Episode 340: Good Policy, Good Banking

The novel coronavirus isn’t just a health pandemic, it is highlighting critical social and economic issues. Nowhere is this more apparent than the paycheck protection program. Today on the show we talk about lessons learned from the last crisis, some of the lessons we should have learned but haven’t and how banks, fintechs, and regulators are responding. We have 4 guests today - Zach Warmbrodt, Financial Services Reporter for Politico talking about his view from Washington, Jill Castilla, CEO of Citizens Bank of Edmond and Brandon Dewitt, CTO & Co-founder of MX talking about their partnership to help main street and last, Patrick Davis, of Community Reinvestment Fund - a non-profit that acts like a fintech to bring lending to underserved communities. Air Date: Thursday, June 4, 2020 Air Time: 3:00 PM ET Headline: Good Policy, Good Banking Summary: The novel coronavirus isn’t just a health pandemic, it is highlighting critical social and economic issues. Nowhere is this more apparent than the paycheck protection program. Today on the show we talk about lessons learned from the last crisis, some of the lessons we should have learned but haven’t and how banks, fintechs, and regulators are responding. We have 4 guests today - Zach Warmbrodt, Financial Services Reporter for Politico talking about his view from Washington, Jill Castilla, CEO of Citizens Bank of Edmond and Brandon Dewitt, Co-founder & CTO of MX talking about their partnership to help mains street and last, Patrick Davis, of Community Reinvestment Fund - a non-profit that acts like a fintech to bring lending to underserved communities.  Show Sponsors:HarrysJack Henry & AssociatesShippo Alpharank Show Hosts:Brett KingJason Henrichs Show Guests:Zachary WarmbrodtJill CastillaBrandon DewittPatrick Davis TOPICS DISCUSSED: [2:20] Zachary Warmbrodt says banks have fared better during the COVID-19 crisis than in 2008 during the recession.  [4:55] Could the level of inequality we are experiencing in the United States right now lead to a revolution? Will the Federal Reserve play a larger role in this mission? [10:00] There was a lot of concern and chaos around the PPP Program, are policymakers helping smaller banks reach the underserved communities? [12:00] Brett King speaks about financial inclusion and the CRA.  [15:20] When are we going to see technology take on a more prominent role in financial inequality. Especially banks and fintechs.  [21:00] Will we see a change in the strict regulatory requirements put on financial incumbents in the United States? [32:50] Brandon Dewitt speaks about the nobility of banking.  [41:00] Jill Castilla talks about being on the frontlines of the PPP and joining with MX to better serve their customers. [47:14] MX went to community banks and provided open-source software free of charge in order to serve small businesses for the greater good.  RESOURCES MENTIONED:MXCitizens Bank EdmondCRF USAPoliticoFederal ReserveTrump AdministrationSmall Business AdministrationFDICGoogleRakutenMark CubanAmazonDana Farber Breaking Banks is the #1 global fintech radio show and podcast, created by Brett King. Tune in for a look at how technology and customer behavior will bring about more changes in banking in the next 10 years,