DBA Digest for March 1, 2024

New: More Money Than Cents... Overdraft Protection

The fourth short financial literacy video in the Delaware Financial Education Alliance's "More Money Than Cents" series is now available. In this episode viewers will discover what happens when they write a check for more funds than they have in their bank account, and the fees they may face because of it.

2024 Teach Children to Save Day!

April 15th - 19th - Volunteers Still Needed!

There are still a handful of classrooms available for 2024 Teach Children to Save Day! This year's event, the 26th annual, is April 15th through 19th. Over the years, Delaware’s bankers have taught an important lesson on saving to over 240,000 kids. Teaching is fun and easy, with complete materials and training provided. Banker volunteers can register via the link below.

DBA 129th Annual Meeting & Dinner,

May 9th - Sponsorships Available

Sponsorships are now available for the Delaware Bankers Association 129th Annual Meeting and Dinner, May 9th, at the DuPont Country Club in Wilmington. Join these prestigious sponsors: Belfint Lyons Shuman; The Delaware Community Foundation; The Federal Home Loan Bank of Pittsburgh; McCollom D'Emilio Smith Uebler; Pinion; Potter Anderson Corroon; Richards Layton Finger; RKL CPA; S&P Global; Santora CPA Group; VISA; Weiner Benefits Group; and, Young Conaway.

The keynote speaker for the evening will be Rene Perez, the National Director of Financial Crimes Sales & Financial Crimes Consultant with Jack Henry^sm. Renee 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.

Bank of America Private Bank Market Minute

Despite last week’s holiday-shortened week, several equity markets globally saw no shortage of gains. In the U.S., the S&P 500 Index closed last Friday at another all-time high, up 1.66% for the week, with the Nasdaq Composite and Dow Jones Industrial Average Index also experiencing weekly gains of 1.40% and 1.30% respectively. Last Thursday marked the greatest daily gain for both the S&P 500 and Nasdaq Composite in over a year. Across the globe, the Nikkei closed at a 34-year high on Thursday, beating the record previously set on the last trading day of 1989. Gains also graced Europe with the STOXX 600 Index closing at an all-time high last Friday. Meanwhile, Small-caps in the U.S. fell 0.79% for the week per the Russell 2000 benchmark. Minutes from the Federal Open Market Committee’s January meeting were released last Wednesday, which suggested that while interest rates have likely peaked, the committee “did not expect it would be appropriate to reduce the target range for the federal funds rate until they had gained greater confidence that inflation was moving sustainably toward 2 percent.” The committee remains data dependent, noting that reducing inflation further may take longer than expected. Initial and continuing jobless claims each fell below expectations in the Labor Department’s release last week, indicating a still-tight labor market.

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.

Federal Home Loan Bank of Pittsburgh's 2024 Community Investment Product Flyer Now Available!

The Federal Home Loan Bank of Pittsburgh (FHLBank) community investment products are funded by the cooperative’s earnings. Through use of these grant and financing products, members can support affordable housing and economic development projects in the communities they serve. See the list of 2024 Community Products now available via the link below!

Delaware Community Foundation to Offer CLE Course through the Delaware Bar Association on March 13

On Wednesday, March 13, the Delaware Community Foundation (DCF) will present “The Community Foundation: Partnering to Enhance Client Experience Through a Variety of Charitable Tools, Philanthropic Expertise and Community Insight”, a CLE program offered through the Delaware State Bar Association. The program will begin at 11:30am and be held in-person at The Delaware Contemporary, 200 S. Madison and on a video stream at Tunnell & Raysor, 30 East Pine Street, Georgetown. Rebecca Elzey, CAP®, DCF’s senior compliance and operations officer, will share information about the community foundation model and present strategies for partnering with a community foundation to enhance service to clients. The program will focus on ways the technical expertise, tools and donor-focused approach of a community foundation can be a valuable resource for attorneys serving charitably minded clients. Please register via the link below.

Young Conaway’s State Income Taxation of Trusts 2024: Guidance for Preparing 2023 Returns

We're excited to announce that the highly anticipated 2024 version of State Income Taxation of Trusts is now available for pre-order!

Our new edition places a spotlight on the taxation strategies employed by all 50 states, as well as, the District of Columbia, offering practical tips on minimizing state income taxes on trusts, and addressing other pertinent issues.

Don't keep this valuable resource to yourself—spread the word! Feel free to refer a colleague or friend who could benefit from staying informed about the latest developments in state income taxation of trusts.

Preorder your copy today at no cost to you to ensure you're well-equipped with the knowledge needed to navigate the evolving landscape of trust taxation.

Podcast: Understanding the CFPB's Proposed Digital Payments Larger Participants Rule and Its Implications for Digital Assets

In this special joint episode of Payments Pros and The Crypto Exchange, Ethan Ostroff, James Kim, and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule to supervise large tech companies and other providers of digital wallets and payment apps. The proposed rule asserts that digital assets are "funds" subject to the Dodd-Frank Act and other federal consumer financial laws and regulations, which would expand the CFPB's supervisory powers to examine companies facilitating crypto and other digital asset transactions.

2024 Perspectives in Financial Services - April 2 & 3

Wipfli is hosting Perspectives in Financial Services, 4/2/2024 - 4/3/2024 at the Marriott Philadelphia Downtown, an in-person event designed exclusively for executive officers and board members of financial services organizations. Join us for two days of information and insights into the topics profoundly impacting the financial services industry today.

We’re expanding our event this year, covering critical concerns — from cybersecurity and data analytics to talent management — and offering industry-specific breakout sessions to give you targeted, actionable guidance. You can also join our unique networking opportunity and connect with our speakers or learn from industry peers.

The speakers, topics and networking make this an event you don’t want to miss. Space is limited, so register below to secure your spot today.