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'What could possibly go wrong?': Comments of the week

ByRachel Witkowski
November 21, 2019 9:00 PM

Readers react to the FDIC's proposal allowing banks to hire ex-cons, regulators looking into climate-change risk at banks, whether rewards programs drive loyal customers and more.

gavel-88191110-adobe.jpeg
Judge, law, lawyer and Justice concept with a 3d render of a gavel on a wooden desktop with grey background.
Niroworld/niroworld - stock.adobe.com
On the FDIC board unanimously approving a proposal that would allow banks to hire applicants with minor criminal records:

"What could possibly go wrong?"

Related: FDIC plan would make it easier for banks to hire ex-cons
A protester holds a sign that reads "Climate Emergency" while blocking an intersection during the Shut Down DC climate demonstration in Washington Sept. 23, 2019.
On a Senate proposal that would require the Federal Reserve to develop stress testing on climate-related risks to the financial system:

"Ridiculous political BS."

Related: Senate bill would require Fed to develop stress tests for climate risks
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Golden champion cup-trophy. 3d render illustration
coramax - Fotolia
On executives at Capco saying that easy-to-use payment rewards is the way to win the loyalty of digital-only customers:

"Rewards are bribes, incentives, traps . . . They don't generally create deep and strong bonds, and are easily displaced by competing offers."

Related: 'We don't hear people say, I love my bank'
Facebook Libra
Like Network and Technology - Man Holding Smartphone Background
natanaelginting - stock.adobe.com
On a Federal Reserve report identifying Facebook's proposed Libra stablecoin as a potential risk to the financial system:

"Is it just me or does this report feel as though it was written by Captain Obvious?"

Related: Stablecoins like Facebook's Libra may pose systemic risks, Fed says
Summer heat wave
Outside Thermometer showing ninety degree hot summerday
Steve Charte/Charte Photography - stock.adobe.com
On federal regulators beginning to raise concerns about climate change:

"Ridiculous! Climate change is another deep-state hoax. "

Related: U.S. banking regulators taking harder look at climate change
Smokestacks for story on climate change and banks, pollution
Steam rises from cooling towers at a coal-fired power plant West Virginia, U.S. Photographer: Luke Sharrett/Bloomberg
Bloomberg Creative Photos/Bloomberg
Another reader responds to Fed officials examining how climate change effects banking:

"We have an answer for climate-related losses. It's called insurance."

Related: U.S. banking regulators taking harder look at climate change
Students throw their mortar boards into the air in celebration during graduation.
On a call for legislation that would require more detailed, upfront disclosures to students about financing their degree:

"Financial education needs to take place well before someone even applies for a student loan, not at the time of application."

Related: How about educating the student before the loan?
OCC building
The seal of the Office of the Comptroller of the Currency (OCC) is displayed outside the organization's headquarters in Washington, D.C., U.S., on Wednesday, March 20, 2019. The OCC this week fined Citibank $25 million for failing to offer some existing customers lower interest rates on mortgages or closing cost discounts that they were entitled to under a program for borrowers with a relationship with the bank. Photographer: Andrew Harrer/Bloomberg
Andrew Harrer/Bloomberg
On an OCC proposal allowing banks to work around the 2015 'Madden' court ruling that restricted their ability to sell loans to third parties, like marketplace lenders:

"The academic research cited by the marketplace lenders shows a statistically significant effect, but a magnitude of barely larger than zero."

Related: OCC offers road map for banks to bypass ‘Madden’ ruling
Rachel Witkowski
Tech reporter, Financial Planning
Recruiting Climate change Risk Risk management Consumer banking Loyalty and rewards Law and regulation Fintech regulations FDIC Federal Reserve Facebook Cryptocurrency
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