DBA Digest for August 25, 2023

Foundations of Delaware Trusts: GST Tax Best Practices - Next Tuesday, August 29!

Live and On-Demand

The next session in the new Foundations of Delaware Trusts series is next Tuesday, August 29, at 10:00 a.m. Cynthia Brown and Kimberly Gill McKinnon will present GST Tax Best Practices.

This new series features three sessions highlighting the best practices for trust professionals taught by Delaware's top trust experts! Each session will be conducted live on the date indicated and will be available for on-demand viewing afterward to train your entire staff. DBA Members can register for all three for just $499 ($199 each purchased separately).

GST Tax Best Practices - August 29, 10:00 a.m.

Instructors: Cynthia D.M. Brown, President, Commonwealth Trust Company; Kimberly Gill McKinnon, Director, Gordon, Fournaris & Mammarella, P.A.

Trust Termination Best Practices - September 7, 11:00 a.m.

Instructors: Mark A. Oller, Delaware Trust Executive, U.S. Trust Company of Delaware; Todd A. Flubacher, Esq., Partner, Morris, Nichols, Arsht & Tunnell LLP

Transfer Trust Best Practices - On-Demand

Instructors: Matthew P. D'Emilio, Managing Member, McCollom D'Emilio Smith Uebler LLC; Tara S. Hersh, Associate, McCollom D'Emilio Smith Uebler LLC

2023 FDIC Directors' College -

September 22nd - Dewey, DE

Dont' miss the 2023 FDIC Directors' College, September 22, 8:30 to 1:30, at the Hyatt Place, Dewey, DE. The FDIC Directors’ College is an interactive program that provides ongoing education on current topics of bank supervision to bank directors, senior officers, corporate secretaries, and board advisors. The course is designed to help directors and trustees, both new and experienced, stay abreast of the ever-changing regulatory environment. Modules this year include: Consumer Protection; Risk Management; Conversation with the Regulators; and Economics and Banking Update. Please click on the link below to view the detailed agenda and to register.

2023 Delaware Trust Conference - All-Star Speakers! In-Person! Live-Stream! On-Demand!

Don't miss the all-star line-up of wealth management experts and the 2023 Delaware Trust Conference ends today, August 4th! The 2023 Delaware Trust Conference will be live at The Chase Center on the Riverfront, AND live-streaming, on October 17 & 18, AND on-demand through November! See the agenda via the link below and register today!

Delaware Trust Conference - New for 2023! Monday Evening Reception on the Kalmar Nyckel!

The 2023 Delaware Trust Conference will kick off with a reception Monday, October 16, 4 to 6 p.m. on Delaware's tall ship, the Kalmar Nyckel. Tickets to this exclusive reception event are just $150. Platinum and Diamond Sponsors receive two free registrations to the reception with their sponsorships. Space is limited! Contact Corinne Stayton to reserve your spot today!

Mid-Atlantic Bank Executives Conference

September 10 - 11

This event, brought to you by five states (DE, MD, PA, VA and WV) will bring together bankers and industry partners for sessions with nationally recognized speakers providing relevant and timely content geared specifically to bank c-suite and other senior leaders. See the full agenda and registration information via the link below.

Business Writing Workshop

November 1, 2023, 9:00 am - 4:00 pm

Time equals money in the work world, so creating clear documents quickly that can be understood easily is crucial.

Join Linda Comerford, Comerford Consulting for this rewarding on-line course via Zoom,

November 1: 9:00 a.m. to 4:00 p.m.  

Just $199 per person for DBA members! ($249 for non-members)

Workshop Objectives: After attending this course, participants will benefit from an increased ability to:

• Identify varied audiences and purposes for writing;
• Polish rough edges of their writing style in paragraphs, sentences, words, and format;
• Write more effective documents while following a more efficient writing process; and,
• Apply course concepts to their actual writing samples.

Taking the Grr out of Grammar

November 8, 2023, 9:00 am - 12:30 pm

Surveys show that 80% of those in the business world tend to say, “Grr!” a lot when editing a document.

Join Linda Comerford, Comerford Consulting for this valuable on-line course

November 8: 9:00 a.m. to 12:30 p.m. 

Just $99 per person for DBA members! ($149 for non-members)

Workshop Objectives:  This half-day course helps participants do the following when writing and editing:  

• Analyze why correct documents are so important;
• Identify the errors that tarnish a writer’s image;
• Learn practical, current grammar and punctuation rules;
• Practice correcting grammar glitches and punctuation pitfalls; and,
• Demonstrate understanding of the rules through a pre- and post-quiz.

Bank of America Private Bank Market Minute

Deepening an August slump, major indexes fell more than 2% last week. Both the S&P 500 and Nasdaq Composite recorded a third consecutive weekly decline. The release of the July Federal Reserve (Fed) minutes bolstered expectations that interest rates are likely to remain higher for longer, pushing the yield on the 10-year U.S. Treasury note past its 2022 peak. In economic news, industrial production grew by 1.0% in July from June, tripling consensus estimates. It was boosted by output from electric utilities, the result of an abnormally warm July raising demand for power. July retail sales advanced at the fastest pace since January, rising at a seasonally adjusted 0.7% in July from June. That marked an acceleration from June’s 0.3% gain. Online, grocery, and hardware store spending increased while auto, electronics and furniture sales decreased. The price of U.S. crude oil exceeded $81 per barrel, snapping a seven-week string of gains. Abroad, economic concerns around debt levels in China’s Real Estate sector and the general health of the economy spread. Industrial output and retail sales in China grew at a slower-than-expected pace in July compared to a year ago. China’s central bank surprised by cutting interest rates on the one-year medium term lending facility for the second time in three months and cut the seven-day reverse repo rate by 10 basis points. The most anticipated event this week for investors will be Fed Chairman Powell’s speech at the annual policy symposium in Jackson Hole, Wyoming.

Ask the Regulators: Commercial Real Estate Loan Accommodations and Workout Guidance -

Sept. 14, 2 p.m.

On Thursday, September 14, from 2:00-3:30 p.m. Eastern, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration (NCUA) (the agencies) will conduct an Ask the Regulators webinar to explain the revisions and additions to the Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts that was issued June 2023. During the webinar, staff of the agencies will review best practices for managing deteriorating and problem commercial real estate loans and workout arrangements, describe how supervisors assess the management of commercial real estate loan accommodations and workouts, and review supervisory expectations for valuations.

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.

39 Morris Nichols Attorneys Recognized in The Best Lawyers in America 2024

Thirty-nine Morris Nichols attorneys were selected for inclusion in the 2024 edition of The Best Lawyers in America. The results are based on peer-review evaluations from more than 76,000 eligible attorneys.

Morris Nichols partners Derek Abbott, Jack Blumenfeld, David Harris, Michael Houghton, and Bill Lafferty were named the “Lawyer of the Year” in various practice areas (noted with an asterisk below). “Lawyer of the Year” recognitions are awarded annually to only one lawyer per practice area in each region with extremely high overall feedback from their peers, making it an exceptional distinction.



Additionally, 13 firm attorneys were listed in Best Lawyers’ “Ones to Watch” which recognizes associates and other lawyers who are earlier in their careers for their outstanding professional excellence in private practice.

Richards, Layton & Finger Named a Law360 Delaware Regional Powerhouse

Richards, Layton & Finger has once again been selected by Law360 as a Delaware Regional Powerhouse. Noting that Richards Layton has long been “a force in the state,” Law360 reports that “the firm has continued to set itself apart in a competitive legal market.”

Law360 identified several “blockbuster cases” Richards Layton has handled in the past year. The firm served as co-counsel for Fox News Network in the Fox-Dominion litigation. Richards Layton successfully represented Oracle in litigation concerning its acquisition of NetSuite, and it scored a “major intellectual property win” by securing a favorable jury verdict for Gilead Sciences Inc. Law360 also reported on Richards Layton’s work in the confirmation of Ruby Pipeline’s successful chapter 11 plan, as well as the firm’s successful representation of Lordstown Motors Corp. and other former special purpose acquisition companies (SPACs) seeking validation of stock issuances in the Chancery Court.

Mayer Brown Legal Update: A Road Not Taken: Where the US Capital Proposal Differs From Basel

On July 27, 2023, US federal banking regulators issued proposals to (i) significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations (the “Capital Proposal”) and (ii) change the method for calculating the capital surcharge for global systemically important banking organizations (“G-SIBs”). These proposals are of critical importance because the amount of capital a bank must maintain with respect to any particular loan, investment or activity is typically a significant—if not the most significant—factor in determining whether the relationship is profitable or even feasible.

Wilmington University Fall Semester Begins August 28th!

DBA Members Receive Valuable Discounts!

It’s never too late to go back to school! Wilmington University’s fall semester starts Monday, Aug. 28. As part of our partnership with WilmU, you benefit from guaranteed admission, degree programs available in-person and 100% online, discounted tuition, a complimentary Transfer Credit Evaluation and more. Plus, the $35 application fee is waived with a special promo code. For details and to schedule a personal appointment with a WilmU partnership specialist, follow the link below!

Just Action: How to Challenge Segregation Enacted Under the Color of Law A Conversation with Richard Rothstein

- September 13, 2023 from 2:00 PM to 3:30

Join us September 13 for a virtual conversation with Richard Rothstein, author of "The Color of Law" to hear about his new book, "Just Action" and learn how community members and local leaders can play a role in dismantling segregation and building more equitable communities.