DBA Digest for October 28, 2022

Compliance Professionals! Don't Miss the

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:


2022 Delaware Trust Conference - Now On Demand!

Attention Wealth Mangement Professionals: All the sessions of the 2022 Delaware Trust Conference are still 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!


DE Trust Conference Webpage

Bank of America Market Minute

Stocks regained upward momentum last week while some hawkish Federal Reserve (Fed) comments pushed the yield on the benchmark 10-year U.S. Treasury note to a 14-year high of 4.33% last Friday morning. The S&P 500 enjoyed its best weekly gain since June, while the Dow Jones Industrial Average and Nasdaq Composite both rose around 5% over the week. While all eleven sectors in the S&P 500 rose on the week, Energy led the pack while defensively-natured sectors such as Utilities, Consumer Staples and Healthcare lagged the most. The Conference Board’s index of leading U.S. economic indicators declined again in September with widespread weaknesses across the indicators. Inflation globally is running hot with the U.K. consumer price index up 10.1% in the 12 months to September 2022 with a surge in food prices. German producer prices in September climbed 2.3% from the month prior in September and 45.8% year-over-year, as energy prices continued to soar. Over 150 companies within the S&P 500 will report earnings this week along with several economic releases to watch, including: The Case-Shiller Home Price Index for August, the Conference Board’s Consumer Confidence Index, University of Michigan’s Consumer Sentiment Index, Personal Income and Spending for September, an advance estimate of U.S. Q3 GDP, as well as Personal Consumption Expenditures and Core readings for September.

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William Chapman of Potter Anderson & Corroon Wins Access to Justice Award 

Potter Anderson & Corroon LLP announced that the Delaware State Bar Association has named the firm’s senior counsel, Judge William Chapman, the 2022 winner of its Commitment Award for his career-long dedication to pro bono work for those in need. The announcement was made at the Christopher W. White Distinguished Access to Justice Awards on Thursday, Oct. 27, 2022, in Wilmington, Del.

The Access to Justice Awards are given in the name of the late Christopher W. White, long-time attorney and executive director of the Community Legal Aid Society of Delaware, and member of the Delaware State Bar Association, who was widely known and respected for his advocacy work on behalf of the indigent people of Delaware.

“It is an honor to receive an award that recognizes Chris’ devotion to helping those who are less fortunate,” said Judge Chapman. “Providing legal assistance and services to those in need in the State of Delaware has always been a cause close to my heart, and I look forward to continuing this work.”

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35 Richards Layton Attorneys Chosen as

Delaware Today Top Lawyers

Thirty-five Richards, Layton & Finger attorneys have been named Top Lawyers in Delaware Today magazine’s list of the best lawyers in the state. The magazine polls lawyers throughout Delaware to compile its annual Top Lawyers list. Lawyers who received the most votes in their respective categories are designated the top vote getters, with six Richards Layton lawyers earning the most votes in their practice areas.

See the full list of honorees via the link below.

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Delaware Today Top Lawyers® 2021 Recognizes 22 Connolly Gallagher Attorneys

Delaware Today has released its 2021 Top Lawyers® list. In total, 22 Connolly Gallagher LLP lawyers were selected for inclusion across 12 different categories. The results are based on a poll issued to all 4,900 members of the Delaware Bar Association to vote.

See the full list of honorees via the link below.

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BLS Important Update: Form 1099-NEC Reporting Requirements

Due to increased enforcement and related assessment of penalties for failing to timely and accurately file Forms1099-NEC (Nonemployee Compensation), Belfint, Lyons & Shuman would like to share the video below to explain the requirement and due date information associated with filing Form 1099-NEC.


A New Dark Cloud Descends: Fifth Circuit Panel Rules That CFPB Funding Mechanism Is Unconstitutional

With the dark cloud over the CFPB that was the constitutional challenge to the for-cause limit on removal of its Director having mostly lifted, a new and even darker cloud has descended in the form of another constitutional challenge. A unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s funding mechanism violates the U.S. Constitution’s Appropriations Clause and the separation of powers principles on which it is based. Pursuant to the Dodd-Frank Act, the CFPB receives its funding through requests made by the CFPB Director to the Federal Reserve, subject to a cap equal to 12 percent of the Federal Reserve’s budget, rather than through the Congressional appropriations process.

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Greg Koseluk at greg.koseluk@debankers.com