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Full-Text Articles in Law

18th Annual Conference On Legal Issues For Financial Institutions, Debra K. Stamper, Arthur L. Freeman, Phillip H. Schwartz, Martha Andes Ziskind, Jessica R. Schumacher, Grace M. Giesel, John T. Mcgarvey, Holli Hart Targan, Lea Pauley Goff, Julie Mix Mcpeak, David L. Beckman, M. Thurman Senn, Thomas J. Luber, Walter R. Byrne, Caryn F. Price, R. James Straus May 2019

18th Annual Conference On Legal Issues For Financial Institutions, Debra K. Stamper, Arthur L. Freeman, Phillip H. Schwartz, Martha Andes Ziskind, Jessica R. Schumacher, Grace M. Giesel, John T. Mcgarvey, Holli Hart Targan, Lea Pauley Goff, Julie Mix Mcpeak, David L. Beckman, M. Thurman Senn, Thomas J. Luber, Walter R. Byrne, Caryn F. Price, R. James Straus

Grace M. Giesel

Materials from the 18th Annual Conference on Legal Issues for Financial Institutions held by UK/CLE in 1998.


Consumer Bitcredit And Fintech Lending, Christopher K. Odinet Dec 2017

Consumer Bitcredit And Fintech Lending, Christopher K. Odinet

Christopher K. Odinet

The digital economy is changing everything, including how we borrow money. In the wake of the 2008 crisis, banks pulled back in their lending and, as a result, many consumers and small businesses found themselves unable to access credit. A wave of online firms called fintech lenders have filled the space left vacant by traditional financial institutions. These platforms are fast making antiques out of many mainstream lending practices, such as long paper applications and face-to-face meetings. Instead, through underwriting by automation — utilizing big data (including social media data) and machine learning — loan processing that once took days for mainstream ...


The Order To Pay Money In Medieval Continental Europe, Benjamin Geva Jun 2017

The Order To Pay Money In Medieval Continental Europe, Benjamin Geva

Benjamin Geva

This chapter discusses the evolution of non-cash payment mechanisms in the course of the development of the medieval banking system in Europe. The chapter sets out three categories of a medieval continental financier. The first category, pawnbrokers, consisted of lenders who lent out of their capital primarily for consumption who played no role in the development of the payment system. The second category consisted of moneychangers who accepted deposits and whose practices were rooted in in the manual exchange of coins. The third category consisted of exchange bankers whose practices emerged from the exchange of money in long distance trade ...


Self-Regulation For Safety And Security: Final Minutes Or Finest Hour?, Douglas C. Michael Jul 2016

Self-Regulation For Safety And Security: Final Minutes Or Finest Hour?, Douglas C. Michael

Douglas C. Michael

The terrorist attacks of September 11, 2001, and the accounting and auditing crisis later caused by the Enron and Worldcom scandals of that same year, created a great sense of insecurity in many Americans. In this Article, I analyze the federal government's response to crisis. I first define what a crisis is: a sudden, existential threat to which the entity has insufficient resources to respond. I then explain how regulation for safety and security is unique in two aspects: perceptions matter, and the assistance of the regulated entities is essential. I proceed by describing and analyzing the regulatory history ...


Theories And Practices Of Islamic Finance And Exchange Laws: Poverty Of Interest, Ahmed E. Souaiaia Oct 2014

Theories And Practices Of Islamic Finance And Exchange Laws: Poverty Of Interest, Ahmed E. Souaiaia

Ahmed E SOUAIAIA

While Islamic scriptures clearly prohibit profiting from the poor, supposedly sharī'ah-compliant Islamic financial and exchange laws circumvent prohibitions and limitations on ribā, monopolism, debt, and risk while failing to address the fundamental purpose behind the prohibitions—mitigating poverty. This work provides a historical survey of the principles that shape Islamic finance and exchange laws, reviews classical and modern interpretations and practices in the banking and exchange sectors, and suggests a normative model rooted in the interpretation of Islamic sources of law reconstructed from paradigmatic cases. Financial systems that overlook the nexus between poverty and usury harm both the economy ...


Improving Fraudulent Transfer Law In Leverage Buy-Outs Through Judicial Certainty & Reliability, Vincent V. Hilldrup Dec 2012

Improving Fraudulent Transfer Law In Leverage Buy-Outs Through Judicial Certainty & Reliability, Vincent V. Hilldrup

Vincent V. Hilldrup

LBOs that file for bankruptcy are routinely challenged under fraudulent transfer law, where plaintiffs allege that the LBO unreasonably reduced the target’s liquidity and capital adequacy, saddled it with debt and was completed as a means of funneling company assets to both current and former shareholders. These cases will bestow upon bankruptcy courts the responsibility and power of efficiently allocating billions of dollars to classes of creditors and clawing back funds from shareholders. Since these cases will have a crucial impact on the overall economy, it is imperative that bankruptcy courts wield their authority and power in a predictable ...


Defining Our Terms Carefully And In Context: Thoughts On Reading (And In One Case, Rereading) Three Books, Cynthia C. Lichtenstein Jun 2012

Defining Our Terms Carefully And In Context: Thoughts On Reading (And In One Case, Rereading) Three Books, Cynthia C. Lichtenstein

Cynthia C. Lichtenstein

In preparing to write this paper, I read again Walter Bagehot’s Lombard Street: A Description of the Money Market , Perry Mehrling’s The New Lombard Street: How the Fed Became the Dealer of Last Resort and John Authers’ The Fearful Rise of Markets: Global Bubbles, Synchronized Meltdowns, and How to Prevent Them in the Future. . Bagehot, of course, was the Governor of the Bank of England when he wrote what Mehrling calls his “magisterial” treatise in 1873 on how a central bank must react to a financial crisis. Mehrling is an economist and an economic historian. Authers is a ...


Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger Mar 2012

Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger

Michael Greenberger

The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar ...


Deposit Accounts Under The New World Order, Ingrid Michelsen Hillinger, David Line Batty, Richard K. Brown Jan 2012

Deposit Accounts Under The New World Order, Ingrid Michelsen Hillinger, David Line Batty, Richard K. Brown

Ingrid Michelsen Hillinger

The new world is upon us. Repent. Revised Article 9 is the law in every state. Commercial deposit accounts are now available as original collateral. Bringing commercial deposit accounts into the Article 9 fold significantly complicates the planning of an Article 9 secured transaction. Attorneys for banks, non-bank creditors and debtors need to understand the new world order and the risks it poses to their clients. They need to develop strategies to minimize those risks so as to protect their clients' positions. Part II of this article describes the new legal framework and some of the risks it creates. Part ...


Unification Of Payments Law And The Problem Of Insolvency Risk In Payment Systems, James S. Rogers Oct 2011

Unification Of Payments Law And The Problem Of Insolvency Risk In Payment Systems, James S. Rogers

James S. Rogers

No abstract provided.


Implementation Of Title Vii Of The Wall Street Reform And Consumer Protection Act. Hearing Before The United States Senate, Committee On Agriculture, Nutrition And Forestry - 112th Cong., 1st Sess., Michael Greenberger Apr 2011

Implementation Of Title Vii Of The Wall Street Reform And Consumer Protection Act. Hearing Before The United States Senate, Committee On Agriculture, Nutrition And Forestry - 112th Cong., 1st Sess., Michael Greenberger

Michael Greenberger

The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (―OTC‖) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar ...


Testimony Before The U.S. House Of Representatives, Committee On Agriculture - “Potential Excessive Speculation In Commodity Markets: The Impact Of Proposed Legislation", Michael Greenberger Feb 2011

Testimony Before The U.S. House Of Representatives, Committee On Agriculture - “Potential Excessive Speculation In Commodity Markets: The Impact Of Proposed Legislation", Michael Greenberger

Michael Greenberger

Testimony before the U.S. House of Representatives, Committee on Agriculture. 110th Congress, 2nd Session (July 10-11, 2008).


The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger Aug 2010

The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger

Michael Greenberger

It is now almost universally accepted that the unregulated multi-trillion dollar OTC CDS market helped foment a mortgage crisis, then a credit crisis, and finally a ―once-in-a-century systemic financial crisis that, but for huge U.S. taxpayer interventions, would have in the fall of 2008 led the world economy into a devastating Depression. Before explaining below the manner in which credit default swaps fomented this crisis, it worth citing in the margin those many economists, regulators, market observers, and financial columnists who have described the central role unregulated CDS played in the crisis. Even those once skeptical of arguments about ...


Where Do We Come From? Innovation And Regulatory Response In The Banking Industry Before The Crisis, Bruno Meyerhof Salama Dec 2009

Where Do We Come From? Innovation And Regulatory Response In The Banking Industry Before The Crisis, Bruno Meyerhof Salama

Bruno Meyerhof Salama

The architecture of financial regulation after the crisis will be an evolution of what preceded it. The available alternatives for reformation at a certain point are limited by the existing institutions. This means, primarily, that history matters, and that decisionmaking at a certain point in time is also limited by previous decisions and events. Because of that, the exercise of analyzing “where we are heading to” only makes sense insofar as we can minimally understand “where we are coming from”.