DBA Digest for April 6, 2023

DBA 128th Annual Meeting & Dinner - May 11 - du Pont County Club - Sponsorship Available

Mark your calendar for the DBA's 128th Annual Meeting and Dinner, May 11, at the duPont County Club. The keynote speaker for the evening will be David Debusschere,

EVP and COO/CFO at Keystone Sports and Entertainment LLC (Philadelphia Union).


Sponsorships are available! Join these prestigious sponsors: The Federal Home Loan Bank of Pittsburgh; Young Conaway Stargatt & Taylor; Richards, Layton & Finger; McCollom D'Emilio Smith Uebler; Santora CPA Group; Belfint, Lyons & Shuman; CAPCO; Potter Anderson & Corroon; RKL; and Weiner Benefits Group. Click on the link below for sponsorship information.

Register
Sponsorship Information

Women Connect Networking Event

May 18-19, 2023

The next Women Connect Network event will be held May 18-19, 2023, in Wilmington, DE. Join us for two days of fun, laughter, and life-long connections! May 18 will feature interactive activities in downtown Wilmington, followed by a half day program on May 19. Don't miss the excitement! Full agenda coming soon!

 

Pre-Register today to receive a 10% discount! Discount valid through April 14.

Register

Instructional Video Now Online!

2023 Teach Children to Save Day!

April 24th - 28th

The instructional video and lesson materials are now available on the Teach Children to Save Day webpage at debankers.com. The example lesson, taught by Judy Austin of the Center for Economic Education and Entrepreneurship, is filled with helpful tips to guide you through this year's Teach Children to Save Day visit.


A handful of classrooms are still available and awaiting banker volunteers for 2023 Teach Children to Save Day! Don't miss out on this year's event, the 25th annual, April 24th through 28th. The majority of classrooms will be in-person! Over the years, Delaware’s bankers have taught an important lesson on saving to over 230,000 kids. You can register on the Teach Children to Save Day page.


Especially for our 25th Anniversary, the Delaware Bankers Association and the Delaware Financial Education Alliance have created a 20-page comic book. Featuring The Great Investo and Penny, the story illustrates the concept of scarcity and the importance of saving for a financially independent future. All students will receive their own copy of the comic book to keep.

Teach Children to Save Day

Northern Trust: Join Us on April 25 for Exclusive Insights from Our Experts

Please join our next Market Insights event for a discussion on the latest market, economic and tax planning developments. April 25, 2023, 11 a.m. ET - Duration: 60 minutes

Register

JPMorgan Chase & Co. - Carry The Load Event - Thursday, May 4th, 2:30pm

Carry The Load is a non-profit organization that provides active ways to connect Americans to the sacrifices made daily by our military, veterans, first responders, and their families. What started in 2011 as a grassroots effort by two veteran U.S. Navy SEALs to restore the true meaning of Memorial Day has now grown into honoring our nation’s heroes 365 days a year. Their mission is to provide active ways to honor and remember our nation’s heroes by connecting Americans to the sacrifices made by our military, veterans, first responders and their families. Since 2011, they have raised over $38,058,334.

 

Memorial Day is dedicated to honor and remember the men and women who died while serving in the U.S. military. Although it is observed on the last Monday of May, Carry The Load’s Memorial May campaign takes place all month long to raise awareness and provide active ways to connect Americans to the sacrifices made by our military, veterans, first responders and their families.

 

We hope you will join us by participating in the East Coast Leg on Thursday, May 4th @ the Daniel S. Frawley Stadium (home of the Blue Rocks). Please see the link with all the information needed to register.  


Information

Bank of America Private Bank Market Minute

Last week brought the end of a volatile but positive Q1. Major U.S. indexes ended on a high note capping quarterly gains for the S&P 500 of 7.5% (total return), 17% for the Nasdaq Composite and a more modest 0.9% gain for the Dow Jones Industrial Average. As for weekly performance of the S&P 500 sectors last week, all 11 posted advances with Energy, Consumer Discretionary and Real Estate shares advancing at least 5%. Sentiment over the week was driven by receding concerns over financial contagion from the banking crisis and a focus on economic data releases such as inflation. The Personal Consumption Expenditures (PCE) Index rose 0.3% in February, and 5.0% from a year ago, both measures coming in slightly softer than expected. Core PCE was also up 0.3% from the month prior and 4.6% from a year earlier, running below a recent high of 5.4% reached in February 2022, although still well above the Federal Reserve (Fed) 2% long-term inflation target. The University of Michigan Consumer Sentiment Index fell in March to 62 from 67 in February, the first decline in four months. The Conference Board’s Consumer Confidence Index rose to 104.2 in March from 103.4 in February. Even given the uptick in confidence, the index remains below last year’s average level

Full Story

 Jumpstart Wilmington Graduate Provides Affordable Housing for Seniors in Wilmington's Southbridge Neighborhood

Father/daughter development team Marva Hammond and Charlie Falletta joined with Cinnaire, local officials and community members to celebrate the grand opening for the Southbridge Community Services Building (SBCS) this week. The SBCS is a newly developed, mixed-use project with the first phase consisting of 10-units of affordable housing and retail space. The much anticipated project is part of the greater revitalization in the Southbridge neighborhood providing affordable housing for vulnerable populations and the goal to inspire others to develop in Southbridge. It is the first development completed by a Jumpstart Wilmington graduate.


In 2020, Marva and Charlie purchased a blighted and vacant factory to support their mission to bring affordable housing opportunities to Delaware residents one property at a time. They partnered with the Southbridge Civic Association to conduct a community needs assessment and as a result, created a plan for a mixed-use building providing affordable housing paired with commercial space providing a retail opportunity to serve a local business. The developers worked with the Hope Center, a local temporary shelter, to offer residents at the shelter the opportunity to attain an affordable place to call home.


Full Story

CFPB Continues War on Fees in its Special Edition Supervisory Highlights

On March 8, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights report, focusing once again on fees assessed in relation to bank account deposits, auto loan servicing, mortgage loan servicing, payday lending, and student loan servicing. As the Supervisory Highlights reveal, the CFPB continues to scrutinize and challenge fees across the consumer financial services industry, consistent with much of the industry’s experience in 2022 and the subject of the CFPB’s prior November report, discussed here. The CFPB’s most recent report focuses on findings made by CFPB Examiners during examinations conducted between July 1, 2022, and February 1, 2023.

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