DBA Digest for July 12, 2024

2024 Delaware Trust Conference!

Save $300 with Discounted Early-Bird Registration through August 2nd!

Hear From These Great Speakers!

Discounted Early-Bird Registration for the 2024 Delaware Trust Conference is open through August 2nd! The 2024 Delaware Trust Conference will be live at The Chase Center on the Riverfront, AND live-streamed, October 28 and 29. The sessions will also be available on-demand through November!

Delaware Trust Conference Sponsorships Available!

Sponsorships and Exhibitor Spaces are now available for the 2024 Delaware Trust Conference! Join prestigious sponsors: 

Platinum Sponsor

The Bryn Mawr Trust Company of Delaware (a WSFS Company)

Diamond Sponsors

Connolly Gallagher

Glenmede

Gordon, Fournaris & Mammarella

McCollom D'Emilio Smith Uebler

Richards Layton & Finger

Young Conaway Stargatt & Taylor

Gold Sponsors

Morris Nichols Arsht & Tunnell

The Northern Trust Company of Delaware

Silver Sponsors

Chilton Trust

Greenleaf Trust Delaware

Pinion

Santora CPA Group

U.S. Trust Company of Delaware  

Bronze Sponsors

Belfint Lyons & Shuman

Duane Morris

Exhibitors

Delaware Community Foundation

Koplin Consulting

National Care Advisors

Pinion

2024 FDIC Directors' College - September 11

Registration is now open for the 2024 FDIC Directors' College, September 11, 8:00 to 1:00, at the Old Location – University of Delaware Virdin Center, 1155 College Drive, Lewes, DE. The FDIC Directors’ College is an interactive program that provides ongoing education on current topics of bank supervision to bank directors, senior officers, corporate secretaries, and board advisors. The course is designed to help directors and trustees, both new and experienced, stay abreast of the ever-changing regulatory environment. Modules this year include: Identifying Redlining Risk; Liquidity Contingency Planning and Risk Mitigation; Risk Assessments - The Basics, the Benefits, and the Pitfalls; Conversation with Regulators; and an Economics/Banking Update. Lunch is also included. Please click on the link below to view the detailed agenda and to register.

Upcoming OnCourse Learning Webinars!

Commercial Lending Program - August 1 & August 12th

How sound is your commercial lending training program and how do you manage it? This unique training program will equip your lenders with the comprehensive credit skills they need to analyze a commercial lending request and prepare a highly effective credit write-up. The program emphasizes the competencies needed to identify, interpret, and analyze risk. 

Community Reinvestment Act (CRA) Deep Dive - All Day Streaming - August 6th

6 CRCM Credits

This all-day streaming session will go over the details of the new Community Reinvestment Act (CRA) and point out important differences between it and current requirements. We’ll discuss who has to do what and when, and we’ll set the stage for individual banks’ formation of working groups and stakeholder meetings, so you can understand how these changes impact your bank. We’ll pay particular attention to the timeframes involved, as implementation will be somewhat of a phased process. 

Learn more and browse all the webinars via the link below.

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.

Fulton Bank Recognized by

Forbes in Best Banks Survey

To create the rankings for America’s Best Banks and Credit Unions In Each State 2024, Forbes partnered with market research firm Statista for the seventh straight year and surveyed approximately 26,000 U.S. residents. Participants were asked to name all the banks and credit unions where they currently have—and previously had—a checking or savings account, and to identify financial institutions they know through the experiences of friends and family.

"Fulton Bank (No. 1 in Delaware, No. 3 in New Jersey and No. 5 in its headquarters state of Pennsylvania), “is big and small in all the right ways,” says Chairman and CEO Curt Myers—big in that it offers a range of products and services like a large bank, and small in that it delivers personalized service like a community bank.

Fulton Bank also offers “trusted expertise,” through a range of programs including free seminars for first-time homebuyers and mentorship and education opportunities for business owners."

Bank of America Private Bank Market Minute

The S&P 500 kicked off Q3 making three new all-time highs last week, with last Friday’s close marking the 34th all-time high of the year. The index gained 2.0% over the holiday-shortened week while the Nasdaq Composite and Dow Jones Industrial Average gained 3.5% and 0.7% respectively. Smallcap Equities fell 1.0% and remain flat year-to-date per the Russell 2000 benchmark. The yield on the 10-year U.S. Treasury fell 18 basis points (bps) between Monday and Friday’s close, ending last week around 4.3%. Punctuating U.S. economic data last week, June’s employment report revealed 206,000 jobs were added over the month, above expectations. Notably, employment gains in April and May were cumulatively revised downward by 111,000 jobs. For the first time since November 2021, the unemployment rate surpassed 4.0% at 4.1% in June, the third consecutive monthly increase. Average hourly earnings rose 3.9% over the year, down from 4.1% in May. Job openings rose unexpectedly from a revised 7.9 million to 8.1 million in June, according to the Job Openings and Labor Turnover Survey. The Institute for Supply Management (ISM) revealed that manufacturing activity slowed for the third straight month in June, their index down to 48.5. Services activity dipped unexpectedly from 53.8 to 48.8, the lowest index reading since May 2020 as new orders entered contractionary territory for the first time since December 2022.

FHLBank Update: Opportunity to Streamline AHP

On June 20, 2024, the Federal Housing Finance Agency issued a Request for Input (RFI) seeking stakeholder feedback on opportunities to improve the Federal Home Loan Banks’ Affordable Housing Program (AHP) application process. The RFI is an important step in making AHP a more efficient and effective resource to help address the nation’s affordable housing needs.

I encourage you to submit a response to the RFI, which is due to the FHFA by Aug. 19, 2024. As an AHP stakeholder, you have first-hand perspective of AHP – how it works and how it fits into the broader affordable housing finance system. The RFI is an opportunity to address the complexities that have been built into the AHP application process over many years. 

Richards Layton Names New Department Chairs:

Mark Collins heads Bankruptcy & Restructuring, Bernie Kelley leads the Business Department

Mark Collins

Bernie Kelley

Richards, Layton & Finger is pleased to announce that directors Mark Collins and Bernie Kelley have been named to leadership positions within the firm. Mark is chair of Richards Layton’s Bankruptcy & Corporate Restructuring Department, and Bernie chairs the firm’s Business Department.

“We are very proud to name Mark and Bernie as department chairs,” says Lisa Schmidt, president of Richards Layton. “I know they will bring their extraordinary expertise and energy to delivering excellent counsel and the outstanding results our clients count on.”

Registration is Now Open for Delaware EARNS

 - Info Webinar, July 17

The Delaware EARNS retirement savings program officially launched statewide on July 1, 2024. All Delaware employers who have five or more W-2 employees and do not offer a qualified retirement plan, must either register for Delaware EARNS or certify for exemption by Oct. 15, 2024, as required by state law.

Employers that want to get a head start on offering access to a competitive retirement benefit before the mid-October deadline can do so now at earnsdelaware.com. For employers, there is no cost for facilitating the EARNS program and no plan-sponsor liability. Employers can be exempt if they offer a qualified retirement plan, have fewer than five employees, or have been in business less than six months.

If you have any questions or are looking for opportunities to learn more about Delaware EARNS, we encourage you to register for the virtual webinar that will be held on Wednesday, July 17, from noon to 1 p.m.

6% of Your Paycheck Is Becoming the New Standard for 401(k) Saving

New hires are putting more of each paycheck into their 401(k). Not necessarily by choice.

Nearly a third of companies that use automatic 401(k) enrollment now start workers saving at 6% of their salaries or higher, about double the share of organizations that did so a decade ago, according to Vanguard Group.

A default 6% contribution rate was once considered too onerous for younger workers and too paternalistic by those who favor leaving decisions to individuals.  “Initially, many companies defaulted people into the 401(k) at 2% or 3% of pay and that’s where many stayed,” said Dave Stinnett, head of strategic retirement consulting at Vanguard. “Now, companies are trying to get workers into the plan and saving as aggressively as possible.”

Mid-Year Review: Cybersecurity and Privacy Trends and Related Strategies for Information Security and Privacy Protection - July 18

Join industry specialists from Troutman Pepper, Truist, and McGriff to learn more about a sharp increase in privacy regulations and important data breach response trends. Organizations of all sizes must safeguard consumer information they control or process, including storage and transmittal. This webinar will cover information security and privacy protection trends, potential legal consequences, data hygiene, and related insurance challenges.

Honoring the Career and Legacy of Jim Logue: Affordable Housing Legend Retires

Jim Logue, Cinnaire’s longtime Chief Operating Officer and most recently, Chief Policy and Advocacy Officer, is retiring this month after 21 years of dedicated service to our organization. Jim's career in the affordable housing industry spans more than 40 years, marked by tremendous impact on disinvested communities at national, state and local levels. Cinnaire's very existence and evolution over the past 30 years is a testament to Jim's dedication to championing affordable housing and to addressing the lack of investor capital for affordable housing. His work at Cinnaire and the Michigan State Housing Development Authority (MSHDA), along with his advocacy work in Washington, D.C., have made him an icon in the industry across the nation.

UD Trust Management Golf Classic - September 23!

Golf enthusiasts and supporters of the UD Trust Management Minor, On September 23, 2024, the UD Trust Management Minor is hosting the 2^nd Annual Trust Management Classic at Newark County Club. Sponsorship opportunities and golf registrations are available. Take advantage of the 10% early bird registration discount now until August 15, 2024. For questions, please contact Jennifer Zelvin McCloskey at lerner-trustmanagement@udel.edu

Advance Your Career in the Banking/Financial Sector With the WilmU MBA

WilmU’s MBA now offers a NEW concentration in Banking and Financial Services — specifically designed to support Delaware’s role as a leader in financial services and meet the industry demand for highly skilled professionals. The WilmU MBA is a multifaceted degree program that prepares capable problem-solvers equipped with the knowledge and proficiencies needed to excel in the dynamic world of banking and finance. That’s why top companies like JPMorgan Chase, Bank of America and other premier institutions value employees who hold a Wilmington University MBA.