Readers weigh in on big tech companies walking away from OCC's fintech charter, House committee wanting Facebook to halt Libra, calls to stop Congress from delaying CECL, and more.
"When the OCC doesn't give out any charters, it is not the fault of all the applicants. The OCC needs to get its house in order."
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"'I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress...' Thanks but no thanks, request denied. That said, I'm not a fan of Facebook and its track record isn't one that folks should trust for something like this."
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"Using the threat of a congressional inquiry to halt innovation and entice a campaign contribution is a new low. It's like high camp Norma Desmond searching for the right vehicle to put her back on top."
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"Professor Verret couldn't be more wrong. Left to its own devices, FASB can cause massive economic distortions and losses with its ill-conceived accounting proclamations. The Great Recession was largely due to FASB's mark-to-market accounting rules, which FASB put in place over strenuous objections from the Secretary of the Treasury, Chairman of the FDIC, and Chairman of the Federal Reserve. FASB must have proper oversight. Bill Isaac, former Chairman, FDIC."
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"FASB does not identify accounting 'truth.' It manages a model, one that is growing in complexity. As Bill Isaac pointed out, FASB's model became seriously disengaged from reality with its fair value accounting rule, which this 'private' agency that wields government power only changed because of congressional pressure."
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"'There should be a National Institute of Regulation'. Oh Joy! Another bloated, lawyer filled tax payer supported non-sense entity. The only way you'll get any buy in from the informed is to replace (think gone entirely) at least two existing government entities with this proposed one."
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