DBA Digest for October 21, 2022

17th Annual Delaware Trust Conference!

Trust Conference Co-Chairs, Elizabeth Luk and Dave Diamond welcome participants to the 2022 Delaware Trust Conference

The 2022 Delaware Trust Conference kicked off this week at the Chase Center on the Riverfront in Wilmington. Over 450 Wealth Professionals attended the two-day event that featured both in-person and live-streaming capabilities. All the sessions, including three on-demand sessions, are now available via the conference site. Attendees can earn up to 18.0 CLE Credits, Including 2.0 Ethics Credits! Visit the conference webpage (link below) for credit forms.  All the sessions feature the stellar line-up of the nation’s top trust, legal, and wealth management experts for which the Delaware Trust Conference is known. 


Thank you to all the Sponsors, Exhibitors, Speakers, In-Person Attendees, and Live-Streamers for making the 2022 Delaware Trust Conference a memorable event!


Take the Conference Survey!

Attendees: please take a moment to complete the conference survey via the link below.  Your feedback helps keep the Delaware Trust Conference one of the top wealth management events!

 

Conference Survey
DE Trust Conference Webpage

Thomas R. Pulsifer Receives 1st Annual

Delaware Trust and Wealth Management Lifetime Achievement Award

Tom Pulisfer receives the Delaware Trust and Wealth Management Lifetime Achievement Award from Conference Co-Chair, Dave Diamond

Thomas R. Pulisfer, former partner at Morris, Nichols, Arsht & Tunnel, was the recipient of the 1st Annual Delaware Trust and Wealth Management Lifetime Achievement Award presented by the Delaware Bankers Association at the 2022 Delaware Trust Conference this week.  


Throughout his career, Tom Pulsifer influenced the Delaware trust field, and in turn, has influenced the national trust field. In Delaware, Tom was been active in the formation of Delaware trust laws working on the Trust Act for many years. He was instrumental in devising the strategy of an incomplete non-grantor trust, which led to the DING concept, and ING concept in other states that followed suit. Tom is also responsible for obtaining a series of Private Letter Rulings for the DING structure. Tom has counseled many Delaware trust companies and worked closely with other Delaware attorneys in continually moving the Delaware trust industry forward. Truly Tom has been at the forefront of the creation of Delaware as it is known today in the trust and estate field. On a national level, Tom is well known, having been active in The American College of Trust and Estate Counsel (ACTEC) for many years. 


The award recognizes an individual who has made a significant impact on the Delaware Trust & Estate field. Nominations for the award were made by members of the DBA Trust Committee and reviewed by the Delaware Trust Conference planning committee.

Registration Now Open!

DBA Compliance School - December 7th!

Attention: Compliance Officers; Auditors; Lenders; and, Attorneys! Registration is now open for the DBA Regulatory Compliance School. In-Person at Wilmington University Brandywine Campus, and also Online.  Register before November 25th and receive the Early-Bird Discounted Rate of $699!


Get the latest information on the trends and topics you need in the ever-changing regulatory compliance environment. Sessions and topics include: Fair Lending, Deposit Compliance, UDAAP, HMDA, recent enforcement actions, and more! 8 DE & PA CLE Credits, CPE and CRCM Credits Applied For.


Presenting Sponsors:

Register

TD Bank Finances $18 million to Support

YMCA of Delaware

TD Bank, America’s Most Convenient Bank®, announced that it provided an $18 million, tax-exempt loan to the YMCA of Delaware for the construction of a new facility in Middletown. The loan was completed by Matthew Barnes, TD Bank Relationship Manager, and Lisa Kirkwood, Regional Vice President of Delaware, TD Bank.

 

The loan supports the construction of a new 55,000-square-foot facility located at 202 E. Cochran St. It is anticipated to be complete in the fall of 2023. The new facility will have an indoor aquatics center, expanded health and wellness facilities, a child watch center, youth STEM Room, and Kids Adventure Zone, among other amenities.

 

The YMCA's temporary location in Middletown, which has been operating since 2017, currently serves about 1,000 residents. Total project costs are anticipated to be $26 million, to be funded through the YMCA of Delaware capital campaign and TD Bank loan proceeds. 

 

“Middletown needs and deserves this new YMCA. We are grateful for TD Bank's partnership, which makes this state-of-the-art YMCA facility in the heart of the MOT (Middletown, Odessa and Townsend) Region possible and will positively impact tens of thousands of community members,” said Linda Risk, YMCA of Delaware Chief Operating Officer.

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Fulton Financial Corporation Announces Third Quarter 2022 Results

Fulton Financial Corporation reported net income available to common shareholders of $68.3 million, or $0.40 per diluted share, for the third quarter of 2022, an increase of $0.9 million, or 1.3%, in comparison to the second quarter of 2022. The Corporation reported net income available to common shareholders of $197.5 million, or $1.20 per diluted share, for the nine months ended September 30, 2022, a decrease of $8.4 million or 4.1%, in comparison to the nine months ended September 30, 2021. The results for the third quarter of 2022 include the impact of the consummation of the acquisition by the Corporation of Prudential Bancorp, Inc. ("Prudential Bancorp") on July 1, 2022.



"I'm pleased to report that we had a strong third quarter, with operating earnings being at an all-time high for Fulton," said E. Phillip Wenger, Chairman and CEO. "As I retire from my current role on December 31, I have tremendous confidence in my successor, Curt Myers, our senior management team and directors, and the more than 3,300 talented team members to continue to change lives for the better for our customers and our shareholders."


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Bank of America Market Minute

Major U.S. indexes were mostly lower last week as inflation-driven volatility continued and Q3 earnings reports kicked off with banks. By that Friday, the S&P 500 gave back nearly half of its gain since the March 2020 bottom. Defensive sectors such as Healthcare and Consumer Staples outperformed, while Consumer Discretionary and Communication Services shares lagged over the week. As for inflation prints, the Labor Department reported last Wednesday that producer prices rose 0.4% in September, doubling consensus expectations. On a year-over-year (YoY) basis prices rose 8.5%, slightly above expectations but well below March’s peak of 11.7%. The closely watched Consumer Price Index (CPI) showed a 0.4% rise in inflation for September and 8.2% increase YoY. Core consumer prices rose 6.6% YoY—not only was this more than expected, but above March’s peak and the fastest pace in four decades. Treasury yields rose over the week, with the 10-year U.S. Treasury note moving above 4.0%, while the 2-year yield hit its highest level since 2007 of 4.5%. The CME Group’s FedWatch Tool is now pricing in a 75 basis point (bps) increase in the fed funds rate for the November meeting followed by another 75 bps hike in December

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Ask the Fed®: FedNow: Ready, Set, FedNow: Accelerate Your Business With Instant Payments

Join us for a conversation with Erik VanBramer, Senior Vice President, Federal Reserve Financial Services (FRFS), Customer Relations and Stephanie Miracle, Director, FedNow Product Management for an update on the FedNow Service. This session will include information on how financial institutions are creating value with instant payments and request for payment (RFP) capabilities. Presenters will also discuss the steps that banks can take in order to implement the FedNow service. The presenters will share resources to help banks find the right partner and will also discuss how those in the pilot program are tackling challenges such as risk mitigation, 24/7 processing and more.


Registration is now open at www.askthefed.org. As always, we want your questions. You can email your questions in advance of each session at questions@askthefed.org. We'll take questions during each session as well, but questions received in advance will receive priority.

Register

Richards, Layton & Finger Receives the LCLD 2022 Top Performer and Compass Awards

Richards, Layton & Finger has been named a Top Performer and Compass Award winner by the Leadership Council on Legal Diversity (LCLD). These awards honor law firms and corporations that demonstrate a strong commitment to building more diverse organizations and a more inclusive legal profession.



The Top Performer Award recognizes organizations that are in the top 20 percent for participation in LCLD programs and activities. The Compass Award recognizes organizations that have attended the LCLD annual membership meeting, have participated in the LCLD Fellows and Pathfinder Programs, and have been involved in the 1L Scholars Program and the Success in Law School Mentoring Program.

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Kardashian Settlement With SEC Is Latest in Agency’s Ramp-up of Crypto Asset Enforcement Efforts


On October 3, the Securities and Exchange Commission (SEC) issued a press release in which it announced that it had reached a settlement in an investigation involving celebrity influencer Kim Kardashian for touting a crypto asset without disclosing the payment she received for the endorsement. Per the SEC release, Kardashian agreed that she had used her Instagram account to endorse a cryptocurrency called EMAX, for which she was paid $250,000. The SEC found that Kardashian did not disclose the fact that she was paid for the endorsement, in violation of securities laws. Without admitting or denying the SEC’s findings, Kardashian agreed to resolve the SEC investigation in return for the payment of $1.26 million, which included $250,000 in disgorgement, $10,000 in interest, and a $1 million penalty.


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Greg Koseluk at greg.koseluk@debankers.com