DBA Digest for March 8, 2024

60 members of the Delaware Bankers Association converged on the nation's capital this week for the 2024 DBA Washington Visit. The group received extensive briefings from the American Bankers Association, the FDIC, The Federal Reserve, the OCC, FHFA, and, the Treasury. There were also meetings with Senators Carper and Coons and Representative Blunt Rochester.

Thank you to all our sponsors! Platinum Sponsor: Federal Home Loan Bank of Pittsburgh. Gold Sponsor: Sallie Mae. Reception & Dinner Sponsor: Wipfli. Reception Sponsors: Richards Layton & Finger; and, S&P Global. Transportation Sponsors: Discover Bank, RKL Advisors, and, WSFS Bank.

Save the Date: Women Connect - April 25!

Save the date for the next Women Connect Network event, April 25, 8 a.m. to 1 p.m. at the Wilmington University Brandywine Campus! Featured sessions include Philanthropy – Ages and Stages; Women in Business; and, special remarks from Dr. LaVerne Harmon, President of Wilmington University. In addition there will be a showcase of locally women-owned businesses and a networking breakfast!

The Women Connect Network serves as a catalyst to engage, empower and connect women in the Financial Services Industry. Women Connect brings together women from various specialties to support ongoing professional development, collaborate with other dynamic professionals, and engage in communities across Delaware.

Sponsorships available!

2024 Teach Children to Save Day!

April 15th - 19th - Volunteers Still Needed!

17 Classrooms are still available for 2024 Teach Children to Save Day! 16 of these are in New Castle County, and one in Sussex County. The majority are Friday afternoon, April 19th.

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.

Artisans’ Bank Welcomes an All-Star Addition to the Commercial Team - Patricia ("Patty") Tiano

Artisans’ Bank is pleased to announce the addition of Patricia “Patty” Tiano to the Commercial Lending team. With 30+ years of experience she has joined Artisans’ Bank as Vice President Commercial Relationship Manager. Prior roles Patty has held includes Team Leader-Small Business Relationship Manager with WSFS, and other roles with prominent banks such as Santander, Sovereign, Susquehanna, and BB&T. Within these roles Patty managed, mentored, motivated, and educated those around her - making her the perfect addition, not only to the lending team but also to Artisans’ Bank.

“As I continue my career, my main objective remains to make a positive impact not just for my employer, but for our client base – bringing problem solving, financial analysis, and relationship building to each negotiation table,” said Patty. We know that this spirit and tenacity will enable her to be an advocate for small businesses, customers, and prospects.

Delaware Banks Receive $75,518 in Distributions

from American Bankers Mutual Insurance, Ltd.

American Bankers Mutual Insurance, Ltd., the reinsurer for the insurance program co-endorsed by American Bankers Association (ABA) and Delaware Bankers Association (DBA), declared a $3.5 million distribution to be shared by qualified ABA member banks insured through ABA Insurance Services, a member of Great American Insurance Group.

This is the 34th consecutive year that the industry’s leading professional liability and bond insurance provider has declared distributions to eligible ABA member banks, bringing the total to $100.8 million since the program’s inception. ABA member banks that purchase their directors and officers (D&O), bond, cyber, property & casualty, and related insurance from this program are eligible to receive a distribution.

“We are proud of this program and its major milestone achievement of more than $100 million distributed to participating member banks,” said Rob Nichols, ABA president and CEO. “Between the reliable, annual distributions and the high-quality insurance products available, we believe this to be a valuable member benefit and hope others will consider participating.”

Bank of America Private Bank Market Minute

U.S. equity markets ended mostly higher last week as widely watched inflation data matched consensus expectations. The Nasdaq Composite rose 1.74% over the week, breaching the index’s record previously set in November 2021 last Thursday. The S&P 500 rose 0.95% while the Dow Jones Industrial Average slipped 0.11%. February was another month of strong gains for all three indexes. In the first two months of 2024, the S&P 500 gained 6.84%–the best such start to the year since 2019. Headlining plentiful economic news last week was February’s Personal Income and Outlays report, which revealed that personal consumption expenditures (PCE) inflation eased to 2.4% over the year. Its core counterpart, the Federal Reserve’s (Fed) preferred inflation gauge, was up 2.8%, in line with expectations and the slowest year-over-year increase since March 2021. Additional highlights of the monthly release include personal income gaining 1.0% over the month, while real personal spending declined for the first time since August 2023. The second estimate of real gross domestic product (GDP) for the final quarter of 2023 came in at 3.2%, just below the first estimate at 3.3%. Personal consumption growth was revised upward from 2.8% to 3.0% for the quarter. February saw wavering consumer attitudes. Consumer sentiment per the University of Michigan Index fell from January’s impressive 79.0 to 76.9, while the Conference Board’s consumer confidence measure dipped notably below consensus expectations to 106.7 amid concerns about the labor market and U.S. political environment.

$12.5 Million in BOB Funding Now Available to Help Small Businesses

The 2024 Banking On Business (BOB) funding round opened on Tuesday, March 5, with $12.5 million available to assist qualified small businesses. BOB offers unsecured secondary loans, in conjunction with member first loans, to help qualified small businesses that would otherwise not meet traditional underwriting requirements. In 2024, $4 million of the $12.5 million BOB allocation is set-aside for minority and women-owned small businesses through the Banking On Business Inclusion and Equity fund (BOBIE). Of the $4 million in BOBIE funds, $2 million will be allocated to minority-owned businesses and $2 million will be allocated to women-owned businesses.

Each member’s access to BOB and BOBIE funds will initially be subject to a member cap of $1,250,000, and members may access those funds as needed based on the flow of their loan requests.

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.

Federal Court Declares the Corporate Transparency Act Unconstitutional

On March 1, 2024, the US District Court for the Northern District of Alabama declared the Corporate Transparency Act unconstitutional, and suspended its enforcement against the plaintiffs in that case. While most companies remain subject to its requirements for now, this decision may presage more broadly applicable relief through subsequent judicial or administrative action. In this Legal Update, we discuss the case, National Small Business Association, et al. v. Yellen, FinCEN’s response, and our predictions for what will come next.

Podcast: Decoding Cyber Threats: Protecting Critical Infrastructure in a Digital World

In the latest episode of Regulatory Oversight, Troutman Pepper Partner Judy Jagdmann and Counsel Gene Fishel are joined by Sam Kaplan, assistant general counsel for public policy for Palo Alto Networks. They engage in an insightful conversation revolving around the government response to cyber incidents and the potential role of AI in combating cybersecurity threats.

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.