Guest: Omar Shute

It’s time to take a walk down memory lane and review the wackiest and wildest loan program ever: the Paycheck Protection Program. Omar Shute of DFTC and Jeff Lyons of MBFS joined us for a topic that we couldn’t fit into just one episode.


  • [02:31] Jeff and Omar introduce themselves and share their responsibilities at their respective firms. 
  • [04:24] Jeff’s view of the history of PPP loans and Omar reflects on the beginning phase of PPP loans. 
  • [08:12] Mark remembers the chaos, Jeff shares his perspective and Omar talks about rules changing three times a day. 
  • [13:34] Mark and Jeff speak about the bad actors, fraud and loan farms. 
  • [19:31] Omar reflects on how the credit union prevented fraud. 
  • [21:33] Mark tells about the largest fraud case. 
  • [26:07] Jeff and Omar discuss the systems in place to make the program work.


  • The PPP loan program was vulnerable from the start because it was rushed, and there were no clear guidelines.
  • The government was just asking for fraud because the regulations were so loose, and unfortunately, FinTech wasn’t doing its job.
  • The credit unions stepped up and did what was necessary to care for customers while protecting the taxpayer.


Mark Ritter – Website


Omar Shute is the Senior Vice President of Commercial Services at Development Finance Training and Consulting Inc. (DFTC). In this role, he oversees commercial underwriting and participates on all the related suite of services offered by DFTC. Omar has 20 years of commercial lending experience and his career background encompasses commercial loan origination, relationship management, commercial loan underwriting, credit administration, commercial portfolio management, policy generation, and senior leadership experience including working with boards of directors.

Mark Ritter is the CEO of MBFS and an expert in credit unions and business lending. His primary role at MBFS is overseeing the strategy of helping credit unions assist members with business needs and consulting with credit unions on planning the delivery of services to their membership.