DBA Digest for May 19, 2023

Delaware Bankers Association Awards 2023

David G. Bakerian Scholarship

(l to r) DBA President, Sarah Long, Scholarship Winners Ally Soghomonian and Megan Hamlett, President & CEO, County Bank, Tarrie Miller, EVP & Chief Financial Officer, WSFS Bank, Dominic Canuso.

The Delaware Bankers Association announced the winners of the 2023 David G. Bakerian Award. The winners were Ally Soghomonian, and Megan Hamlett, both students at Caesar Rodney High School. Both students participated in the Keys to Financial Success course. Each winner received a $2,500 scholarship.


Keys to Financial Success is a full-semester elective taught in 31 high schools throughout Delaware to over 4,000 students. The course was developed in partnership with the University of Delaware’s Center for Economic Education and Entrepreneurship (CEEE), Delaware Bankers Association, Federal Reserve Bank of Philadelphia, and the Consumer Credit Counseling Service of Maryland and Delaware. Keys to Financial Success introduces students to the fundamentals of sound money management skills and basic financial planning concepts including Goals and Decision Making, Career Research, Money Management, Consumer Skills, and Risk Protection.

Bankers Support First State Community Action Agency at Themed Mini Golf Tournament

L to R: Brandy Nauman (Sussex County), Trisha Newcomer (City of Seaford), Erica Colegrove (City of Seaford), Amy Walls (Discover)

First State Community Action Agency hosted their 8th annual Miniature Golf Tournament on Monday, May 15. The event, held at Jungle Jim’s in Rehoboth, benefits First Sate’s community-based youth programs, which provide educational opportunities for youth to engage in the arts, improve their academic performance through tutoring and homework assistance, and enhance their knowledge of money and banking. The tournament’s presenting sponsor was Discover Bank, which took home the Best Dressed Award. Other sponsors included Community Bank Delaware; Fulton Bank; and, Shore United Bank.

UD Trust Management Minor Golf Classic - June 12 - Register - Sponsor - Donate - Volunteer!

Please join us on June 12, 2023 for a fun day at Hartefeld National for the inaugural University of Delaware Trust Management Minor Golf Classic.  Please reach out to Jennifer McCloskey at 302-528-8317 or lerner-trustmanagement@udel.edu with any questions. Registration closes June 5th!

Full Details & Registration

Northern Trust U.S. Economic Outlook, May 2023

The outlook for the American economy has been clouded by concerns over the health of the banking sector. Shaken by a handful of failures, investor confidence in regional banks remains low. In turn, those institutions have cut back on credit extension, which adds a headwind to growth.

The debt ceiling deadlock is adding to the uncertainty. Even a short-lived stalemate that brings a technical debt default and reduced government expenditures will have wide-ranging ramifications for the economy. 

Tight monetary policy and lending conditions will constrain consumer spending, hiring, and investment, leading to weak growth in the remainder of the year. Recession is a possibility, but not our base case.

Full Story

Bank of America Private Bank Market Minute

U.S. stocks notched their second week in the red, with the S&P 500 and Dow Jones Industrial Average closing 0.3% and 1.1% lower as concerns over inflation and debt ceiling negotiations weighed on markets. Inflation remained sticky in April as told by the Consumer Price Index (CPI) but edged slightly lower. Prices rose 4.9% from a year ago, down from March’s 5% increase. On a monthly basis, consumer prices rose a seasonally adjusted 0.4% in April, versus a 0.1% gain in March. Core CPI (less food and energy) rose 5.5% from a year ago—a slightly slower increase compared to the prior month—while up 0.4% monthly. The Producer Price Index (PPI), reflecting supply conditions, increased 2.3% in April from a year earlier, the slowest pace since January 2021 and an easing from March’s 2.7% rise. The CME FedWatch Tool reflects a more than 80% probability that the central bank will stand pat at its June policy meeting. The University of Michigan reported its consumer sentiment May preliminary reading fell to a six-month low to 57.7 from 63.5 in April, well below expectations. More on the consumer this week as April’s retail sales report is due Tuesday. The Conference Board releases its Leading Economic Index for April on Thursday, likely notching its thirteen consecutive monthly decline.

Full Story

Ask the Regulators: Supervisory Update on Funding and Liquidity Risk Management

The Federal Reserve Board (Board), Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and the Conference of State Bank Supervisors (CSBS) will jointly host an Ask the Regulators webinar on funding and liquidity risk management on Wednesday, May 24 at 2:00 p.m. ET. The webinar is open to banking organizations. The Agencies and CSBS will discuss the rising interest rate environment’s impacts on bank balance sheets and funding risk, prudent liquidity risk management practices, and expectations for supervisory reviews.


Troutman Pepper Podcast: AI: Impact and Use in the Financial Services Industry

Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud. In this fourth episode, Stephen Piepgrass and colleagues Chris Willis and Michael Yaghi examine the use and impact of AI in the financial services industry. They discuss the potential risks financial services companies may face with increased reliance on AI, as well as the increased focus on AI by various regulators and state attorneys general.

Our panel also offers practical suggestions for financial services companies who want to develop or adopt machine learning models into their business processes.

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