DBA Digest for September 30, 2022

2022 FDIC Directors' College

40 bankers listened to nine speakers at the 2022 FDIC Directors' College held September 23, at the Hyatt Place in Dewey, Delaware. Sessions and topics included: Economics Update, Asset-Liability Oversight, Third Party Oversight & Risk Management, Compliance and Anti-Money Laundering; and a Conversation with the Regulators.

Thanks to presenting sponsor Troutman Pepper. 

TWO WEEKS TO GO! Registrations Still Open!

2022 Delaware Trust Conference - In-Person, Live Stream, and On-Demand!

Two weeks to go until the 2022 Delaware Trust Conference: bigger, better, and super convenient! This year’s conference, the 17th annual, will be live at The Chase Center on the Riverfront, AND live-streaming, on October 18 & 19, AND on-demand through November! The agenda is filled with a stellar lineup of speakers. 18 CLE credits are available, including 2.0 ethics credits. Follow the link below to view the agenda and register.


DE Trust Conference Webpage

Bank of America Private Bank Market Minute

It was a second week of pronounced losses with the S&P 500, Russell 2000 Index and Nasdaq Composite remaining just slightly above their mid-June 2022 lows last week. The Dow Jones Industrial Average fell another 4% over the week, hitting its lowest level since November 2020. Equities fell sharply on Wednesday after policymakers announced a third consecutive 75 basis point (bps) hike and delivered a hawkish message for rates going forward. The Federal Open Market Committee (FOMC) now sees its fed funds target range rising to 4.4% by the end of this year and 4.6% by the end of next year. Treasury yields remain elevated with the two-year U.S. rate climbing for 12 straight days through Friday to 4.20%, a 15-year high. Oil hit its lowest level since January at $78.74 per barrel. A reading from the Conference Board’s Leading Economic Index showed a broader loss of momentum across the economy in August, with the Index declining 0.3% in August. This week, watch for the Conference Board's September Consumer Confidence Index, the University of Michigan’s final read on consumer sentiment, personal income and spending data, and the final read on U.S. Q2 gross domestic product (GDP).

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New York Fed Web Series on Culture: Culture and the New Workplace - October 4th

On Tuesday, October 4, the Federal Reserve Bank of New York will host the next installment in its webinar series on culture. This virtual event, “Culture and the New Workplace,” is part of the New York Fed's initiative to spur reform of culture and conduct in the financial services industry and encourage the industry to raise standards. This panel will consider a range of questions about the evolution of the workplace and its influence on organizational culture.

Panelists will explore whether new norms or identities have developed among the hybrid workforce; where our relationships with technology are headed and how this may impact behavior; how physical space influences behavior; how we respond to monitoring and surveillance; and how perceptions of peer preferences can influence behavior in the new workplace.


“The Energy Transition: The Growth of Renewables and Financing Risks”

Thursday, October 13, 2022, 2:00 p.m. ET

This 75-minute session will include speakers from the Federal Reserve Bank of Dallas' energy team: SungJe Byun, senior economist; Joe Kneip, senior examiner; Kunal Patel, senior business economist; and Michael Plante, senior economist. The session will discuss recent trends in U.S. offshore and onshore wind, as well as utility-scale and residential solar. The session will also summarize lending trends and key risks in renewable energy financing.

Registration is now open at www.askthefed.org. As always, we are interested in 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.


Troutman Pepper Update: Second Circuit May Answer Loans Securities Question in Kirschner Appeal

A 2020 case that held that syndicated loans as an asset class are not securities for purposes of the securities laws is making a return to the spotlight as an appeal threatens to upend the decision.

In Kirschner v. JPMorgan Chase Bank, N.A., the lower court held that the loans in question were not securities and thus were not subject to state and federal securities laws. While the decision offered relief within the commercial lending industry, in October 2021, the plaintiff filed an appeal to the Second Circuit to have the decision overturned. With oral argument set to begin in fall 2022, the result of the appeal could have serious implications for commercial lenders and borrowers.

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Greg Koseluk at greg.koseluk@debankers.com