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DBA Digest for December 8, 2023

Now Available - Fall Issue of

Delaware Banker Magazine

The Special Delaware Trust Conference issue of Delaware Banker magazine is now available. In addition to the expanded coverage of the 2023 Delaware Trust Conference, you'll want to read "Beginning with the End in Mind - Advising Business on Maximizing Transition Value," "Charitable Giving That Yields Tax Advantages," as well as the latest trends in the Accounting and Benefits columns. Click the link below to enjoy the issue on your desktop, laptop, tablet, or phone.

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Bank of America Private Bank Market Minute

U.S. Equities gained over the holiday-shortened week. The S&P 500, Nasdaq Composite and Dow Jones Industrial Average all rose around 1% last week. All three indexes are on pace for their best monthly returns in more than a year. The yield on the benchmark 10-year U.S. Treasury note rallied to close the week higher, settling around 4.47% by last Friday. The Federal Reserve (Fed) released the Federal Open Market Committee’s latest meeting minutes, reaffirming their commitment to monitoring incoming data, which will dictate whether further tightening of monetary policy is required. In economic news, the University of Michigan’s Consumer Sentiment Index for November was revised higher to 61.3, although still down from October’s reading of 63.8. Inflation expectations rose this month, with respondents pegging inflation a year from now at 4.5%, the highest since April as long-run expectations reached a reading of 3.2%.

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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: Navigating the CFPB’s Proposed Personal Financial Data Rule

Join us, Monday, December 18, 2023, 1:00 - 2:00 PM ET, as we delve into the Consumer Financial Protection Bureau's (CFPB) groundbreaking proposal on personal financial data. This comprehensive discussion will explore the implications and intricacies of the proposed rule, addressing its potential impact on consumer privacy, data security, and financial services. Our panel will dissect the key provisions, regulatory framework, and potential challenges, equipping you with the knowledge needed to navigate the evolving landscape of personal financial data regulation.


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Delaware Bankruptcy Court Enters $30M Stipulated Judgment Over Deceptive Student Loan Practices

On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated debt collection companies. This settlement resolves allegations of unlawful practices in originating, servicing, collecting, and enforcing Income Sharing Agreements (ISAs) in violation of the Consumer Financial Protection Act of 2010, the Truth in Lending Act, and its implementing Regulation Z, and the Fair Debt Collection Practices Act. Specifically, regulators alleged in a July 2023 complaint that the ISAs were unlawful, and that Prehired and its affiliates made false promises of job placement and resorted to abusive debt collection practices when borrowers could not pay. As part of the stipulated final judgment entered by the Delaware bankruptcy court, Prehired is required to cease all operations, pay $4.2 million in redress to students who made loan payments between 2019 and 2023, pay $1 million to the CFPB victims relief fund, and void all of its outstanding ISAs, which are valued at nearly $27 million.

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We want to hear from you! Please send your news items to
Greg Koseluk at greg.koseluk@debankers.com