DBA Digest for January 14 , 2022 |
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The Write Stuff!
Sharpen Your Grammar Skills January 26
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Dozen of professionals honed their writing skills at the DBA's Business Writing Workshop, Wednesday, January 12th. The course was facilitated by Linda Comerford of Comerford Consulting.
And if you struggle with grammar issues in your writing, you'll want to attend the next live and virtual session with Linda Comerford.
Taking the “Grr” Out of Grammar -
January 26, 2022 – 9:00 am – 12:00 pm
Click on the link below for full details!
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WSFS Financial Corporation Completes Acquisition of Bryn Mawr Bank Corporation and Welcomes Three New Board Members |
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WSFS Financial Corporation, the parent company of WSFS Bank, completed the acquisition of the Bryn Mawr Bank Corporation, and its primary subsidiary, The Bryn Mawr Trust Company, as of January 1, 2022. In addition, in accordance with the merger agreement between WSFS and Bryn Mawr, Frank J. Leto, Lynn B. McKee, and Diego F. Calderin are joining the Board of Directors of WSFS and WSFS Bank. With the acquisition finalized, WSFS strengthens its position as the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region with approximately $20 billion in assets, and approximately $49 billion in assets under administration and management. |
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Now Available for Credit!
DBA Regulatory Compliance School On-Demand
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On-Demand Sessions for the 2021 DBA Regulatory Compliance School are now available! Compliance professionals can get all the updates needed to face the latest regulatory challenges. The agenda is filled with the most up-to-date regulatory information on Lending, Deposits, BSA/AML, available for viewing on your schedule. $999 for DBA members ($1499 for non-DBA-members).
Presenting Sponsor: Troutman Pepper
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Shore United Bank Thanks Laura Sonberg
for 20 Years of Service!
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Shore United Bank is happy to congratulate Laura Sonberg on 20 years of service. Laura began her career with the Bank in January of 2002 in Deposit Operations. Since the start of her career with Shore United Bank, she has also held positions such as Electronic Banking Representative and her current role of BSA Specialist II in the BSA/Compliance Department.
In her current role, Laura’s responsibilities include reviewing and reporting suspicious activity, monitoring high-risk customers, and making sure branches comply with banking rules and regulations by reviewing important documents and managing risk. “My job is always exciting. Fraud cases and CTRs keep me very busy and can be very interesting, mainly because each day brings something different. There’s never a dull moment in the BSA Department,” explains Laura regarding her daily duties.
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Northern Trust US Economic Outlook: In Like a Lion |
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Every year, we hope for a calm return to work in January after a refreshing break over the December holidays. For the second year in a row, our plans were foiled.
The challenges of COVID-19, tangled supply chains, and tight labor markets have carried over into the new year. The persistence of these factors has prompted increasing anxiety at the Federal Reserve, which has been sending clear signals that policy tightening is fast approaching. Multiple rate hikes are in store.
Our base expectation remains for the year to return to normal: cooler inflation, steadier growth, and stable employment. Rates above the zero lower bound are a component of a normal economy, but they are coming sooner than we had anticipated.
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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. |
Stephanie L. Chapman, CPA Named a Director
of Belfint, Lyons & Shuman, P.A.
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Stephanie L. Chapman, CPA was named a Shareholder of Belfint, Lyons & Shuman, P.A. (BLS) and Director in the International Services Practice Group, effective January 1, 2022, as voted on by the directors of the firm.
Stephanie celebrated her 12th anniversary at BLS in May 2021, having started as a Supervisor in the Tax & Small Business Department in 2009. She brought with her a number of years of experience at other public accounting firms in Florida, Pennsylvania, and Delaware, as well as a bachelor of arts in accounting and a master of accountancy, both from the University of West Florida.
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CFPB takes aim at three largest nationwide consumer reporting agencies in new report |
The CFPB’s new annual report of credit and consumer reporting complaints, required by Section 611(e) of the FCRA, criticizes the three largest nationwide consumer reporting agencies (NCRAs) for allegedly failing to meet their FCRA obligations to it and for engaging in practices that have led to a significant increase in the volume of consumer complaints it received about the NCRAs.
Historically, the CFPB has satisfied its FCRA obligation to provide the annual report by including the relevant information in its Consumer Response Annual Report. However, in last year’s Report, the CFPB expressed concerns about what it characterized as (a) a substantial increase in complaints about the reporting of inaccurate information by the NCRAs, complaints it then forwarded to the NCRAs to address in accordance with Section 611(e), and (b) the failure on the part of the NCRAs to provide it with complete and accurate responses to those complaints, as required by Section 611(e). The CFPB then promised to issue a separate report to provide a more robust analysis of the situation, which it now appears to have done. The report it just released covers complaints from January 2020 through September 2021. The CFPB reiterated that the increased complaint volume and changes made by the NCRAs in responding to complaints led the Bureau to publish an independent report.
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Sign Up Now! Two On-Line Courses:
Fundamentals of Commercial Banking; and,
Analyzing Repayment Sources!
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The Delaware Bankers Association & Delaware Financial Education Alliance has partnered with Andy Keusal with Keusal Learning LLC to offer two new online Breaking into Banking videos:
- Breaking into Banking 101: Fundamentals of Commercial Banking - ten learning modules, over 5 hours in total content
- Breaking into Banking 201: Analyzing Repayment Sources - nine modules covers topics including how to analyze income statements, balance sheets, collateral, and risk rating.
Each module includes a video lesson and a multiple-choice self-check. Many of the lessons include exercises/case studies for learners to work through that are related to a sample company outlined in the course’s Reference Guide.
Get the full details, including an introductory video at the link below.
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