DBA Digest for April 12, 2024

"So You Want to Make a Mobile Deposit!"

New Wizzo the Money Dog Episode!

It's easy to deposit a check with your smart phone... or is it? Wizzo the Money Dog helps navigate the procedure for making a mobile bank deposit in his latest video from the Delaware Financial Education Alliance! Watch it now!

2024 Teach Children to Save Day is Next Week! - Volunteers: Watch the Instructional Video!

Teach Children to Save Day will be celebrated all next week as hundreds of banker volunteers visit classrooms throughout the state! You volunteered for this year's Teach Children to Save Day, but now you're wondering: "How do I teach a class to a room full of inquisitive 4th graders?" Not to worry! The 2024 Teach Children to Save Day instructional video is now available. Teaching Pro, Judy Austin, from the Center for Economic Education and Entrepreneurship, provides step-by-step instruction and helpful tips to make this year's lesson fun and memorable for the students and you, too! Watch the video via the link below. You can also find the lesson plan and this year's comic book there, too!

Women Connect - April 25! Register Today!

There's still time to register for the next Women Connect Network event, April 25, 8 a.m. to 1 p.m. at the Wilmington University Brandywine Campus! Featured sessions include Philanthropy – Ages and Stages; Women in Business; and, special remarks from Dr. LaVerne Harmon, President of Wilmington University. In addition there will be a showcase of locally women-owned businesses and a networking breakfast!

Thank you to sponsors: Charles Schwab, Federal Home Loan Bank of Pittsburgh, Fulton Bank, Pinion, and, Wilmington Trust!

DBA 129th Annual Meeting & Dinner,

May 9th - Rene Perez, Financial Crimes Expert, Keynote Speaker!

You won't want to miss the 129th Annual DBA Meeting & Dinner, May 9th at the DuPont Country Club. The keynote speaker for the evening will be Rene Perez, the National Director of Financial Crimes Sales & Financial Crimes Consultant with Jack Henry^sm. Rene has 23+ years of experience in the financial crimes industry and subject matter expert on financial crimes. He and has spoken at many major conferences including ACAMS®, Jack Henry Connect, and SAS’s Global Financial Crimes Conference. Rene has also written many different publications on Financial Crimes matters affecting the U.S financial sector.

Today is the last day to reserve your sponsorship! Join these prestigious sponsors: Bayard; Belfint Lyons Shuman; The Delaware Community Foundation; The Federal Home Loan Bank of Pittsburgh; Mayer Brown; McCollom D'Emilio Smith Uebler; Pinion; Potter Anderson Corroon; Richards Layton Finger; RKL CPA; S&P Global; Santora CPA Group; Visa; Weiner Benefits Group; and, Young Conaway.

Bank table sponsorships are also available. Join Barclays, Capital One, Discover Bank, First Citizens Community Bank, JPMorgan Chase & Co.; M&T Bank, PNC Bank, and, Wilmington Trust.

Dynamic Presentation Skills - April 30th

Are you aware that people can fear public speaking even more than dying? For those who want to conquer this common fear and those who already speak in front of groups but would like to do so with greater ease and effectiveness, this course can help! 

​Designed to put participants at ease while challenging them to apply concepts they’re learning (yes, by actually speaking), this course gives them essential tools for affecting others with their sales presentations, public speeches, presentations at meetings, and other speaking opportunities. Join Linda Comerford, Comerford Consulting for this valuable on-line course via Zoom Tuesday, April 30, 2024 9:00 AM - 4:00 PM. $199/per person ($249/non-members)

Get a FREE preview session - March 26 from 4:00 – 5:00 PM EST. Sign up below!

Breaking Bad Habits - May 14th

Bad habits—everyone has them. But unlike biting fingernails or a leaving cap off the toothpaste, bad writing and communication habits can be especially problematic in the business world. Why? Because those writing, speaking, and interpersonal communication habits are seen and heard by so many others, often daily. The result is that aware of it or not, everyone develops a communication reputation. Join Linda Comerford, Comerford Consulting for this valuable on-line course via Zoom, May 14, 2024: 9:00 a.m. to 12:30 p.m. Just $99 per person for DBA members/$149 per person for non-members.

Bank of America Private Bank Market Minute

Major U.S. Equity indexes ended lower last week amid stronger-than-expected economic data and hawkish commentary from Federal Reserve (Fed) officials. The S&P 500 and Nasdaq Composite Indexes both fell nearly 1%, while the Dow Jones Industrial Average logged its worst weekly return since March 2023 of -2.3%. Resilient data drove the yield on the U.S. 10-year Treasury up 20 basis points (bps) over the week. Rising tensions between Iran and Israel led oil prices to a level last seen in October, with the West Texas Intermediate benchmark nearing $87/barrel at last Friday’s close. Gold hit yet another record at the end of last week, closing above $2,300 per troy ounce. In economic news, March’s unemployment report surprised to the upside, with 303,000 jobs added over the month―well above expectations. The unemployment rate ticked lower to 3.8%, while the labor force participation rate rose from 62.5% to 62.7%. In line with greater participation, average hourly earnings grew 4.1% over the year, slightly down from 4.3% in February.

Federal Court Stalls Enforcement of New CRA Rules

On March 29, 2024, the United States District Court for the Northern District of Texas issued a preliminary injunction prohibiting enforcement of the new Community Reinvestment Act (“CRA”) regulations against the plaintiffs in the case.

The CRA, passed in 1977, generally requires insured depository institutions to participate in investment, lending, and service activities that help meet the credit needs of their designated assessment areas—particularly low- and moderate-income communities and small businesses and farms. In October 2023, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (the “Board”), and the Federal Deposit Insurance Corporation (“FDIC”) (the “Agencies”), which enforce the CRA, adopted new regulations significantly overhauling the existing CRA regulatory regime.

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

In February 2024, the Federal Deposit Insurance Corporation entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating to compliance with the Bank Secrecy Act (BSA), compliance with applicable laws, and third-party oversight. BaaS refers to arrangements in which banks integrate their banking products and services into the services of non-bank third-party distributors and the distributors deliver the integrated banking services directly to the customer. A common example of BaaS is banks’ delivery of lending services through fintech partners’ digital platforms. BaaS has gained popularity in recent years as the bank partner can generally roll out banking services to customers at a much faster pace and for lower costs than traditional banking products and services.