DBA Digest for May 17, 2024

DBA Awards 2024 David Bakerian Scholarships

Matthew Parks, Director, Investments, CRA & Retail Banking, Discover Bank, and incoming Chair of the Delaware Bankers Association  and Sarah Long, President of the DBA, congratulate (l. to r.)  Maxine Banaag, and Sydney Hatch, the recipients of the 2024 David G. Bakerian Scholarship. 

The Delaware Bankers Association announced the winners of the 2024 David G. Bakerian Award. The winners were Maxine Banaag, and Sydney Hatch, both students at Caesar Rodney High School.  Each winner received a $2,500 scholarship. Both students participated in the Keys to Financial Success course, a full-semester elective taught in high schools throughout Delaware. The course was developed in partnership with the University of Delaware’s Center for Economic Education and Entrepreneurship (CEEE), Delaware Bankers Association, Federal Reserve Bank of Philadelphia, and the Consumer Credit Counseling Service of Maryland and Delaware. Keys to Financial Success introduces students to the fundamentals of sound money management skills and basic financial planning concepts.

CAFE Demo Day Fintech Showcase - May 30th

You are cordially invited on May 30th from 4-6pm ET for a gathering of investors, bankers, academia, industry and community leaders, non-profit organizations and entrepreneurs in the spirit of inclusive finance and advancing financial health & wellness for low- to moderate- income (LMI) populations.

This event is the capstone event for the CAFE’s inaugural fintech accelerator program to showcase our cohort of financial technology companies. Watch six companies pitch and share what they learned in our 10 week program that helps them grow their business and impact through connections, coaching, and community.

Upcoming OnCourse Learning Webinars!

Anatomy of an Attack; Consumer Lending!

Anatomy of an Attack – Business Email Compromise (BEC) - May 21st

Have you ever reused a password? According to recent studies, the average user has about 100 passwords to remember. With so many passwords and a never-ending list of password requirements, it's no wonder so many people are reusing passwords. Unfortunately, credential reuse can leave institutions open to Business Email Compromised (BEC). BEC can lead to not only further BEC attacks, but also a full-blown data breach and network compromise. In this webinar, you'll learn how to recognize BEC attack scenarios and gain best practices for controlling BEC risk.

Audience: IT, Senior Management, Board Members, Risk Management, Security/Technology, and Compliance personnel

New Program! Consumer Lending Program - June 3rd and June 17th

This program consists of ten online self-paced courses and two webinars. The webinars will cover real lending scenarios, and participants will enter virtual breakout rooms for interactive small-group discussions. Live attendance is a must to get the most out of this engaging training opportunity. Breakout rooms will not be recorded. 

This unique new training program gives your consumer lending-focused employees the tools they need to verify key client information, understand consumer regulations, underwrite the loan, and follow up to minimize fraud. The program emphasizes the competencies needed to review and analyze consumer lending requests. Space is limited to 30 participants for a high-value learning experience, so register today!

Audience: Consumer lending & underwriting staff, branch managers, assistant branch managers, operations staff, and personal/universal bankers would all benefit from this training.  

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

Support House Bill 203 for Comprehensive Financial Education in Delaware!

House Bill 203, championed by Rep. Jeff Hilovsky, R-Millsboro, is a vital step towards bridging the financial education gap in Delaware. This legislation mandates that high school students, starting with those entering 9th Grade in the 2025-2026 academic year, complete a half-credit course in financial literacy for graduation.

Financial illiteracy can lead to unemployment, stress, and economic hardship. By ensuring every Delaware student has equal and guaranteed access to a personal finance course in high school, we can empower them to make informed financial decisions and secure their futures. Visit the link below for more information on the Bill and how you can support it.

Bank of America Private Bank Market Minute

Strong Q1 corporate earnings results as well as renewed interest rate cuts have helped push Equities higher this month. Major U.S. Indexes (S&P 500, Nasdaq Composite, and Dow Jones Industrial Average) have risen at least 3.7% so far in May, largely reversing April’s decline. The gains leave Equities just shy of their record-high levels reached prior to last month’s pullback. All major S&P 500 sectors advanced last week, as defensive sectors extended their recent dominance led by the Utilities sector. Benchmark 10-year yields fell back below 4.5% by weekend after touching a six-month high of 4.7% two weeks prior, as markets increasingly price in Federal Reserve (Fed) rate cuts later this year. Fed fund futures are pricing in two possible quarter point cuts by year end, according to the CME FedWatch tool. Global benchmark Brent fell toward $82 a barrel, while U.S. crude sank to $78 a barrel, the lowest level since mid-March. In other commodities markets, gold has resumed its rally, now hovering within 1% of its all-time high. Data on the labor market last week showed 231,000 Americans applied for unemployment benefits last week—the highest number of initial weekly jobless claims in nine months, while the University of Michigan’s consumer sentiment survey fell sharply. The preliminary May reading of 67.4 is down from 77.2 in April. The survey showed that directionally consumers expect the inflation rate to rise rather than fall. Data on April’s inflation picture are due later this week with the Producer Price Index (PPI) and Consumer Price Index (CPI) reports scheduled for release Tuesday and Wednesday, respectively. Clues on the health of consumer spending will come Wednesday, courtesy of April’s retail sales report.

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.