DBA Digest for April 26, 2024

Women Connect!

Over 100 attendees gathered yesterday, April 25, for the first Women Connect Network event of the year. The event, held at the Wilmington University Brandywine Campus, began with a Networking Breakfast and Vendor Showcase. Featured sessions included: Philanthropy Ages and Stages; Women in Business; and concluded with special remarks from Dr. LaVerne Harmon, President of Wilmington University. 

Speakers included: Rebecca Elzey, Senior Compliance & Operations Officer, Delaware Community Foundation; Tara Bolinski, Senior Trust Administrator, Santora CPA Group; Badia Weeks, CEO, Your Wellness Homegirl; Lynne Howard, Philantropist; Alexis Harris, Founder & Strategist, First State Destinations; Kaisha Blackstone, Producer & Co-Founder, BASSic Black Entertainment, LLC; and, Elizabeth Sanchez, Founder & Holistic Healer, Magnificent Mamas Collective.

Thank you to our sponsors: Charles Schwab Trust Company of Delaware, Federal Home Loan Bank of Pittsburgh, Fulton Bank, Pinion, and, Wilmington Trust! Vendors included: Mary Kay; La Nunery Apothecary; Linked by LaBelle; Loveleigh; Nothing Bundt Cake; The Flower Place; Bloom Planners; Fund for Women; Roofs from the Heart; and, Wilmington University.

Support House Bill 203 for Comprehensive Financial Education in Delaware!

As we observe Financial Literacy Awareness Month this April, it's time to address a pressing issue: the lack of financial education among our youth in Delaware. House Bill 203, championed by Rep. Jeff Hilovsky, R-Millsboro, is a vital step towards bridging this gap. This legislation mandates that high school students, starting with those entering 9th Grade in the 2025-2026 academic year, complete a half-credit course in financial literacy for graduation.

Financial illiteracy can lead to unemployment, stress, and economic hardship. By ensuring every Delaware student has equal and guaranteed access to a personal finance course in high school, we can empower them to make informed financial decisions and secure their futures. Visit the link below for more information on the Bill and how you can support it.

DBA 129th Annual Meeting & Dinner,

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

There's still time to register for 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.

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.

ABA Women Lead Symposium - July 17

At the Women Lead Symposium, you’ll acquire critical leadership skills that will advance your career and support women aspiring to lead in the banking industry. This half-day, virtual program is designed to help women and allies become inclusive, successful leaders. You’ll learn leading practices and actionable insights to engender a diverse working environment that improves your bank’s bottom line. You’ll also walk away with resources and a strong professional network that support women in banking.

Bank of America Private Bank Market Minute

Major U.S. Equity Indexes struggled for a third consecutive week. The Nasdaq Composite and S&P 500 Indexes suffered declines of 5.5% and 3.1% respectively over last week. Influenced by recent geopolitical developments and of the S&P 500 sectors, Energy is the only sector with a positive return for the month of April, and the best performing sector year-to-date (YTD) (on a total return basis). As of last Friday, the S&P 500 has declined 5.3% in April, with only four instances of positive daily gains this month. Yields were on the move, as the yield on the benchmark 10-year U.S. Treasury note hit its highest intraday level since early November. Contributing to the recent slump in U.S. Equities and the move up in yields are tensions in the Middle East, which drove the Chicago Board Options Exchange Volatility Index (VIX) to levels last seen in October 2023, beginning and ending the week around the 19-level. Global oil prices spiked briefly to more than $85 per barrel in the wake of re-escalating tensions between Israel and Iran. Prices reversed by late last Friday, capping a weekly decline of around 3% for the global crude benchmark, Brent. In economic news, retail sales came in hotter than expected, rising 0.7% in March.

DSB Partners with Small Business Development Center to Support Small Business Owners Seeking Loans from State’s SSBCI Program

The state’s Division of Small Business (DSB) is partnering with the Delaware Small Business Development Center (SBDC) to provide additional support to small business owners seeking loans from a federal program that DSB oversees in Delaware. DSB has given the SBDC $675,423 in funding to provide Technical Assistance to small business owners for the State Small Business Credit Initiative (SSBCI). SSBCI is a federal program aimed at supporting both small and early-stage businesses who are having challenges obtaining a traditional bank loan, as well as those that are owned by socially and economically disadvantaged persons.

“We selected the SBDC to receive these technical assistance funds because they are uniquely qualified to broaden our reach to small business owners and provide intense individual support to them,” said DSB Director Regina Mitchell. “We are looking forward to seeing this program grow rapidly and getting more funding in the hands of entrepreneurs who need a little extra help to start or grow their business.”

In early 2023, Delaware was awarded $60.9 million from the U.S. Treasury Department to be used over a 10-year period. DSB is distributing the funding across four programs; two of which support small business loans: the Delaware Loan Participation Program (DELPP), and the Delaware Capital Access Program (DCAP).

Jenifer Jurden is a Cartoonist from Wilmington who has graciously provided her Planet Jurdy cartoons for the DBA Digest. Jurdy® is her other-worldly "Hero of Happyness" whose cartoons bring levity to humans worldwide.

Richards Layton Increases Associate Starting Salary

Richards, Layton & Finger is pleased to announce that it has increased its starting salary for associates to $210,000, effective immediately. This decision reflects our pledge to recruit the most accomplished, talented law students and retain our dedicated, high-performing associates.

As we celebrate our 125^th year, Richards Layton remains committed to attracting top law students to join Delaware’s largest firm and be part of a team providing excellent service to sophisticated clients on the cutting edge of Delaware law. The firm also remains committed to rewarding and retaining our hard-working associates who are given the opportunity for frontline responsibility and form the heart of our client service teams.

Will Resiliency Carry the Digital Asset Sector

Through 2024?

In 2023, the digital asset industry demonstrated remarkable resilience amidst significant challenges, including the dissolution of several digital asset financial services companies, numerous bank failures, and a $4.7 billion fine imposed on Binance by the U.S. government. Despite these adversities, the digital asset market rebounded, recapturing over 50% of the market capitalization lost in 2022, bringing the total to $2.59 trillion.

This resilience is underscored by increased regulatory activity. California and Louisiana enacted comprehensive digital asset licensing frameworks. Additionally, the Federal Reserve released numerous guidance documents related to digital assets, suggesting a potential shift toward integrating digital assets and distributed ledger technology (DLT) into the traditional financial system.

Wilmington University Open House - May 1st

Get to know Wilmington University at its Open House on Wednesday, May 1! Stop by online or in person at WilmU’s New Castle Campus to chat with faculty and staff, learn about Dual-Credit ADVANTAGE™, explore degree programs and more. Plus, join special information sessions throughout the day to learn how to get started at WilmU and to explore financial aid options available to help you offset tuition costs. The application fee will be waived at this event. RSVP at wilmu.edu/OpenHouse