'Get a grip, folks': Comments of the week

June 28, 2018 10:00 PM

Readers react to Capital One restricting data access, opine on whether or not the Consumer Financial Protection Bureau's structure is unconstitutional, weigh in on Rep. Maxine Waters as Financial Services Committee chairman and more.

A close up of the capital building with an American flag

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On a federal judge ruling that the CFPB's structure is unconstitutional:

“The CFPB is part of the Executive Branch but cannot be influenced by the Executive Branch, does not have to ask congress for appropriations but rather robs the piggy bank known as the Federal Reserve Bank with unlimited funds at their disposal, actions by CFPB can be implemented by one person and their internal administrative judges approve enforcement actions. Even if the Supreme Court says it is constitutional, it should not be allowed in America.”

Related: Another judge says CFPB structure is unconstitutional

US state flag of Ohio with great detail waving in the wind.

Carsten Reisinger/Carsten Reisinger - stock.adobe.com

On the D.C. Circuit appearing skeptical of the claim by Leandra English, the chief of staff under former CFPB Director Richard Cordray, that she is the rightful acting director of the bureau:

“English should be fired simply for ‘the efficiency of the service.’ Her published calendars available at bureau's website show total inactivity. I'm sure there is a spot for her on Cordray's campaign in Ohio as a reward for partisan loyalty.”

Related: Chaos atop CFPB could get worse after appeals court ruling

Representative Maxine Waters, a Democrat from California and ranking member of the House Financial Services Committee, questions witnesses during a hearing in Washington, D.C., U.S., on Wednesday, Oct. 25, 2017. The hearing was titled Examining the Equifax Data Breach. Equifax Inc., already reeling from American probes into the loss of data on 145.5 million customers in a computer hack, will face an investigation in the U.K., where 694,000 consumers had information stolen. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On how Rep. Maxine Waters' public fights with President Trump could spill over into her potential leadership of the Financial Services Committee next year:

"At a time when political discourse has given way to polemics and histrionics, Waters would lead us like lemmings over the edge to lunacy. We need to return to reasoned debate based on shared values and mutual respect. If we are becoming an ungovernable society, it is the likes of Ms. Waters and her kindred spirits from both political poles that are taking us there. Get a grip, folks."

Related: Waters’ clashes with Trump just the beginning

Agreeing with an op-ed that slams banks’ fintech efforts for being too shallow:

“Fully in support of what you're saying here, as I have myself experienced this over and over again in different iterations during the last 5 years. There are many reasons to be skeptical that any positive change is about soon, though this would take up too much of this space.”

Related: Banks can’t partner themselves into digital relevancy

On how banks see a need for airport branches even though they can be expensive and do not typically generate much new business:

"If ever there was a place for smart ATMs...." (via Twitter)

Related: Can airport branches be more than expensive billboards?

Mick Mulvaney, acting director of the Consumer Financial Protection Bureau (CFPB), speaks during a Senate Banking, Housing & Urban Affairs Committee hearing in Washington, D.C., U.S., on Thursday, April 12, 2018. Senator Elizabeth Warren clashed with Mulvaney, accusing the former GOP congressman of putting politics ahead of protecting consumers. Photographer: Toya Sarno Jordan/Bloomberg

Toya Jordan Sarno/Bloomberg

On how a looming court decision over who runs the CFPB could cause even more chaos at the bureau:

“The chaos at the [CFPB] departed with former Director Cordray last November. Acting Director Mick Mulvaney and crew have brought clarity, the rule of law, and respect for the U.S. Constitution.”

Related: Chaos atop CFPB could get worse after appeals court ruling

Signage in front of the Fannie Mae and Freddie Mac headquarters.

On policymakers considering an overhaul of the housing finance system:

“It would be much cleaner if they just came out and said the first step is receivership. That would allow a good bank bad bank textbook cleanup, would eliminate the bloated Enterprises salaries and clandestine lobbying and allow a thoughtful way to spin or sell the leftover assets and securitization platform.”

Related: Trump’s GSE plan: Familiar solution, familiar problems

The consent order between the Federal Reserve and Capital One required the bank to submit progress reports on its efforts to improve its risk management functions.

Michael Nagle/Bloomberg

On Capital One restricting how bank data flows to some fintech apps:

“All kinds of interesting wrinkles in this. Consumer ownership of data, data security, [competition] between banks and fintechs, etc” (via Twitter).

Related: Capital One restricts third-party data access, upsets customers

J. Mark McWatters, acting chairman of the National Credit Union Administration, listens during a Senate Banking Committee hearing in Washington, D.C., U.S., on Thursday, June 22, 2017. Top U.S. banking regulators are sprinting to ease the Volcker Rule, stress tests and other constraints on Wall Street after the Trump administration issued a long list of proposals last week for rolling back post-crisis financial rules. Photographer: Andrew Harrer/Bloomberg

Andrew Harrer/Bloomberg

On an argument that large credit unions be required to follow Community Reinvestment Act and executive compensation disclosure standards:

"Don't throw the baby out with the bathwater! Cap the credit unions at $10 billion or even $5 billion. Better to save the system for 5,550 credit unions even if the top 7-22 would have to convert to banks."

Related: Banklike credit unions should follow bank rules