Words From The Efficiency Experts

Jacob McDaniel

Jacob McDaniel

Recent Posts

The Continued Strength of Community Banks

Posted by Jacob McDaniel on Fri, Nov 8, 2019


One of the most recent developments to come out of the banking industry were the recent layoffs conducted by Wells Fargo, the fourth largest lender in the United States. Announced last month, Wells Fargo laid off more than 200 employees mostly focused within their agriculture loan divisions in states such as North and South Dakota. According to people with direct knowledge on the matter, Wells Fargo has cut the commercial loan division of their lending portfolio by 25%. This comes as a blow to the farmers in North and South Dakota who were relying on Wells Fargo to meet their lending needs.

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The Importance of Financial Literacy in Schools

Posted by Jacob McDaniel on Tue, Nov 5, 2019

In late September Pennsylvania State House of Representatives passed new legislation that will allow public school students to apply personal finance credits towards high school graduation requirements. Daniel Laughlin, a state senator for Pennsylvania stated, “I believe high school courses in personal finance should be encouraged.”1 This new legislation will go into effect within the 2020 school year. Students that complete a personal finance course have the ability to use that as a credit for math, social studies, business education, or family and consumer science. Pennsylvania promoting personal finance within their schools is encouraging and hopefully other states will follow their lead.

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Wrapping Up National Cybersecurity Awareness Month

Posted by Jacob McDaniel on Wed, Oct 30, 2019

National Cybersecurity Awareness Month (NCSAM) may be coming to an end, but we hope our continuous coverage has placed this very important topic at the top of your mind. Our goal this month was to provide tools, resources and information that can truly move the cybersecurity awareness needle.

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Is Your Institution Cyber-Aware?

Posted by Jacob McDaniel on Fri, Oct 25, 2019

This month we have focused on numerous aspects of cybersecurity. Sometimes simply starting the conversation about cybersecurity is the first step in protecting your customers information from cyber criminals. Cybersecurity is becoming a huge factor for consumers when selecting an institution to partner with their business. It is also becoming an important step in the on-boarding process of a customer. However, there are steps that you can take to illustrate your cybersecurity protocols and make your customers feel at ease about doing business with you.

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How to Keep Your Organization Safe

Posted by Jacob McDaniel on Wed, Oct 16, 2019

The cybersecurity of small businesses are sometimes overlooked leaving these companies vulnerable to attacks from cyber criminals. The safeguarding of data for small businesses is not emphasized enough causing thousands of data breaches every year across the United States.  

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Cybercrime Targeting Millennials

Posted by Jacob McDaniel on Wed, Oct 9, 2019

As you may already know, this month is National Cybersecurity Awareness Month (NCSAM). So we thought it would be important to focus on who these criminals are targeting and how large their impact can be.

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Owning Your Cybersecurity

Posted by Jacob McDaniel on Mon, Oct 7, 2019

This month is National Cybersecurity Awareness Month (NCSAM) which focuses on the importance of cybersecurity. In the months leading up to NCSAM, a collaboration between government and industry leaders takes place to increase awareness on the importance of cybersecurity and providing Americans with the information they need to keep themselves safe online. 

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What Does the CRA Mean for Community Banks?

Posted by Jacob McDaniel on Wed, Sep 25, 2019

The Community Reinvestment Act (CRA) isn’t a new concept to the banking world by any means. We have probably all heard of the CRA, but do we know enough about it and how it can affect our community banks?

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FDIC Requests Comments on Interest Rate Restrictions

Posted by Jacob McDaniel on Thu, Sep 19, 2019

In early September, the FDIC sent out a financial institution letter requesting comments from Chief Executive Officers and Chief Financial Officers of community banks on interest rate restrictions applicable to institutions that are under capitalized. This letter applies to community banks with total assets less than 1 billion dollars and are FDIC insured.

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Teslar Participates in 2019 Banking & Finance Symposium

Posted by Jacob McDaniel on Mon, Sep 9, 2019

Joe Ehrhardt, CEO and Founder of Teslar Software, participated in the 2019 Banking and Finance Symposium hosted by The University of Mississippi last week.

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