#QuickTakes: Robert Johnston

CEO and co-founder of Adlumin Robert Johnston recaps the company’s roots in investigating the hack of the 2016 Democratic National Committee email leak, how gaps in cybersecurity affect banks, and what impact the pandemic has had on the importance of remote and cloud-based technology. [Continue]

Pandemic raises stakes on debit card issue

The 10th anniversary of the Dodd-Frank Act came in the midst of the pandemic, when debit card usage was surging. The Durbin Amendment to Dodd-Frank requires card issuers to enable cards to operate on at least two unaffiliated debit networks. Sen. Richard Durbin, (D-Ill.) recently wrote to the Federal Reserve about his concern that the largest card issuers are ignoring the rule at a time when card usage is skyrocketing, resulting in higher fees for merchants and, therefore, consumers. [Continue]

Consensus around PPP’s success

Democrats and Republicans unsurprisingly have different takes on the success of the Paycheck Protection Program. Opposing political parties routinely take shots at one another; weeks before a presidential election, the partisanship is especially acute. With respect to PPP, however, small business advocates should agree that the program provided crucial support very quickly, with safeguards against fraud that made PPP as effective as any massive government grant program can realistically be. [Continue]

Carranza gets a big start at the SBA

September 30 marked the close of the 2020 fiscal year for the country; what an enormous year it turned out to be for the U.S. Small Business Administration. When Jovita Carranza was confirmed SBA Administrator in January, there was no way for her to know the agency was on the cusp of its biggest mission since the SBA was created in 1953: Help the country and its small businesses navigate a pandemic-induced recession.  [Continue]

Turn PPP borrowers into core customers

Thousands of lenders across the country have loaned more than $230 billion to small businesses through the Paycheck Protection Program. While many banks focused on serving existing customers, perhaps equally as many attracted new customers. If your bank has acquired new customers through PPP, now is the time to solidify these relationships. [Continue]

Tech contest

The FDIC has launched a competition to create a next-generation data gathering system for the banks it supervises. Some two dozen companies are participating in the effort to create tools that will make data collection more comprehensive, more timely and less burdensome. FDIC Chair Jelena McWilliams told the Wall Street Journal she’d like the system to be so robust that it eventually replaces the call report. [Continue]