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Money As Infrastructure, Morgan Ricks 2019 Selected Works

Money As Infrastructure, Morgan Ricks

Morgan Ricks

Traditional infrastructure regulation—the law of regulated industries—rests atop three pillars: rate regulation, entry restriction, and universal service. This mode of regulation has typically been applied to providers of network-type resources: resources that are optimally supplied as integrated systems. The monetary system is such a resource; and money creation is the distinctive function of banks. Bank regulation can therefore be understood as a subfield of infrastructure regulation. With few exceptions, modern academic treatments of banking have emphasized banks’ intermediation function and downplayed or ignored their monetary function. Concomitantly, in recent decades U.S. bank regulation has strayed from its ...


A Tragedy Of Novelty: Is For-Cause Removal Protection For The Consumer Financial Protection Bureau's Single Director A Fatal Flaw?, Logan Hovie 2019 Boston College Law School

A Tragedy Of Novelty: Is For-Cause Removal Protection For The Consumer Financial Protection Bureau's Single Director A Fatal Flaw?, Logan Hovie

Boston College Law Review

On January 31, 2018, the en banc United States Court of Appeals for the District of Columbia Circuit held, in PHH Corp. v. Consumer Financial Protection Bureau, that the Consumer Financial Protection Bureau (“CFPB”) was permissibly organized under the Supreme Court’s removal power jurisprudence. In doing so, the court found that the CFPB’s structure, which provided the agency’s single director for-cause removal protection, did not impinge on the President’s powers under Article II of the U.S. Constitution. Nonetheless, the fate of the CFPB remains in doubt. The United States Court of Appeals for the Second ...


Treating Apples Like Oranges: The Benefits Of Exempting Community Banks From The Volcker Rule, Gregory Butz 2019 Texas A&M University School of Law (Student)

Treating Apples Like Oranges: The Benefits Of Exempting Community Banks From The Volcker Rule, Gregory Butz

Texas A&M Law Review

In response to the Financial Crisis of 2008 and the Great Recession that followed, Congress passed the Dodd–Frank Wall Street Reform and Con- sumer Protection Act in 2010. The Volcker Rule is a controversial section of the Dodd–Frank Act that prohibits all banks, no matter their size, from pro- prietary trading and entering into certain relationships with private equity funds. But the Volcker Rule forces banks to incur significant costs to ensure compliance. While Big Banks have the capital and infrastructure to comply with the Volcker Rule, small Community Banks often do not. This gives Big Banks an ...


Table Of Contents, Seattle University Law Review 2019 Seattle University School of Law

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.


Shining A Light On The Federal Reserve’S Foreign Affairs, Peter Conti-Brown, David T. Zaring 2019 University of Pennsylvania

Shining A Light On The Federal Reserve’S Foreign Affairs, Peter Conti-Brown, David T. Zaring

Penn Wharton Public Policy Initiative

Throughout its history, the U.S. Federal Reserve has engaged in international diplomacy, outside the bounds of (and sometimes in conflict with) the priorities of the White House and U.S. State Department. In directing monetary policy, the Fed’s primary concern is to benefit the U.S. economy. In the process, the Fed at times acts in concert with foreign central banks, as was the case in setting new bank regulations after the 2008 financial crisis. At other times, the Fed acts in ways that other countries view as detrimental to their economic interests. Either way, the Fed operates ...


Gorsuch's Purgatory: Attempting To Define Debt Collector Under The Fair Debt Collection Practices Act, Matthew Haan 2019 Georgia State University College of Law

Gorsuch's Purgatory: Attempting To Define Debt Collector Under The Fair Debt Collection Practices Act, Matthew Haan

Georgia State University Law Review

Part I of this Note provides background on the FDCPA and the federal agencies charged with its enforcement. Part I also provides background on judicial analysis of the FDCPA before Henson v. Santander and explains the nature of the Supreme Court’s decision. Part II analyzes the ramifications of Henson v. Santander for debtors and debt purchasers. Part II also analyzes how the Supreme Court’s decision can affect the CFPB. Part III proposes and discusses a three-tiered solution that involves congressional and CFPB action and discusses what would happen if Congress and the CFPB left the solution up to ...


The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin 2019 Georgetown University

The Impact Of The Durbin Amendment On Banks, Merchants, And Consumers, Vladimir Mukharlyamov, Natasha Sarin

Faculty Scholarship at Penn Law

After the Great Recession, new regulatory interventions were introduced to protect consumers and reduce the costs of financial products. Some voiced concern that direct price regulation was unlikely to help consumers, because banks offset losses in one domain by increasing the prices that they charge consumers for other products. This paper studies this issue using the Durbin Amendment, which decreased the interchange fees that banks are allowed to charge merchants for processing debit transactions. Merchant interchange fees, previously averaging 2 percent of transaction value, were capped at $0.22, decreasing bank revenue by $6.5 billion annually. The objective of ...


Making Consumer Finance Work, Natasha Sarin 2019 University of Pennsylvania Law School

Making Consumer Finance Work, Natasha Sarin

Faculty Scholarship at Penn Law

The financial crisis exposed major faultlines in banking and financial markets more broadly. Policymakers responded with far-reaching regulation that created a new agency—the CFPB—and changed the structure and function of these markets.

Consumer advocates cheered reforms as welfare-enhancing, while the financial sector declared that consumers would be harmed by interventions. With a decade of data now available, this Article presents the first empirical examination of the successes and failures of the consumer finance reform agenda. Specifically, I marshal data from every zip code and bank in the United States to test the efficacy of three of the most ...


Exploring The Legal Issues Of Blockchain Applications, Nathan Fulmer 2019 The University of Akron

Exploring The Legal Issues Of Blockchain Applications, Nathan Fulmer

Akron Law Review

A decade ago, blockchain technology made its mainstream debut with the introduction of Bitcoin, a cryptocurrency that has generated a lot of buzz in the financial sector. Blockchain’s elegantly simple way of securely and reliably recording data gives the technology the power to disrupt multiple industries. Cryptocurrencies and smart contracts are blockchain’s most common applications, but it can be implemented in a variety of ways.

This article examines blockchain’s core characteristics and mechanics as they apply to its common applications like cryptocurrency and smart contracts, as well as other transactional uses. The author presents some of the ...


How Bitcoin Functions As Property Law, Eric D. Chason 2019 William & Mary Law School

How Bitcoin Functions As Property Law, Eric D. Chason

Faculty Publications

Bitcoin replicates many of the formal aspects of real estate transactions. Bitcoin transactions have features that closely resemble grantor names, grantee names, legal descriptions, and signatures found in real property deeds. While these “Bitcoin deeds” may be interesting, they are not profound. Bitcoin goes beyond creating simple digital deeds, however, and replicates important institutional aspects of real estate transactions, in particular recordation and title assurance. Deeds to real property are recorded in a central repository (e.g., the public records office), which the parties (and the public) can search to determine title. When one grantor executes more than one deed ...


Beyond Bankruptcy: Resolution As A Macroprudential Regulatory Tool, Steven L. Schwarcz 2019 Duke University School of Law

Beyond Bankruptcy: Resolution As A Macroprudential Regulatory Tool, Steven L. Schwarcz

Notre Dame Law Review

Postcrisis efforts to extend bankruptcy-resolution techniques to protect the stability of the financial system have been insufficient, in part because regulators have been conflating bankruptcy’s traditional goals of resolving troubled firms individually with the need to resolve critical elements of the financial system to ensure its continued operation as a “system.” This requires resolving troubled firms collectively, as well as resolving securities-trading markets and the infrastructure that serves to facilitate that trading. The Article examines how to design that regulation, differentiating three approaches: reactive regulation, which comprises variations on traditional bankruptcy; proactive regulation, which consists of preplanned enhancements that ...


The Near Impossibility Of Pleading Falsity Of Opinion Statements Under Section 10(B) Of The Securities Exchange Act And Rule 10b-5, J. Cooper Davis 2019 University of Oklahoma College of Law

The Near Impossibility Of Pleading Falsity Of Opinion Statements Under Section 10(B) Of The Securities Exchange Act And Rule 10b-5, J. Cooper Davis

Oklahoma Law Review

No abstract provided.


The Influence Of Law-And-Economics On The Ideological Center Of Civil Society – The New American Formalism With A European Counterpoint, Sebastian Ciobotaru 2019 Washington University School of Law

The Influence Of Law-And-Economics On The Ideological Center Of Civil Society – The New American Formalism With A European Counterpoint, Sebastian Ciobotaru

Washington University Global Studies Law Review

Law-and-economics has been the dominant methodology in United States’ adjudication and law commentary for nearly 35 years. Because of its efficiency-only approach, law-and-economics has transformed the law itself from the impartial anchor of our social system into a political tool that legitimizes a new “false center.” Consequently, by failing in its role as a neutral force immune to political bias, the practice of law as advocated by law-and-economics constantly aids the neoliberal counter-revolution to commodify most aspects of our lives and foster a generation of corporate consumers bereft of traditional notions of liberty and autonomy. The main drive behind this ...


The Promised Land Is On The Horizon: The Fix Crowdfunding Act Will Implement Small Changes That Could Make A Big Impact On Investors And Businesses Alike, Michaela Smith 2018 Pepperdine University

The Promised Land Is On The Horizon: The Fix Crowdfunding Act Will Implement Small Changes That Could Make A Big Impact On Investors And Businesses Alike, Michaela Smith

The Journal of Business, Entrepreneurship & the Law

No abstract provided.


Implementing A Portable Reciprocity Passport To Crowdfund Real Estate Across Borders, Raymond Tran 2018 Pepperdine University

Implementing A Portable Reciprocity Passport To Crowdfund Real Estate Across Borders, Raymond Tran

The Journal of Business, Entrepreneurship & the Law

No abstract provided.


Failed Anti-Activist Legislation: The Curious Case Of The Brokaw Act, Alon Brav, J.B. Heaton, Jonathan Zandberg 2018 Pepperdine University

Failed Anti-Activist Legislation: The Curious Case Of The Brokaw Act, Alon Brav, J.B. Heaton, Jonathan Zandberg

The Journal of Business, Entrepreneurship & the Law

The Brokaw Act was proposed legislation aimed at “financial abuses being carried out by activist hedge funds who promote short-term gains at the expense of long-term growth . . . .” Sponsoring Senators named it after a small town in Wisconsin that, according to the Act’s sponsors, was decimated by the actions of a hedge fund activist in shutting down the local paper mill with a loss of hundreds of jobs. The Brokaw Act represented the first attempt at federal legislation aimed at restricting hedge fund activism. Since then, new and similar bipartisan proposals have appeared as have threats of state regulation. In ...


Recent Developments Concerning The Purchase Of Consumer Debt; Defining Potential Problems And Proposals For Suggested Solutions, Gerald A. Williams 2018 Pepperdine University

Recent Developments Concerning The Purchase Of Consumer Debt; Defining Potential Problems And Proposals For Suggested Solutions, Gerald A. Williams

The Journal of Business, Entrepreneurship & the Law

No abstract provided.


Lady Justice Cannot Hear Your Prayers, Deborah Ogali 2018 Fordham University School of Law

Lady Justice Cannot Hear Your Prayers, Deborah Ogali

Fordham Law Review

The Islamic finance industry continues to grow quickly as the appetite for everything, from Sharia-compliant home mortgages and car loans to sophisticated financial products, increases. This growth has triggered an interest in sukuk, bond-like financial instruments. And while the international market for sukuk has long been dominated by foreign issuers and English law, the attraction of a niche market compatible with U.S. federal and international securities laws may propel increased participation by U.S. issuers and investors who wish to transact under U.S. federal and state laws. As with all Islamic financial products, sukuk transactions inherently pose a ...


Comment On 'Error And Regulatory Risk In Financial Institution Regulation', Keith Hylton 2018 Boston Univeristy School of Law

Comment On 'Error And Regulatory Risk In Financial Institution Regulation', Keith Hylton

Faculty Scholarship

I agree with just about everything Jonathan Macey (2017) says in his symposium contribution. His claim that bureaucratic tendencies toward regularity—specifically, treating like cases alike—generate errors in categorization seems appropriate to me. His explanations of the pathologies in financial regulation should fall in the category of essential or required reading for anyone who chooses to write on the topic. Where I differ from Macey is in the choice of framework, or perspective from which to view the pathologies. Whereas Macey adopts an “error cost” framework, which is clearly appropriate for this symposium, I would build explicitly on a ...


“I’Ll Know It When I See It”: Defending The Consumer Financial Protection Bureau’S Approach Of Interpreting The Scope Of Unfair, Deceptive, Or Abusive Acts Or Practices (“Udapp”) Through Enforcement Actions, Stephen J. Canzona 2018 Notre Dame Law School

“I’Ll Know It When I See It”: Defending The Consumer Financial Protection Bureau’S Approach Of Interpreting The Scope Of Unfair, Deceptive, Or Abusive Acts Or Practices (“Udapp”) Through Enforcement Actions, Stephen J. Canzona

Journal of Legislation

No abstract provided.


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