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The EU example has shown that you can simply require banks to adopt customer-friendly interoperability and low fees. If it’s possible in a union of 27 nations

by pavlov 5y ago

The EU example has shown that you can simply require banks to adopt customer-friendly interoperability and low fees. If it’s possible in a union of 27 nations with originally very disparate banking systems, it’s certainly possible in America. There’s just no political will.

mbesto 5y ago
> The EU example has shown that you can simply require banks Through regulation sure, but that wasn't the parent's point. Without regulation there is virtually no incentive for banks to play ball.
- deleted 5y ago
  [deleted]
- banannaise 5y ago
  And the political systems at play in most wealthy non-EU countries will lead to the banks essentially writing the regulation themselves. Ain't it fun?
banannaise 5y ago
There's no political will because it helps poor people and reduces revenue for megacorps. Guess who "political will" comes from?
- JumpCrisscross 5y ago
  > There's no political will because it helps poor people and reduces revenue for megacorps There's no political will because of this fatalistic B.S. There have been multiple bills presented in Congress. The result is usually the same: lukewarm support. (My favorite: a rep talking about cutting wire fees, making them 24/7 and mandating interoperability saying they got letters complaining because she talked about banking. Nobody wrote in support. Guess what got dropped from the bill.)
  - Iefthandrule 5y ago
    Activism on these issues get stamped out by the wealthy. Look at what happened to Bernie and Occupy Wall Street. It is not a matter of lack of passion or organization. It is a matter of corruption.
    - JumpCrisscross 5y ago
      > Look at what happened to Bernie and Occupy Wall Street This is sort of like saying the wealthy have no power because look at John McAfee. Bernie didn’t propose bank interconnects. Occupy didn’t propose anything. (I was there.) Payment infrastructure modernisation, by statute, simply doesn’t have political support in America. It’s between people who want to abolish banks and capitalism and an uncaring supermajority.

by pavlov 5y ago

mbesto 5y ago

> The EU example has shown that you can simply require banks Through regulation sure, but that wasn't the parent's point. Without regulation there is virtually no incentive for banks to play ball.

deleted 5y ago
[deleted]
banannaise 5y ago
And the political systems at play in most wealthy non-EU countries will lead to the banks essentially writing the regulation themselves. Ain't it fun?

banannaise 5y ago

There's no political will because it helps poor people and reduces revenue for megacorps. Guess who "political will" comes from?

JumpCrisscross 5y ago
> There's no political will because it helps poor people and reduces revenue for megacorps There's no political will because of this fatalistic B.S. There have been multiple bills presented in Congress. The result is usually the same: lukewarm support. (My favorite: a rep talking about cutting wire fees, making them 24/7 and mandating interoperability saying they got letters complaining because she talked about banking. Nobody wrote in support. Guess what got dropped from the bill.)
- Iefthandrule 5y ago
  Activism on these issues get stamped out by the wealthy. Look at what happened to Bernie and Occupy Wall Street. It is not a matter of lack of passion or organization. It is a matter of corruption.
  - JumpCrisscross 5y ago
    > Look at what happened to Bernie and Occupy Wall Street This is sort of like saying the wealthy have no power because look at John McAfee. Bernie didn’t propose bank interconnects. Occupy didn’t propose anything. (I was there.) Payment infrastructure modernisation, by statute, simply doesn’t have political support in America. It’s between people who want to abolish banks and capitalism and an uncaring supermajority.