DBA Digest for July 21, 2023

ONLY TWO WEEKS LEFT TO SAVE!

2023 Delaware Trust Conference Discounted Early-Bird Registration Ends August 4th!

Only two weeks remain to take advantage of discounted Early-Bird Registration for the 2023 Delaware Trust Conference. Registrants can save $300 on full access registration through 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!

Agenda
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Sponsorships Available!

The list of prestigious Sponsors and Exhibitors continues to grow! Make sure your company is represented at the 2023 Delaware Trust Conference. See the link below for full registration benefits!


Platinum Sponsor: 

The Bryn Mawr Trust Company of Delaware (a WSFS Company)


Diamond Sponsors: 

Connolly Gallagher

The Glenmede Trust Company of Delaware

Gordon, Fournaris & Mammarella

McCollom D'Emilio Smith Uebler

Peak Trust Company

Richards Layton & Finger

Young Conaway Stargatt & Taylor


Gold Sponsor

Morris, Nichols, Arsht & Tunnell


Silver Sponsors

BNY Mellon Wealth Mangement

Chilton Trust

CIBC Delaware Trust Company

Commonwealth Trust Company

Evercore Trust Company, N.A.

Morris James LLP

Pinion

Santora CPA Group

U.S. Trust Company of Delaware


Bronze Sponsor

Belfint, Lyons, and Shuman, P.A.


Exhibitors

Deutsche Bank Trust Company Americas

First State Trust Company

National Care Advisors

Peak Trust Company

Pinion

S&P Global



The 2023 Delaware Trust Conference will be live at The Chase Center on the Riverfront, AND live-streamed, on October 17 & 18, AND on-demand through November! 


Conference Webpage

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

Registration

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.

Agenda & Registration

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.

Agenda and Registration

ABA Foundation Accepting Donations to Support Vermont Flooding Relief Efforts; ABA to Contribute $25,000

The American Bankers Association Foundation today announced it will start collecting tax-exempt contributions through its Disaster Relief Program website to help aid relief efforts in Vermont after a major storm resulted in catastrophic flooding in the state on July 11. The flooding has devastated cities and towns in Vermont, left hundreds homeless and claimed at least one life. It has also caused significant damage to homes and businesses, including several bank branches and the homes of bank employees. At the request of the Vermont Bankers Association (VBA), the ABA Foundation will immediately begin accepting donations today, with all funds raised directed to the Vermont Community Foundation, which is aiding relief efforts throughout the state. ABA announced that the association will lead the fundraising effort by contributing $25,000 through the Foundation’s Disaster Relief Program to assist those affected by the historic flooding.

Full Story

Fulton Financial Corporation Announces Second Quarter 2023 Results

Fulton Financial Corporation reported net income available to common shareholders of $77.0 million, or $0.46 per diluted share, for the second quarter of 2023, an increase of $11.3 million, or 17.2%, in comparison to the first quarter of 2023. Operating net income available to common shareholders was $77.8 million, or $0.47 per diluted share. For the six months ended June 30, 2023, net income available to shareholders was $142.8 million, or $0.85 per diluted share, an increase of $13.6 million, or 10.6%, in comparison to the same period in 2022. Operating net income available to common shareholders was $143.9 million, or $0.86 per diluted share.



"We were pleased with our second quarter performance and results," said Curtis J. Myers, Chairman and CEO of Fulton. "We saw credit metrics remain stable and credit losses return to historically low levels, strong non-interest income in many areas of our bank, and loan growth was solid and in line with expectations. Despite the challenges around deposit growth and mix the industry is facing, we meaningfully grew both deposit accounts and deposit households during the quarter."


Full Story

Bank of America Private Bank Market Minute

Both the S&P 500 and Dow Jones Industrial Average rose over 2% this past week, while the Nasdaq Composite added over 3% and reached its highest level in 15 months. Signs percolated that the S&P 500 rally is gaining breadth: According to the July 14 Wall Street Journal article, more than 140 stocks in the index have hit fresh 52-week highs since the end of May; meanwhile the share of S&P 500 stocks closing above their 50-day moving averages surpassed 80% for the first time since December 2022 this past week. Yields on U.S. Treasurys fell sharply following a softer-than-expected headline inflation print. U.S. inflation as measured by the Consumer Price Index (CPI) rose just 3% over the last year, the smallest increase since March 2021. However, core inflation which strips out volatile food and energy costs has proven sticky, falling from 5.3% to 4.8% year-over-year. The Labor Department’s June Producer Price Index for final demand showed inflationary pressures are easing for businesses as well, as prices increased by 0.1% in June from a year earlier, the smallest annual increase since 2020. According to United Nation data, the U.S. remained the top destination of foreign direct investment again in 2022, accounting for roughly 22% of global inflows; China was a distant second, with a share of 14%. This week, 60 more S&P 500 companies will report on Q2 earnings. The Census Bureau will report June’s U.S. retail sales data, while the Conference Board is due to release its Leading Economic Index for June which has previously declined for 14 consecutive months.

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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.

Morris Nichols Ranked Band 1 for Delaware Private Wealth Law by Chambers HNW 2023

Morris Nichols has again been ranked in Band 1 for Delaware Private Wealth Law in the 2023 edition of Chambers High Net Worth, the international guide to the world’s leading high-net-worth advisors. The firm has earned the highest Band 1 ranking for the eighth consecutive year, since the guide’s inception.

 

Attorneys Todd Flubacher and Zach Haupt are distinguished as leaders in their field. Todd is recognized in Band 1 for both Private Wealth Law and Private Wealth Disputes. Zach is recognized as an Up-and-Coming attorney for Private Wealth Law.

 

Chambers sources note, “Morris Nichols has a deep and broad body of practical experience along with a strong command of the law, combined with consistently excellent clarity and quality of written materials.”

 

Full Story

Ask the Regulators: Final Supervisory Guidance on Third-party Risk Management

On Wednesday, July 26, 2023, at 1:00 p.m. ET, staff from the Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, and Office of the Comptroller of the Currency (OCC) will conduct an Ask the Regulators webinar for their supervised institutions on the recently issued final guidance on third-party risk management: https://www.federalregister.gov/documents/2023/06/09/2023-12340/interagency-guidance-on-third-party-relationships-risk-management.


During the webinar, staff of the agencies will provide an overview of the final guidance, highlighting key topics and specific areas for consideration. Staff will also discuss the guidance’s description of supervisory processes with respect to banks’ third-party risk management practices.



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Ballard Spahr Podcast: What the Biden Administration’s “Junk Fees” Initiative Means for the Consumer Financial Services Industry

The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part I of this two-part episode, we first discuss the various definitions offered by the White House, CFPB, and FTC for what constitutes a “junk fee” and the types of fees they have labeled “junk fees.” We then discuss the CFPB’s credit card late fees proposal and criticisms of the proposal set forth in comment letters. We conclude with a discussion of guidance on overdraft and non-sufficient funds fees issued by the CFPB, OCC, and FDIC and by state regulators and CFPB enforcement activity related to overdraft and NSF fees.

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Greg Koseluk at greg.koseluk@debankers.com