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'The hypocrisy is unbelievable': Comments of the week

ByVictoria Finkle
May 9, 2019 10:00 PM

Readers weigh in on Wells Fargo's latest efforts to mollify regulators, debate the value of a "mini CFPB" in California, consider proposed changes to the Community Reinvestment Act and more.

CFPB headquarters
Exterior of the Consumer Financial Protection Bureau, Washington, DC USA
On an argument that California's financial regulatory body needs to be reformed, but that a statewide Consumer Financial Protection Bureau, or "mini CFPB," isn't needed:

"Of course Mini-CFPB won't solve regulatory problems, since Maxi-CFPB is the cause of such regulatory problems, for that matter."

Related: ‘Mini CFPB’ won’t solve California’s bank regulation problems
regs.jpeg
rubber stamps marked with regulations and rules
Wolfilser - stock.adobe.com
Another reader weighs in on the debate over whether California needs a state CFPB:

"Californians' solution to all problems, throw taxpayer money into creating another department or agency to do this or that. What a waste. Before you know it there will be a diaper changing department and a department to oversee the diaper changing department."

Related: ‘Mini CFPB’ won’t solve California’s bank regulation problems
Wells Fargo sign
A Wells Fargo & Co. sign sits on display outside the company's offices in San Francisco, California, U.S., on Tuesday, April 27, 2010. Wells Fargo & Co., the fourth-largest U.S. bank by assets and deposits, may raise its dividend once capital levels satisfy regulators and if the economic recovery continues, said Chief Executive Officer John Stumpf. Photographer: David Paul Morris/Bloomberg
David Paul Morris/Bloomberg
On news that Wells Fargo has created a new unit created to address concerns from regulators, which will be led by a longtime Wells veteran:

"They still don’t get it. The problems that have besieged Wells Fargo did not come from credit and market risk. This started with their sales culture and was enhanced with the overall revenue producing culture. If they want to have a strategic directed committee to address regulatory concerns, it needs to be led by someone with a completely different skill set."

Related: Wells Fargo creates unit to satisfy regulatory demands
Rep. Maxine Waters
Representative Maxine Waters, a Democrat from California and ranking member of the House Financial Services Committee, listen to testimony from Janet Yellen, chair of the U.S. Federal Reserve, during her semiannual report on the economy to the House Financial Services Committee in Washington, D.C., U.S., on Wednesday, July 15, 2015. Yellen said prospects are good for further improvement in the labor market and the economy, keeping the central bank on track for an interest-rate increase in 2015. Photographer: Drew Angerer/Bloomberg *** Local Caption *** Maxine Waters
Drew Angerer/Bloomberg
On news that House Democrats are in talks with the Trump administration, which is seeking to review subpoenas lawmakers sent to Deutsche Bank and Capital One regarding the president's financial records:

"Can you even imagine how the liberals would react if these stunts were pulled on Obama? Again, the hypocrisy is unbelievable."

Related: House committees in talks with Trumps about bank subpoenas
Online lending image. Keyboard with big key that says "loans"
Inscription on the Blue Keyboard Enter Button, for Loans Concept. High Quality Render of a Aluminum Keyboard Key. The Button is Blue in Color and there is Message Loans on It. 3D.
Tashatuvango/tashatuvango - stock.adobe.com
On an argument that some of the proposals regulators have floated for amending the Community Reinvestment Act would greatly change the law without improving it:

"The problem with CRA....from the old 12 assessment factors to the three tests, is the lack of any metrics. One examiner may say your have a "significant" level of investment and another says your level is just OK (or adequate, in regulatory speak). Throw in digital banking and it's impact on an assessment area and no wonder bankers are asking for help."

Related: Don’t overhaul CRA just for the sake of it
Victoria Finkle
BankThink Editor , American Banker
Consumer banking Policymaking Financial regulations Trump administration CRA CFPB News & Analysis State of California
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