DBA Digest for January 12, 2024

2024 DBA Washington Visit - March 6-8

Sponsorship Opportunities

Expanded Sponsorship opportunities are now available for the DBA Senior Executive Washington Visit, March 6 to 8. Sponsorship opportunities are open to all associate members who would like to participate in the event. Sponsorship deadline is February 9, 2024! 

Sponsorship include opportunities for representatives from your ­firm to select to attend any of the following:

• Wednesday March 6th reception and dinner. 
• Thursday March 7th luncheon.
• Thursday March 7th evening reception. The evening reception will feature a new and engaging entertainment venue.

Take advantage of this unique networking opportunity to meet with top leaders in both the financial services and legislative realms. See the form below for full details and to reserve your organization’s place.

Bank of America Private Bank Market Minute

The first week of 2024 said goodbye to nine weeks of weekly gains that closed 2023, a streak that bought the S&P 500 its 25th best year of total return since 1928. January started on a less impressive note, with major U.S. Equity indexes down for the week for the first time since late October. The S&P 500 and Dow Jones Industrial Average fell 1.52% and 0.59%, respectively, while the Nasdaq Composite registered a greater loss of 3.25%. The Russell 2000 was no exception and declined 3.75% last week after gaining over 20% in the final two months of 2023. On a sector basis, Healthcare, Utilities, and Energy– three of the four worst performing sectors of the S&P 500 in 2023–led the week. Closing the week was a mixed final employment report of 2023. 216,000 jobs were added in December, exceeding expectations, and the household survey reported an unemployment rate steady at 3.7%. Notable was a surprise fall in the labor force participation rate from 62.8% to 62.5%, the lowest level since February, as the number of individuals employed fell by 683,000 over the month. Also in labor market news, job openings in November 2023 according to the Job Openings and Labor Turnover Survey fell to 8.79 million—the lowest level since March of 2021. The Institute for Supply Management (ISM) released Purchasing Managers’ Index (PMI) readings for December. A slight rise in manufacturing activity was accompanied by a surprise decline in the services index, driven by a dramatic contraction in services employment to the lowest index level since July of 2020. Finally, minutes from the final Federal Open Market Committee (FOMC) meeting of 2023 confirmed that, amid an “unusually elevated degree of uncertainty”, rate cuts are to be expected by the end of this year. Looking ahead to this week, more visibility into the interest rate path of 2024 will come with the final Consumer Price Index and Producer Price Index releases of 2023, and banks kick off Q4 earnings season.

Federal Bank Regulatory Agencies Release Webinar of New Community Reinvestment Act Regulations

The federal bank regulatory agencies today jointly issued a pre-recorded webinar on the interagency final rule to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA).

The nearly one-hour video provides an overview of the new CRA rule issued on October 24, 2023, and its objectives. Additional topics in the recording include assessment areas, community development, evaluation framework, performance tests, ratings, data collection and reporting, and applicability dates. 

The CRA is a landmark law enacted nearly 50 years ago to encourage banks to help meet the credit needs of their local communities, with a focus on low- and moderate-income neighborhoods, in a safe and sound manner.  View the webinar of the new CRA rule via the link below.

Ask the Fed®: Novel Activities Supervision Program

The Federal Reserve's Novel Activities Supervision Program enhances the supervision of novel activities conducted by banking organizations supervised by the Federal Reserve. The Program focuses on novel activities related to crypto-assets, distributed ledger technology (DLT), and complex, technology-driven partnerships with nonbanks to deliver financial services to customers. 

Please join us on Wednesday, February 7, 2:00 p.m., for this Ask the Fed® session with Program Co-chairs Kavita Jain, Associate Director, Novel Activities and Innovation Policy of the Federal Reserve Board of Governors and Kristin LaPorte, Vice President of National Programs of the Federal Reserve Bank of Chicago. The presenters will provide an overview of the Program, discuss the scope of the Program, explain its supervisory approach and partnership with traditional supervisory teams, and hold a Q&A. 

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.

Whisman Giordano & Associates, LLC

Names New Managing Director

Whisman Giordano & Associates, LLC (WGA) announces Lisa K. DeRose, CPA, CGMA, as its new Managing Director. DeRose is the first female Managing Director and a non-Giordano family member or Whisman to lead the firm. As she assumes this role, she will work with the partners and principals to ensure that WGA continues its mission of Building Extraordinary Relationships while complying with professional standards.

DeRose has over 35 years of experience. She joined WGA as a partner in 2013 and was named Chief Operating Officer this past March. DeRose is a recognized community leader with a solid commitment to mentoring. She helped found the Delaware chapter of the ACE Mentor Program in 2010. This program has given over $100,000 in scholarships to high school students interested in building design and construction careers. Since 2001, she has served as Treasurer to the Delaware chapter of the Construction Financial Management Association. She has received awards from both the ACE Mentor Program and Delaware Today Magazine and is a current board member of the Better Business Bureau Serving Delaware.

Morris James Elects

Barnaby Grzaslewicz to Partner

Morris James is proud to announce that Barnaby Grzaslewicz has been elected to the partnership as of January 1, 2024. The firm congratulates Barnaby on his outstanding achievement and looks forward to his continued success as a Partner of Morris James. Barnaby is a member of our corporate and commercial litigation practice. Barnaby concentrates his practice in corporate governance, fiduciary, contract, and business-tort litigation.

“Barnaby is a talented attorney, his experience and understanding of Delaware corporate law is an asset to our clients,” says Albert Manwaring, Chair of the Corporate and Commercial Litigation Group. "Our firm and practice group are honored to have him as a colleague and celebrate his election to the partnership."

Wilmington University Micro-Credentials: Advance Your Skills and Earn Academic Credit!

Gain industry skills and turn your passion into academic credit with a micro-credential from Wilmington University (WilmU). WilmU has a catalog of micro-credential course offerings available to Delaware Bankers Association and Delaware Financial Education Association members that help to advance your skills and earn academic credit. Offered in convenient formats and coupled with comprehensive support, these courses are led by companies such as Google, IBM and Meta. During checkout, use the special discount code 2324DEBA to receive $100 off your six-month access subscription. To learn more, visit wilmu.edu/Partnerships/DEBankers.