related: Regions set to replace core deposit system
Federal Reserve building
A National Parks Service worker walks past the Marriner S. Eccles Federal Reserve building in Washington, D.C., U.S., on Wednesday, July 31, 2019. The Federal Reserve is widely expected to lower interest rates by a quarter-point at its meeting that concludes Wednesday and leave the option open for additional moves despite demands by President Donald Trump for a "large" rate cut. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
On the Government Accountability Office determining that the Federal Reserve issued three pieces of guidance during the Obama administration that should have been regulations subject to the Congressional Review Act:

"Hopefully this is the tip iceberg. There are more FAQs, bulletins, letters, and interagency guidance out there just waiting for the GAO to say these items are subject to the CRA.”

Related: GAO finds Obama-era Fed guidance should have been issued as rules
Employees
vege/vegefox.com - stock.adobe.com
On the House passing a bill meant to curb companies from moving jobs overseas by having them report total employees in each U.S. state and foreign country:

"How dare companies take actions to benefit their bottom lines!"

Related: House passes offshoring bill inspired by Wells Fargo layoffs
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Credit Report and Magnifying Glass
Feng Yu - Fotolia
On an investigation into the Consumer Financial Protection Bureau's public complaint database revealing credit bureaus, and notably TransUnion, have resumed questionable disclosure practices:

"Sigh. . . The problem here is the consumer is not the customer; the consumer is the product, and 'products' are meant to be sold."

Related: ‘Absolute scam’: Complaints about credit monitoring plans flood CFPB
regulations.jpeg
document folder with the label regulations
cacaroot - stock.adobe.com
On federal regulators casting doubts about whether they can jointly reform the Community Reinvestment Act:

"The Fed is bogged down in inexperienced academic and political nonsense. They are awful banking regulators."

Related: Joint CRA plan is no sure thing, FDIC's McWilliams says
Doctor's stethoscope
JohnKwan - stock.adobe.com
On the Federal Reserve and Federal Deposit Insurance Corp. seeking public comment on the ratings system used to gauge a bank's overall health:

"Kudos to (FDIC) Chairman (Jelena) McWilliams for opening this up for some fresh air and sunshine . . . this is an area badly in need of review and repair."

Related: Fed, FDIC will explore changes to Camels rating system

Rachel Witkowski 092524
Rachel Witkowski
Tech reporter
Rachel Witkowski was the tech/AI reporter at Financial Planning. She was previously a lead editor at Forbes Advisor, overseeing their loans and... Read full bio
Employee relations Core conversions Core systems Deposits Credit scores Law and regulation Regions Bank Transunion CFPB News & Analysis
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