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'Petulant children playing with matches': Comments of the week

ByRachel Witkowski
July 18, 2019 9:30 PM

Readers react to House lawmakers attempting to overhaul the credit bureaus, express sarcasm to the Senate Banking Committee eyeing cannabis banking, criticize Sen. Elizabeth Warren's plans to overhaul Wall Street and more.

Rep. Rashida Tlaib, D-Mich.
Representative Rashida Tlaib, a Democrat from Michigan, 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 the House Financial Services Committee advancing bills that would reform the credit bureaus and give consumers rights to appeal credit reporting decisions:

"These are petulant children playing with matches."

Related: Financial Services Committee passes bills to reform credit reporting
Closeup of an accountant's hand on a calculator.
Close up of businessman or accountant hand holding pen working on calculator to calculate business data, accountancy document and laptop computer at office, business concept
NATEE MEEPIAN/Natee Meepian - stock.adobe.com
On the Financial Accounting Standards Board's vote to extend the compliance deadline on the new Current Expected Credit Loss methodology for all but the largest publicly traded banks:

"It's time for Congress to intervene and force the delay and further study. It's also time for the bank regulators to assert themselves. Bill Isaac, former Chairman of FDIC."

Related: FASB extends CECL deadline for most lenders
crapo-mik.jpg
Senator Mike Crapo, a Republican from Idaho, questions witnesses during a Senate Banking Committee hearing with Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), and Mary Jo White, nominee for chairman of the U.S. Securities and Exchange Commission (SEC), in Washington, D.C., U.S., on Tuesday, March 12, 2013. Cordray pledged to continue to pursue policies that protect consumers as the Senate considers his second nomination to run the agency. Photographer: Andrew Harrer/Bloomberg *** Local Caption *** Mike Crapo
Andrew Harrer/Bloomberg
On Senate Banking Committee Chairman Mike Crapo saying he's open to holding a hearing on cannabis banking legislation:

"Come on, Mr. Chairman — if the state of Utah can get on board with changing marijuana laws, you can too."

Related: Pot banking hearing is on Crapo’s radar
wall-street-sign.jpeg
robert cicchetti - stock.adobe.com
On Democratic Sen. Elizabeth Warren's sweeping plan to rewrite banking, tucked within a bill to rein in private equity firms:

"This is a key part of Elizabeth Warren's overall STEAQAP plan (Strangle the Economy as Quickly as Possible). I’m particularly fond of the idea of getting the post office involved in offering banking services, because they’re, you know, experts in financial services."

Related: Warren makes play to put banking in 2020 spotlight
Sen. Elizabeth Warren, D-Mass.
Senator Elizabeth Warren, a Democrat from Massachusetts and 2020 presidential candidate, speaks during an Iowa Democratic Party Hall of Fame event in Cedar Rapids, Iowa, U.S., on Sunday, June 9, 2019. Iowa, the first-in-the nation caucus state, is hosting 19 presidential hopefuls this weekend for its annual Hall of Fame celebration, a fundraiser for the state Democratic Party in Cedar Rapids on Sunday. Photographer: Daniel Acker/Bloomberg
Daniel Acker/Bloomberg
Another reader responds to Sen. Warren's plans to overhaul Wall Street banking:

"Ms. Warren is determined in her slightly hysterical way to rescue us all from the evils of a prosperous economy; low unemployment, increased workforce participation . . . healthy banking industry, record equities market performance and consumer confidence."

Related: Warren makes play to put banking in 2020 spotlight
House for sale
On a policy analyst suggesting that Community Reinvestment Act reforms could include a market-based approach in which banks would pay a fee to other lenders to help fulfill CRA obligations:

"Performance context is EVERYTHING in CRA. It’s why CRA exams can’t be totally objective."

Related: The case for market-based CRA reform
Close up on two people as they shake hands.
Close up view of business partnership handshake concept.Photo of two businessman handshaking process.Successful deal after great meeting.Horizontal, blurred background
SFIO CRACHO - stock.adobe.com
Another reader responds to a suggested CRA reform that would allow banks to pay other lenders a fee to help meet credit obligations:

"The author should provide facts to back up his assertions: 'loans to low-income borrowers today constitute a bigger proportion of the nonbank portfolio than they do for banks' — Mortgage companies portfolio loans? hmmm. "

Related: The case for market-based CRA reform
Rachel Witkowski
Tech reporter, Financial Planning
Marijuana banking CECL Dodd-Frank CRA Mike Crapo Elizabeth Warren Senate Banking Committee House Financial Services Committee
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