Delaware Bankers Association Celebrates 128th Annual Meeting

Outgoing Chair, Dominic C. Canuso, EVP & Chief Financial Officer, WSFS Bank, passes the gavel to incoming Chair, Tarrie Miller, President & Chief Operating Officer, County Bank at the 128th DBA Annual Meeting.

Dominic Canuso has a "Fireside Chat" with Keynote Speaker, David Debusschere, EVP and COO/CFO of the Philadelphia Union... bringing his own virtual fireside!

Congressional Bookends: Remarks from Senator Coons began the evening, and remarks from Senator Carper concluded the 128th Annual Meeting.

Tarrie Miller, President & Chief Operating Officer, County Bank, was elected the Chair of the Delaware Bankers Association (DBA) on May 11th at the DBA’s 128th Annual Meeting in Wilmington. The DBA also elected and installed Matthew Parks, Director, Investments, CRA & Retail Banking, Discover Bank, to the position of Chair-Elect. 

Other Members of the DBA Board of Directors are Past Chair: Dominic C. Canuso, EVP & Chief Financial Officer, WSFS Bank; Directors at Large: Diana Clift, Head of Legal, Barclays; Caroline Dickerson, Chief Executive Officer & Treasurer, Commonwealth Trust Company. Directors: Isabel Araújo, Sr. Manager. Trust Consulting Services, Charles Schwab Trust Co. Of Delaware; Michael Dameron, SVP, Head Of State and Local Government Relations, TD Bank; Jason Gaughan, Consumer Card Product Executive, Bank Of America; Jennifer Golek, Head Of Bank Operations, Managing VP, Capital One; Nicholas Jafarieh, EVP, Chief Legal, Government Affairs, and Communications Officer, Sallie Mae; George Kern, Regional Director, Bessemer Trust Company Of Delaware; William LaFond, Wealth Area Executive and Head Of Family Wealth, Wilmington Trust; Greg Miraglia, SVP, Delaware Market Executive PNC Private Bank; Joel Schiller, SVP, Chief Risk Officer Artisans’ Bank; Shelley Waite, Managing Director, JPMorgan Chase & Co.; and, Katie Wilkinson, SVP & Delaware Commercial Market Executive, Fulton Bank.

Thank you to our sponsors for their generous support...

Platinum Sponsor: Federal Home Loan Bank of Pittsburgh. Gold Sponsor: Young Conaway Stargatt & Taylor. Silver Sponsors: Delaware Community Foundation; Richards, Layton & Finger, P.A.; S&P Global. Bronze Sponsor: McCollom D’Emilio Smith Uebler LLC; Pinion, Santora CPA Group. Wine at Dinner Sponsor: Belfint, Lyons & Shuman, P.A. Reception Sponsors: CAPCO; Potter Anderson & Corroon LLP; RKL; Weiner Benefits Group. Bank Sponsors: Bank of America; Capital One; Community Bank Delaware; Discover Bank; First Citizens Community Bank; Fulton Bank; JPMorgan Chase & Company; M&T Bank; PNC Bank; Sallie Mae; US Trust Company of Delaware; Wilmington Trust; WSFS Bank.

UD Trust Management Minor Golf Classic - June 12 - Register - Sponsor - Donate - Volunteer!

Please join us on June 12, 2023 for a fun day at Hartefeld National for the inaugural University of Delaware Trust Management Minor Golf Classic.  Please reach out to Jennifer McCloskey at 302-528-8317 or lerner-trustmanagement@udel.edu with any questions. Registration closes June 5th!

Bank of America Private Bank Market Minute

Kicking off the month of May, Equities were largely lower on the week, as the S&P 500 fell 0.8%, while the Dow Jones Industrial Average dropped 1.2% and the Nasdaq Composite finished slightly higher, up 0.1%. Within the S&P 500, Technology shares fared the best, followed by some defensive sectors such as Healthcare (+0.9%) and Utilities (+0.05%). The Energy (-5.8%) and Financials (-2.6%) sectors were the worst performers last week. Data from the Department of Labor showed the number of job openings shrank for a third consecutive month in March to 9.59 million from 9.97 million the month prior. There are 1.6 job openings for every unemployed person, suggesting the labor market remains tight. The nonfarm payrolls report showed the U.S. economy added 253,000 non-farm jobs in April, well above consensus estimates. The unemployment rate ticked lower to 3.4%, now tied for the lowest level since 1969. Average hourly earnings rose 0.5% for the month—the biggest monthly gain in a year. On an annual basis, wages are up 4.4%. Last Wednesday and as anticipated, the Federal Reserve (Fed) increased its interest rates by 25 basis points (bps), taking the benchmark fed funds rate to a target of 5.00% to 5.25%. Overseas, the European Central Bank slowed the pace of its interest rate hikes by hiking a quarter percentage point but warned it is “adamant it is not pausing”. For economic reports this week, April’s inflation picture continues to develop with both the Consumer Price Index (CPI) as well as the Producer Price Index (PPI) scheduled to be released.

Philadelphia Fed: State of the Cyber Threat 2023

Wednesday, May 17, 2023 - 11:00 a.m.-12:00 noon

Join us virtually on Wednesday, May 17, 2023, from 11:00 a.m. to 12:00 noon for State of the Cyber Threat. At this presentation on current cybersecurity threats, special agents from the FBI will discuss the trends and threats they are currently seeing and recommendations on staying safe today.  

Jenifer Jurden is a Cartoonist from Wilmington who has graciously provided her Planet Jurdy cartoons for the DBA Digest. Jurdy® is her other-worldly "Hero of Happyness" whose cartoons bring levity to humans worldwide.

Webinar - What the Biden Administration’s “Junk Fees” Initiative Means for the Consumer Financial Services Industry - May 16, Noon - 1:30 ET

The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) leading the Administration’s efforts. In this webinar, we will discuss the actions taken by the CFPB and FTC, the fees being targeted, and what steps consumer financial services providers should consider taking in response.

Topics will include:

• What is a "junk fee"?
• CFPB and FTC requests for information on “junk fees”
• Impact on all types of consumer finance products, including credit cards, deposit accounts, payments, auto finance, education loans, mortgages, installment loans, etc.
• CFPB credit card late fees proposal
• CFPB guidance on overdraft and non-sufficient funds fees
• CFPB supervisory and enforcement activity relating to deposits, auto servicing, mortgage servicing, and student loan servicing
• Potential future CFPB and FTC rulemaking and other actions
•  Steps providers should consider to reduce compliance risks, including the Ballard Spahr Analytical Framework for identifying fees that CFPB won’t like

 Delaware Business First - Networking Event

- May 16 - 6 p.m.

You are invited to the Delaware Business First (Networking Event), 5/16/2023 at 06:00 PM. Mix, Mingle & Grow at Stitch House Brewery, 829 N Market St, Wilmington. Click on the link below for more information.