DBA Digest for June 10, 2022


2022 Delaware Trust Conference - October 18 & 19!

Sponsorships and Exhibitor Spaces are now available for the 2022 Delaware Trust Conference. Join Platinum Sponsor: The Bryn Mawr Trust Company of Delaware (a WSFS Company); Diamond Sponsors: Connolly Gallager; Gordon, Fournaris & Mammarella; Gold Sponsors: Charles Schwab Trust Company; Morris, Nichols, Arsht and Tunnell; and Silver Sponsor: Chilton Trust.

The 2022 Delaware Trust Conference will be live at The Chase Center on the Riverfront, AND live-streaming, on October 18 & 19, AND on-demand through November! Full agenda and early-bird registration coming soon!

See all the sponsorship benefits and download the Exhibitor's Book on the conference webpage.

Trust Conference Webpage

Bank of America Private Bank Market Minute

U.S. Equities suffered losses last week, giving back some of the prior week’s rally that snapped a string of weekly declines. All three major indexes declined 0.9% or more for the week: (S&P 500 down 1.2%, the Dow Jones Industrial Average fell 0.94%, and the NASDAQ lost 0.98%). The yield on the 10-year U.S. Treasury note advanced to 2.93% last Friday, although below this year’s closing high of 3.12%. Last Friday’s employment report showed the U.S. labor market added jobs at a strong but slower clip in May, adding 390k jobs last month, down from a gain of 436k in April the Labor Department reported. Other economic reports showed a larger-than-anticipated acceleration in the Institute for Supply Management Manufacturing Index, a smaller-than-forecasted deterioration in the Conference Board’s measure of Consumer Confidence and a modest rise in U.S. factory orders for April. This week, the May inflation picture will begin to develop with the Consumer Price Index (CPI) release this Friday. The European Central Bank (ECB) announces its monetary policy decision on Thursday. Also on the docket, the University of Michigan Consumer Sentiment Index will give further clues on the U.S. consumer, building on the May figure which stood at the lowest level since 2011.

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New- Ask the Fed®: Current Expected Credit Losses (CECL) – Expected Loss Estimator (ELE) Tool

We are pleased to announce the following webinar: Current Expected Credit Losses (CECL) – Expected Loss Estimator (ELE) Tool. On Thursday, June 16, 2022, at 2:00 p.m. ET, staff from the Federal Reserve will host an Ask the Fed® webinar on the ELE tool for determining expected credit losses under CECL.The ELE tool takes a financial institution’s loan-level data and assumptions as entered in by financial institution management and automates the Weighted-Average Remaining Maturity (WARM) method. This session will walk through the spreadsheet-based tool intended to assist community financial institutions in implementing CECL.

Registration is now open at www.askthefed.org


Wealthbuilding in Communities of Color: Accessory Dwelling Units and Home Sharing- June 16, 12 p.m.

This interagency webinar will inform financial institutions, CDFIs, not-for-profits, state and local government agencies, faith-based organizations, and other interested stakeholders about alternative ways to maintain or increase wealth in communities of color through homeownership. A panel discussion will describe the benefits of Accessory Dwelling Units (ADUs), state and local resources, and how to engage stakeholders interested in building ADUs. A bank representative will discuss their ADU loan product and how they engage with housing agencies in their market.

 A second panel will discuss Home Sharing. Representatives will discuss resources that promote Home Sharing, opportunities, and benefits of Home Sharing as an option for residents located in high cost areas. The webinar will conclude with a regulator discussing how banks can participate in providing ADUs and Home Sharing and receive positive CRA consideration.


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.

Chambers USA 2022 Ranks Connolly Gallagher in Three Delaware Practices

Connolly Gallagher LLP appears in three Delaware practice categories in the 2022 edition of Chambers USA: America’s Leading Lawyers for Business released June 1. The prestigious Chambers guide has consistently ranked Connolly Gallagher for Delaware Chancery, Intellectual Property and Labor & Employment services.

Connolly Gallagher Attorneys in Chambers USA by Practice Area:

Chancery: Henry E. Gallagher Jr.; Jarrett W. Horowitz (Associates to Watch)

Intellectual Property: Arthur G. (“Chip”) Connolly III

Labor & Employment: Matthew F. Boyer; Timothy M. Holly; Aaron M. Shapiro;

Lauren P. DeLuca (Associates to Watch)

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“Gold Standard in Delaware. Super Sophisticated and Pragmatic.”

The Legal 500 has ranked Richards, Layton & Finger in the top tiers in two categories in its 2022 national rankings: tier 1 in Delaware Counsel and tier 2 in M&A Litigation: Defense. Firm director Gregory Williams was again named in the prestigious Hall of Fame category, and Rudolf Koch, Srinivas Raju, and Blake Rohrbacher were ranked as Leading Lawyers. The Legal 500 also recognized Robert Burns, Catherine Dearlove, Raymond DiCamillo, William Haubert, Bernard Kelley, Richard Rollo, Lisa Schmidt, Nathaniel Stuhlmiller, and John Mark Zeberkiewicz as key lawyers.

Richards Layton is the “gold standard in Delaware. Super sophisticated and pragmatic,” reports The Legal 500. The firm’s corporate litigators regularly handle complex litigation involving high stakes and novel issues of law, and our transactional attorneys provide strategic counseling in both ordinary and extraordinary transactions and on matters of corporate governance. The firm’s “deep, knowledgeable, responsive team” is “smart, creative, and expert,” providing clients with world-class representation backed by “a tremendous understanding of the nuances of Delaware corporate law” (The Legal 500).

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Cover & Rossiter Announces Recent Promotions

Cover & Rossiter, one of Delaware’s first and most respected certified public accounting and advisory firms, is pleased to announce the following promotions.

Peter Hopkins has been promoted to Principal in the Tax Department. Hopkins joined Cover & Rossiter in 2015 and has established a reputation for his excellent analytical skills, broad technical knowledge and commitment to optimizing his clients’ tax situation.

Samantha Maiorano has been promoted to Supervisor in the Audit Department. Maiorano joined Cover & Rossiter in July 2016. She received her Bachelor’s degree in Accounting at the University of Delaware.

Rebecca Furey has been promoted to Senior Accountant. Furey joined Cover & Rossiter full-time in September 2020.  


FTC Revisiting Key Digital Advertising Guidance

On June 3, the Federal Trade Commission (FTC) published a request for information that could form the basis for a major update of its digital advertising guidance. The FTC’s most recent digital advertising guidance is its 2013 “.com Disclosures – How to Make Effective Disclosures in Digital Advertising” (.com Disclosures Guide). The .com Disclosure Guide provides guidance on how to make “clear and conspicuous” disclosures in online advertisements and provides examples of problematic advertisements with explanations for how to make clear and conspicuous disclosures. The .com Disclosure Guide has been hugely influential in setting the bar for compliant internet advertising. However, in the near decade since the FTC released the .com Disclosure Guide, the worlds of digital advertising and online transacting have changed dramatically.

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Ballard Spahr Webinar:

Innovative Products: Traditional Regulation

Join lawyers from Ballard Spahr's Consumer Financial Services Group as they discuss regulations and enforcement trends of innovative products and how companies can best prepare for the future. Topics will include: Average collection periods (ACPs);State licenses that could apply; Substantive regulatory compliance considerations for FinTechs; Enforcement trends and whether these trends should/could inform state licensing strategies or regulatory compliance "best practices;" Examination trends; and, How companies can be prepared for the future.

Thursday, June 16, 2022 | 2:00 - 3:00 PM ET

We want to hear from you! Please send your news items to
Greg Koseluk at greg.koseluk@debankers.com