DBA Digest for August 4, 2023

THE EARLY-BIRD IS GETTING READY TO FLY!

2023 Delaware Trust Conference Discounted Registration Ends Today, August 4th!

SAVE $300!

The discounted Early-Bird Registration for the 2023 Delaware Trust Conference ends today, August 4th! Registrants can save $300 on full access registration! 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!

New! Foundations of Delaware Trusts: Best Practices Series - Live and On-Demand

New in the Foundations of Delaware Trusts series, three new 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.

Transfer Trust Best Practices - August 16, 10:00 a.m.

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

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

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!

2023 FDIC Directors' College -

September 22nd - Dewey, DE

Registration is now open for 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.

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.

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.

Bank of America Private Bank Market Minute

Major indexes locked in gains last week over a busy week of quarterly corporate earnings reports and a Federal Reserve (Fed) policy meeting. The S&P 500 and Dow Jones Industrial Average each logged a third consecutive positive week (1.0% and 0.6% weekly gains, respectively). The Dow last Wednesday clinched a winning streak of 13 trading days—its longest streak since 1987. Once again proving more resilient than expected, the U.S. economy posted a preliminary growth figure of 2.4% for Q2 compared to 2.0% for Q1. Despite higher prices, consumer spending rose by 1.6% in Q2 after rising by 4.2% in Q1. Last Wednesday, the Fed raised interest rates by a widely anticipated quarter percentage point to the highest level in 22 years (the 11th hike since March 2022), bringing the fed funds target rate to 5.25% - 5.50%.

FedNow and Security

Wednesday, August 16, 11:00 a.m.-12:00 noon ET

Join us virtually from 11:00 a.m. to 12 noon on Wednesday, August 16, 2023, for an introduction to the FedNow Service, the Federal Reserve’s new instant payment platform. Vince Lally, cyber operations manager at the Federal Reserve Bank of Boston, will discuss FedNow, focusing on the cybersecurity considerations during the development and go-live stages of the service.

New- Ask the Fed®: Energy Update: Oil, Natural Gas, and Renewables -

Wednesday, August 23, 2023, at 2:00 p.m. ET

Uncertainty in the energy market in 2022 resulted in elevated volatility in the prices of crude oil and natural gas. Prices for both have cooled off in 2023, and some unanswered questions from last year have been answered this year. However, tightening credit conditions, coupled with sharp monetary policy tightening globally, is putting additional pressure on energy market participants. This energy transition is reshaping the landscape of the energy sector gradually.

This 90-minute Ask the Fed session will include speakers from the Federal Reserve Bank of Dallas’ energy team: SungJe Byun, Senior Economist; Rebin Kawani, Data Scientist; Kunal Patel, Senior Business Economist; and Jesse Thompson, Senior Business Economist. The session will discuss outlook and financing trends for oil, natural gas, and renewables.

Connolly Gallagher Ranked as Band 1 in Chambers High Net Worth 2023

In its 2023 guide, Chambers High Net Worth ranked Connolly Gallagher LLP in Band 1 for Private Wealth Law in Delaware. Three Connolly Gallagher attorneys appear in the individual rankings of leading Delaware Private Wealth Law lawyers, with Gregory Weinig recognized for the fourth year in a row in Band 1 for Private Wealth Law. In addition, Scott Swenson has again been recognized in Band 1 for Private Wealth Disputes.



Comments from those interviewed for the guide reflect the Trusts & Estates team’s commitment to client service.

• Chuck Durante is “a very impressive talent” and “is someone who has tenure in the private wealth space.”
• Trisha Hall is “always, responsive, knowledgeable, and invaluable to us and we learn something new every time we talk to her.”
• Scott Swenson is “is knowledgeable and professional.” He is “a great litigator and an expert in the area.”
• Gregory Weinig is “responsive and pleasant to deal with, and I’m always confident in his ability.”

 Overhaul of Regulatory Capital Requirements Proposed by US Banking Regulators

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 and (ii) change the method for calculating the capital surcharge for globally 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. In this Legal Update, we provide background on the regulatory capital requirements, discuss the two proposals, and highlight a number of the likely potential impacts.

Comments on both proposals are due by November 30, 2023.



SEC Adopts Final Cybersecurity Rules — Requires Companies to Focus on their Security and Disclosure Plans

On July 26, the Securities and Exchange Commission (SEC) adopted, by a 3-2 margin, a final rule to require more immediate disclosure of material cybersecurity incidents by public companies. In addition, the final rule requires annual disclosure of material information regarding a public company’s cybersecurity risk management strategy and cybersecurity governance. In approving the final rule, SEC Chairman Gary Gensler stated that the final rule will provide investors with more consistent, comparable, and decision-useful tools for analyzing disclosures about cybersecurity incidents. The reality is that the final rule requires public companies to make difficult real-time decisions about whether a cybersecurity incident requires disclosure, all while in the middle of responding to and addressing the actual incident. When a cybersecurity incident inescapably happens, the right information must be reported up the chain to those making disclosure decisions. Public companies should consider identifying gaps in reporting structures and increasing collaboration among security teams and legal counsel.