DBA Digest for January 26, 2024

New Wizzo the Money Dog Episode!

Wizzo the Money Dog is back with his latest episode filled with adventure and advice: "So You Want to Try Mobile Banking." Gwen wants to get into the convenient realm of mobile banking, unfortunately it has nothing to do with roller skates, as she quickly learns. Fortunately, Wizzo the Money Dog has the correct information to get Gwen rolling in the right direction. Watch the Delaware Financial Education Alliance's wild 90-second video via the link below... roller skates optional!

2024 DBA Washington Visit - March 6-8

Sponsorship Still Available!

Expanded Sponsorship opportunities are available through February 9th 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. Join these prestigious sponsors: Federal Home Loan Bank of Pittsburgh, Richards Layton & Finger, Discover, RKL CPA, and S&P Global!

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

Despite January’s shaky start in equity markets, last week marked an impressive 11 weeks of gains out of the last 12 weeks. The S&P 500, Dow Jones Industrial Average (Dow), and Nasdaq Composite gained 1.17%, 0.72%, and 2.26% for the week, respectively, with the S&P 500 finishing at an all-time high last Friday, closing nearly 1% above its previous record set in January of 2022. Also closing at an all-time high last Friday was the Dow. Information Technology and Communication Services led the week sector-wise. In line with positive equity performance was a series of better-than-expected economic data. Preliminary estimates showed consumer sentiment jumping from 69.7 to 78.8 in January, per the University of Michigan release. Sentiment has increased 29% over the last two months, the largest such increase since 1991. Short term (1-year) inflation expectations have fallen further to 2.9% per the survey. Retail sales unexpectedly rose 0.6% in December, a contributor to the yield on the 10-year U.S. Treasury rising over 18 basis points last week. Also strong were initial claims which fell further to 187,000, the lowest level since September 2022, as continuing claims unexpectedly fell to levels last seen in October 2023. Rate cut expectations shifted markedly last week amid comments from Federal Reserve (Fed) Governor Christopher Waller suggesting that cuts may come later than widely expected. The probability of a March cut stood above 75% at the start of last week; a majority now expects the first cut to arrive in May per the CME FedWatch Tool. Looking ahead to this week, Q4 earnings season continues with 15% of S&P 500 companies reporting. The first Q4 gross domestic product (GDP) estimate and the final Personal Consumption Expenditures Price Index reading for 2023 will also be released.

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.

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.

Note: this session is only open to members of Financial Institutions. 

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 & Finger Tops the M&A Deals Chart

Richards, Layton & Finger again tops the chart in The Deal’s annual Delaware rankings of high-value M&A transactions, serving as counsel on the most deals valued at $100 million or more in 2023—in fact, Richards Layton has held the top spot on the Delaware deal charts for more than 30 years running.

“We’re proud to continually lead the state as Delaware deal counsel,” said Lisa Schmidt, president of Richards Layton. “We know our clients count on us to handle their most challenging, high-stakes matters, and we work hard every day to uphold their trust in our skill, our outstanding service, and our commitment to excellence.”

Santora CPA Group Announces an Addition to Its Team

Santora CPA Group, a Newark-based Certified Public Accounting and Consulting firm, is pleased to announce that Michael B. Marvel has joined SCG as a Staff Accountant. He graduated from Wilmington University in 2023 with a Bachelor of Science Degree in Accounting and a minor in Finance. Mike started his career at SCG as an intern during the summer of 2022 and followed that up with another internship during the summer of 2023. He will be providing auditing, accounting, and a variety of tax preparation services to SCG's clients, and he is currently studying for the CPA Exam. Mike is a member of the American Institute and the Delaware Society of Certified Public Accountants.

Bayard Promotes Megan McGovern to Counsel

Bayard is pleased to announce that it has promoted family law attorney, Megan McGovern to counsel, effective January 1, 2024. Megan focuses her practice on high-conflict custody cases, divorce, and other family law matters. Megan is also trained as a parent coordinator. Megan joined the firm in 2016 after serving as a judicial clerk to the Honorable Charles E. Butler of the Delaware Superior Court. She is active in the legal community including ongoing service to organizations including the Delaware State Bar Association, Office of the Child Advocate, and Delaware Volunteer Legal Services, to name a few.

“Megan is a valuable member of our family law group,” said Curtis Bounds, the head of the group, “She demonstrates complete dedication to her clients and deep commitment to serving them and their interests.”

Podcast: Redefining Banking: A Conversation on the CFPB's Proposed 1033 Rule

In this episode of Payments Pros, Keith Barnett and Carlin McCrory are joined by Jordan Wright, CEO of Atomic Financial, to discuss the Consumer Financial Protection Bureau's (CFPB) proposed 1033 rule. This rule aims to limit the misuse or sale of consumer data, and is expected to be finalized by summer 2024.

The proposed 1033 rule requires financial institutions, starting with the largest, to make consumer data, including bill pay data, accessible to third parties and consumers. This may necessitate significant architectural changes and costs, but ensures consumers' legal right to share their data without incurring unnecessary fees.