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Legislative Foundation Of The United States' New International Tax System, Joshua D. Harms 2018 Seattle University School of Law

Legislative Foundation Of The United States' New International Tax System, Joshua D. Harms

Seattle University Law Review

This Note begins with commentary on the United States’ former worldwide system of taxation. This system taxed multinational corporations’ offshore profits at the applicable domestic income tax rate less credits for taxes paid to foreign governments. This tax regime provided for the deferral of income tax due on the profits of multinational corporations’ overseas operations until the time of repatriation. This Note considers the issues inherent in this system and analyzes the repatriation tax holiday under the American Jobs Creation Act of 2004. This holiday has been unanimously criticized by both sides of the political aisle and led to large ...


A Bit Like Cash: Understanding Cash-For-Bitcoin Transactions Through Individual Vendors, Stephanie J. Robberson, Mark R. McCoy 2018 University of Central Oklahoma

A Bit Like Cash: Understanding Cash-For-Bitcoin Transactions Through Individual Vendors, Stephanie J. Robberson, Mark R. Mccoy

Journal of Digital Forensics, Security and Law

As technology improves and economies become more globalized, the concept of currency has evolved. Bitcoin, a cryptographic digital currency, has been embraced as a secure and convenient type of money. Due to its security and privacy for the user, Bitcoin is a good tool for conducting criminal trades. The Financial Crimes Enforcement Network (FinCEN) has regulations in place to make identification information of Bitcoin purchasers accessible to law enforcement, but enforcing these rules with cash-for-Bitcoin traders is difficult. This study surveyed cash-for-Bitcoin vendors in Oklahoma, Texas, Arkansas, Missouri, Kansas, Colorado, and New Mexico to determine personal demographic information, knowledge of ...


Swamp Money: The Opportunity And Uncertainty Of Investing In Wetland Mitigation Banking, Elan L. Spanjer 2018 Northwestern Pritzker School of Law

Swamp Money: The Opportunity And Uncertainty Of Investing In Wetland Mitigation Banking, Elan L. Spanjer

Northwestern University Law Review

In recent years, the wetland mitigation banking program has emerged as a favored mechanism for protecting the nation’s aquatic resources while allowing for economically beneficial development projects to proceed. Mitigation banks generate wetland credits, which in turn can be sold at a profit to developers who need them to offset wetland impacts. The number of mitigation banks has grown significantly in recent years, and the market has seen an influx of institutional investment. However, investors face significant risks and uncertainty, and many prospective investors lack access to information about wetland credit prices—which are neither reported to the regulatory ...


The Meaning Of Capital In The Twenty-First Century, Edward J. McCaffery 2018 University of Southern California;California Institute of Tecnology

The Meaning Of Capital In The Twenty-First Century, Edward J. Mccaffery

Edward J McCaffery

America is on a path towards a level of both wealth and income inequality unparalleled in recorded history. Thomas Piketty’s Capital in the Twenty-First Century summarizes and conveys the work of Piketty and many co-authors, over many decades, looking at the structure of income and wealth inequality across many nations and centuries. This review essay builds on Piketty’s ambitions as well as his data, in order to put forth a better solution: one that accepts and even embraces the facts of unequal ownership of capital, but changes the social meaning of those facts to avoid the social harms ...


A Canadian Lens On Third Party Litigation Funding In The American Bankruptcy Context, Stephanie Ben-Ishai, Emily Uza 2018 Osgoode Hall Law School

A Canadian Lens On Third Party Litigation Funding In The American Bankruptcy Context, Stephanie Ben-Ishai, Emily Uza

Chicago-Kent Law Review

This Article offers two major recommendations to expand the use of third party litigation funding (“TPLF”) into the U.S. insolvency context. As seen in the Canadian context, courts have accepted the use of litigation funding agreements fitting within certain parameters. If U.S. courts follow suit, friction against the implementation of TPLF can be mitigated. Alternatively, regulation may occur through legislative and regulatory models to govern and set out precisely what types of arrangements are permitted. Involving entities such as the SEC may expedite the acceptance of TPLF, but special attention is necessary not to intermingle notions of fiduciaries ...


Bankruptcy For Banks: A Tribute (And Little Plea) To Jay Westbrook, David A. Skeel Jr. 2018 University of Pennsylvania Law School

Bankruptcy For Banks: A Tribute (And Little Plea) To Jay Westbrook, David A. Skeel Jr.

Faculty Scholarship at Penn Law

In this brief essay, to be included in a book celebrating the work of Jay Westbrook, I begin by surveying Jay’s wide-ranging contributions to bankruptcy scholarship. Jay’s functional analysis has had a profound effect on scholars’ understanding of key issues in domestic bankruptcy law, and Jay has been the leading scholarly figure on cross-border insolvency. After surveying Jay’s influence, I turn to the topic at hand: a proposed reform that would facilitate the use of bankruptcy to resolve the financial distress of large financial institutions. Jay has been a strong critic of this legislation, arguing that financial ...


Taking Control Rights Seriously, Robert Rasmussen 2018 University of Southern California

Taking Control Rights Seriously, Robert Rasmussen

University of Southern California Legal Studies Working Paper Series

It is common to observe that investors receive both cash flow rights and control rights against a borrower. The crucial differences between these two “rights” is rarely focused on. Cash flow rights are rights in that they are legal entitlements. Outside of bankruptcy, failure to pay entitles a lender to resort to a legal remedy against the borrower. Inside of bankruptcy, the Bankruptcy Code structures the way in which these legal entitlements will be adjusted. Control rights are different. They do not confer direct power over the business, nor do they provide lenders with a judicial remedy that allows them ...


Nova Law Review, 2018 Nova Southeastern University

Nova Law Review

Nova Law Review

No abstract provided.


Equity Crowdfunding Portals Should Join And Enhance The Crowd By Providing Venture Formation Resources, Jeff Thomas 2018 Central Michigan University

Equity Crowdfunding Portals Should Join And Enhance The Crowd By Providing Venture Formation Resources, Jeff Thomas

Nova Law Review

No abstract provided.


Cryptocurrencies: The New Species, Ors Penzes 2018 Attorney

Cryptocurrencies: The New Species, Ors Penzes

Nova Law Review

No abstract provided.


Alternative Financial Services And Health Status In U.S. Metropolitan Statistical Areas, Courtney Hundley, Richard W. Wilson 8520196, John Chenault 2018 University of Louisville School of Public Health and Information Sciences

Alternative Financial Services And Health Status In U.S. Metropolitan Statistical Areas, Courtney Hundley, Richard W. Wilson 8520196, John Chenault

Journal of Health Disparities Research and Practice

Abstract

Alternative financial services (AFS) such as, payday lenders, pawn brokers, tax refund loans, and check cashers are more prevalent in minority and lower income neighborhoods. These are neighborhoods also found to have disparities in health, compared to more affluent neighborhoods and communities. The focus of this paper is to determine if any relationship exists between use of AFS and health disparities.

Using data from a survey performed by the Federal Deposit Insurance Corporation (FDIC), we compared four banking variables to several measures of health for 85 metropolitan statistical areas (MSA) across the nation. The four banking variables all related ...


Transplanting Chapter 11 Of The Us Bankruptcy Code Into Singapore's Restructuring And Insolvency Laws: Opportunities And Challenges, Wai Yee WAN, Gerald MCCORMACK 2018 Singapore Management University

Transplanting Chapter 11 Of The Us Bankruptcy Code Into Singapore's Restructuring And Insolvency Laws: Opportunities And Challenges, Wai Yee Wan, Gerald Mccormack

Research Collection School Of Law

In 2017, Singapore introduced wide-ranging reformsto its insolvency and restructuring laws with a view to enhancing itsattractiveness as an international centre for debt restructuring. Central tothese reforms is the transplantation (with modification) of certain provisionsfrom Chapter 11 of the US Bankruptcy Code including the automatic moratorium, cross-creditorcram-down, rescue financing and pre-packs. Drawing upon the US experience andsimilar reform proposals in the EU (including the UK), we critically evaluate theimpact of the new Singapore law. We argue that there remain challenges inensuring that the transplantation works well and highlight the possibleunintended consequences of such transplantation.


The Salience Theory Of Consumer Financial Regulation, Natasha Sarin 2018 University of Pennsylvania Law School

The Salience Theory Of Consumer Financial Regulation, Natasha Sarin

Faculty Scholarship at Penn Law

Prior to the financial crisis, banks’ fee income was their fastest-growing source of revenue. This revenue was often generated through nefarious bank practices (e.g., ordering overdraft transactions for maximal fees). The crisis focused popular attention on the extent to which current regulatory tools failed consumers in these markets, and policymakers responded: A new Consumer Financial Protection Bureau was tasked with monitoring consumer finance products, and some of the earliest post-crisis financial reforms sought to lower consumer costs. This Article is the first to empirically evaluate the success of the consumer finance reform agenda by considering three recent price regulations ...


Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert 2018 University of Pennsylvania Law School

Behavioral Finance, Decumulation And The Regulatory Strategy For Robo-Advice, Tom Baker, Benedict Dellaert

Faculty Scholarship at Penn Law

This working paper surveys the decumulation services offered by investment robo-advisors as a case study with which to examine regulatory and market structure issues raised by automated financial advice. We provide a short introduction to decumulation, describing some of the uncertainties involved in identifying optimal decumulation strategies and sketching a few of the ‘rules of thumb’ that financial advisors have developed in this area in the face of this uncertainty. Next we describe behavioral effects that could inhibit consumers from following an optimal decumulation strategy, concluding that, left to their own devices, consumers are likely to make sub-optimal decumulation decisions ...


The End Of The Home Affordable Modification Program And The Start Of A New Problem, Christopher K. Whelan 2018 Brooklyn Law School

The End Of The Home Affordable Modification Program And The Start Of A New Problem, Christopher K. Whelan

Brooklyn Law Review

The mortgage crisis hit the United States hard, leaving millions of homeowners facing hardship and foreclosure. One of many programs enacted during the mortgage crisis was the Home Affordable Modification Program (HAMP). The Obama Administration set out to assist three to four million struggling homeowners in modifying their mortgages and avoiding foreclosure. This note examines HAMP, focusing on the years of litigation that shaped HAMP, giving life to a program that was built on a foundation ready to crack. HAMP provided homeowners with modified mortgage payments, typically beginning with a trial period plan. Once completed, homeowners were routinely denied, resulting ...


Response Regarding The Bureau’S Consumer Complaint And Consumer Inquiry Handling Processes (Docket No. Cfpb-2018-0014), Kathleen Engel, Mary Spector, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Suffolk University Law School

Response Regarding The Bureau’S Consumer Complaint And Consumer Inquiry Handling Processes (Docket No. Cfpb-2018-0014), Kathleen Engel, Mary Spector, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

Response discussing whether the Consumer Federal Protection Bureau should change its processes for dealing with consumer complaints and consumer inquiries.


Banking In The Digital Age - Who Is Afraid Of Payment Disintermediation?, Benjamin Geva 2018 Osgoode Hall Law School of York University

Banking In The Digital Age - Who Is Afraid Of Payment Disintermediation?, Benjamin Geva

Benjamin Geva

Throughout the ages, banks have evolved as intermediaries taking deposits of funds, lending money, and providing payment services. In the process they became also suppliers of commercial bank money, now only in the form of bank deposits. Following a historical review as to how moneychangers and goldsmiths became bankers, the paper points out that money and payment digitization has brought some challenges to the traditional role of banks as intermediaries. First, the digital age is about to facilitate the availability of central bank money balances or their equivalent to the public. Second, cryptocurrencies and blockchains were born. Third, claim-check centralized ...


Response Regarding Bureau Financial Education Programs (Docket No. Cfpb-2018-0015), Carly Urban, J. Michael Collins, Stephanie Moulton, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Montana State University-Bozeman

Response Regarding Bureau Financial Education Programs (Docket No. Cfpb-2018-0015), Carly Urban, J. Michael Collins, Stephanie Moulton, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

Response discussing whether the Consumer Federal Protection Bureau should continue its financial education programs.


Response Regarding Bureau Guidance And Implementation Support (Docket No. Cfpb-2018-0013), Adam J. Levitin, Financial Regulation and Consumer Protection Scholars and Former Regulators 2018 Georgetown University Law Center

Response Regarding Bureau Guidance And Implementation Support (Docket No. Cfpb-2018-0013), Adam J. Levitin, Financial Regulation And Consumer Protection Scholars And Former Regulators

CFPB Comments by Scholars & Regulators

No abstract provided.


The Sec And Foreign Private Issuers: A Path To Optimal Public Enforcement, Yuliya Guseva 2018 Rutgers Law School

The Sec And Foreign Private Issuers: A Path To Optimal Public Enforcement, Yuliya Guseva

Boston College Law Review

This Article examines SEC enforcement policies and seeks to find the optimum approach to enforcement against foreign private issuers. My previous empirical study of securities class actions against foreign firms identified a number of crucial developments that mainly occurred after Morrison v. National Australia Bank. In Morrison, the Supreme Court sought to limit the extraterritorial reach of the antifraud provisions of the U.S. securities laws. The Court has scaled down the exposure of foreign issuers to securities liability risk, particularly in class-action litigation. If the Supreme Court in Morrison has created a risky enforcement lacuna on the side of ...


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