From subprime lending to the CFPB, a few hot button issues got readers buzzing.

Here's what they had to say.

 

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For mobile wallets to gain traction, banks and credit unions will need to bring the same trust and ubiquity to them that they brought to credit and debit cards. There are affordable, easy to implement mobile wallet technologies that any credit union can utilize to offer its members a credit union branded mobile wallet.

—Doug Parr

 

I think a reality check is needed.

  1. Subprime borrowers are, for the most part, subprime because they don't pay their loans back.

  2. Any idea that a credit union member is loyal to his or her credit union ended the day a credit union became a community charter. I know this is hard for some old war dogs to swallow, but we are just a bank to most members.

  3. The landscape is littered with companies that claimed to be able to make subprime loans and stay in business (Centrix, Fairlane, Mercury, Americredit, etc.).

  4. Full spectrum lending is necessary to stay profitable, but the lower levels of credit are very labor intensive and best left to those with a large staff and experience.

—BilyBobJim

I have worked for three different credit unions over my career. Neither them nor the dozen others where I know execs ever tries to report anything other than accurate information. This is just one more example of the CFPB's ever expanding search for a non-existent problem, where it hopes to find one poor institution and slap it with a huge fine. Given today's news about discrimination within the CFPB, maybe Director Cordray should spend some time looking inside his building.

—BillyBobJim

Well said BillyBobJim! The CFPB needs to back down and quit trying to protect consumers from themselves. Consumers need to be educated and able to balance their finances. This agency is going to put so much burden on institutions, it will eventually affect smaller organizations. Our credit union would never intentionally report inaccurate information. It could happen, but never intentionally…

—Scott Grundy

Cordray says, "Consumers should not be sidelined out of the basic banking services they need because of the flaws and limitations in a murky system."

Murky? What a clown. Is this the best we can do in this country?

—greg

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