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The Fed Of The Future: A Framework To Optimize Short-Term Lending Practices, Emma Macfarlane, Karin Thrasher 2022 University of Michigan Law School

The Fed Of The Future: A Framework To Optimize Short-Term Lending Practices, Emma Macfarlane, Karin Thrasher

University of Michigan Journal of Law Reform

Underbanked individuals currently face significant risk when accessing short-term credit. While payday loans are the least expensive short-term credit option when compared to alternatives like overdraft fees, they can also have an extraordinarily high cost of borrowing. Unable to pay the cost of the loan, borrowers often find themselves in a vicious cycle that drives them further into debt. This Note sets forth a proposal as to how payday loans can be better regulated to create affordable access to short-term credit. Specifically, this Note advocates for congressional and Federal Reserve intervention in the payday lending market.

This Note first analyzes ...


Nonpatentability Of Business Methods: Legal And Economic Analysis, Peter Menell, Michael Meurer 2022 University of California Berkeley School of Law

Nonpatentability Of Business Methods: Legal And Economic Analysis, Peter Menell, Michael Meurer

Faculty Scholarship

In this brief filed in Bilski vs. Kappos, pending before the U.S. Supreme Court, we argue that the "useful Arts" limitation of the the Intellectual Property Clause of the U.S.Constitution restricts the scope of Congress's patent power to technological advances. Beyond this constitutional limitation, Congress has not extended patent protection to business methods. The subject matter provision of the 1952 Patent Act merely codified existing subject matter categories and limitations, including the exclusion of business methods. The First Inventor Defense Act of 1999 did not alter this limitation on patentable subject matter. It did not amend ...


Don't Get Burned: Why The De-Spac Transaction Must Be Excluded From The Pslra's Safe Harbor Provision For Forward-Looking Statements, Jean-Claire Perini 2022 Villanova University Charles Widger School of Law

Don't Get Burned: Why The De-Spac Transaction Must Be Excluded From The Pslra's Safe Harbor Provision For Forward-Looking Statements, Jean-Claire Perini

Villanova Law Review

No abstract provided.


China's Foreign Investment Law: Moving Toward Greater Liberalization?, Xianjun Feng, Chuanhui Wang 2022 Penn State Law

China's Foreign Investment Law: Moving Toward Greater Liberalization?, Xianjun Feng, Chuanhui Wang

Penn State Journal of Law & International Affairs

No abstract provided.


Mutual Fund Advisory Fees: Forty Years Of Faulure, Stewart L. Brown PhD., CFA 2022 Brooklyn Law School

Mutual Fund Advisory Fees: Forty Years Of Faulure, Stewart L. Brown Phd., Cfa

Brooklyn Journal of Corporate, Financial & Commercial Law

In the 1960s, the Securities and Exchange Commission (SEC) attempted to correct an oversight in the Investment Company Act of 1940 (ICA) that allowed investment management firms to overcharge investors, namely, the absence of enforceable protections over excessive fees. Congress, in the 1970 amendments to the ICA, was influenced by the investment management industry and the resultant legislation sent ambiguous signals to the judicial system. Lacking clear guidance from Congress, in the seminal fee case Gartenberg v. Merrill Lynch, the Second Circuit fashioned a fiduciary standard favorable to the investment management industry. Under this standard, no plaintiff has ever won ...


In Vogue Again: The Re-Rise Of Spacs In The Ipo Market, Maria Lucia Passador 2022 Brooklyn Law School

In Vogue Again: The Re-Rise Of Spacs In The Ipo Market, Maria Lucia Passador

Brooklyn Journal of Corporate, Financial & Commercial Law

If the capital markets described the year 2020 in a few words, it would certainly be Special Purpose Acquisition Company (SPACs), which - although to a different extent - are now gaining momentum on both shores of the pond. While, in the United States, SPACs are really enjoying a new lease on life due to the pandemic, the outlook seems positive in Europe too, although data are not comparable to those registered across the Atlantic. This article focuses on SPACs in the United States prior to the COVID-19 pandemic (between January 2010 and December 2019), in order to understand their structural changes ...


Freeing Cryptoassets From Howey: A Defense Of Genuine Token Offering, Kathryn A. Daly 2022 Brooklyn Law School

Freeing Cryptoassets From Howey: A Defense Of Genuine Token Offering, Kathryn A. Daly

Brooklyn Journal of Corporate, Financial & Commercial Law

The Securities Exchange Commission (SEC) is the most powerful regulator of the U.S. securities market and serves to “protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.” The agency’s task of protecting retail investors and regulating market participants has been, at times, reduced to a binary choice between “Main Street” investors and “Wall Street” insiders. Some regulators and legislators rely on this binary to put pressure on cryptoassets, claiming that more regulation leads to more effective investor protections. This Note rejects that premise. Genuine tokens offerings (i.e., unregistered security offerings not designed to defraud ...


Walking Between The Lines: Why The Wright Line Standard Is Not Always Applicable While Employees Demand Safer Covid-19 Working Conditions, Michelle Verkhoglaz 2022 Brooklyn Law School

Walking Between The Lines: Why The Wright Line Standard Is Not Always Applicable While Employees Demand Safer Covid-19 Working Conditions, Michelle Verkhoglaz

Brooklyn Journal of Corporate, Financial & Commercial Law

Before the National Labor Relation Board’s (NLRB) July 2020 decision in General Motors LLC and Charles Robinson, employers faced difficulty in disciplining employees that engaged in protected activity under the National Labor Relations Act (NLRA) when their behavior was abusive. However, this changed after the NLRB adopted the Wright Line standard in General Motors, a burden-shifting analysis that gives employers the opportunity to prove that the employer would have taken the same action even without the NLRA protected activity. Compared to the NLRB’s prior standards, this standard offers employers a clear-cut defense and the ability to adhere to ...


Targeted Regulation Of Proxy Voting Advice: Balancing Monitoring With Information Flow In The Age Of Esg, Jara R.Y. Jacobson 2022 Brooklyn Law School

Targeted Regulation Of Proxy Voting Advice: Balancing Monitoring With Information Flow In The Age Of Esg, Jara R.Y. Jacobson

Brooklyn Journal of Corporate, Financial & Commercial Law

Proxy voting advice businesses have historically been guided by disjointed rules and regulations based on their relationship to other entities, but under a 2020 rulemaking they were officially brought under the auspices of the Securities and Exchange Commission. However, after a change in presidential administrations, the Securities and Exchange Commission in 2021 issued a proposed amendment which, if adopted, would rescind some of the more contentious elements of the initial 2020 rulemaking. This Note considers how, even if the 2021 proposed amendments are adopted, the Securities and Exchange Commission can simultaneously regulate and protect proxy voting advice businesses through the ...


State Crypto Regulation: Competing Priorities Shaping Different Outcomes, John T. Bender 2022 Seattle University School of Law

State Crypto Regulation: Competing Priorities Shaping Different Outcomes, John T. Bender

Seattle Journal of Technology, Environmental & Innovation Law

“Cryptomania” is approaching fever pitch. Public officials, practitioners, and investors alike are becoming convinced that what began as a thought experiment has given rise to a full-fledged movement that is here to stay. This movement could potentially transform the modern financial system as we know it.

Today, crypto assets and related platforms are increasingly being adopted to store, secure, and transmit massive amounts of monetary value worldwide. Enforcement agencies like the Securities and Exchange Commission and the Commodity Futures and Trading Commission have ventured into the fray by employing existing legal regimes to regulate in this new frontier. At the ...


Degree Of Satisfaction Of Elderly About The Services Provided To Them In Social Care Houses In White Beds Association, Yousef Mohammed Al-Shurman, Ferdous Hasan Omari 2022 Al-Balqa Applied University

Degree Of Satisfaction Of Elderly About The Services Provided To Them In Social Care Houses In White Beds Association, Yousef Mohammed Al-Shurman, Ferdous Hasan Omari

Al-Balqa Journal for Research and Studies البلقاء للبحوث والدراسات

This study aims at identifying the degree of satisfaction of the elderly about the (social, health, entertainment, psychological) services provided to them in social care houses. The sample of the study includes all residents of the White Beds Association for the care of the elderly in Amman. The researcher designed a questionnaire to use in the interviews with the elderly. The questionnaire has four items, and each item includes a group of questions about the service provided to them. The researcher interviewed all the members of the White Beds Association, whose health condition allowed this, (75 elderly people: 44 men ...


Ransomware, Cyber Sanctions, And The Problem Of Timing, Christine Abely 2022 New England Law | Boston

Ransomware, Cyber Sanctions, And The Problem Of Timing, Christine Abely

Boston College Law Review

This essay argues that the lack of a federal blanket prohibition against ransomware payments undermines the purpose and effectiveness of the U.S. sanctions regime. The U.S. cyber-related sanctions program suffers from an essential problem of timing: often payments to malicious cyber actors are not prohibited until those actors have been named to the Specially Designated Nationals and Blocked Persons List (SDN) maintained by the Office of Foreign Assets Control in the U.S. Department of the Treasury. Yet those actors generally are not so designated until they have been identified as malicious through a completed or attempted attack ...


The Future Of Ai Accountability In The Financial Markets, Gina-Gail S. Fletcher, Michelle M. Le 2022 Vanderbilt University Law School

The Future Of Ai Accountability In The Financial Markets, Gina-Gail S. Fletcher, Michelle M. Le

Vanderbilt Journal of Entertainment & Technology Law

Consumer interaction with the financial market ranges from applying for credit cards, to financing the purchase of a home, to buying and selling securities. And with each transaction, the lender, bank, and brokerage firm are likely utilizing artificial intelligence (AI) behind the scenes to augment their operations. While AI’s ability to process data at high speeds and in large quantities makes it an important tool for financial institutions, it is imperative to be attentive to the risks and limitations that accompany its use. In the context of financial markets, AI’s lack of decision-making transparency, often called the “black ...


A True Sense Of Security: How Kirschner V. J.P. Morgan Chase Illustrates The Failings Of The Reves Family-Resemblance Test And The Need To Recognize Some Syndicated Loans As Securities For The Sake Of The Financial System, Aidan D. Mulry 2022 Brooklyn Law School

A True Sense Of Security: How Kirschner V. J.P. Morgan Chase Illustrates The Failings Of The Reves Family-Resemblance Test And The Need To Recognize Some Syndicated Loans As Securities For The Sake Of The Financial System, Aidan D. Mulry

Brooklyn Law Review

Following the 2008 financial crisis, Congress implemented a number of reforms aimed at ensuring that such a man-made disaster—fueled by greed and willful ignorance—is not permitted to happen again. On the surface, these reforms appear to be a success; however, under the surface, there is currently a capital market that is effectively ignored, not only by the reforms passed in the wake of the financial crisis, but by virtually all securities regulation. This capital market, which revolves around so-called syndicated loans, is estimated to be larger than the subprime-mortgage collateralized debt obligations market was at its apex, and ...


How Discretionary Decision-Making Impacts The Financial Performance And Legal Disclosures Of S&P 500 Funds, Bernard S. Sharfman, Vincent Deluard 2022 Brooklyn Law School

How Discretionary Decision-Making Impacts The Financial Performance And Legal Disclosures Of S&P 500 Funds, Bernard S. Sharfman, Vincent Deluard

Brooklyn Law Review

When investment funds track the S&P 500, the index becomes more than just a list of 500 companies. The focus then becomes the financial and regulatory issues that arise from the discretionary decision-making power of the Index Committee that governs the S&P 500. Based on our empirical research and analysis, this article recommends a new principal risk disclosure under SEC Form N-1A, which we refer to as “selection risk,” to be included in the statutory and summary prospectuses of investment funds that track the S&P 500. This type of risk results when the Index Committee uses its ...


Taking It To The Bank: The Need For A Federal Legislative Safe Harbor For Financial Institutions Offering Services To State-Legal Marijuana-Related Businesses, Andrew Bloomfield 2022 St. John's University School of Law

Taking It To The Bank: The Need For A Federal Legislative Safe Harbor For Financial Institutions Offering Services To State-Legal Marijuana-Related Businesses, Andrew Bloomfield

Journal of Civil Rights and Economic Development

(Excerpt)

Imagine that you are a small business owner. Rather than opening a new coffee shop, craft brewery, or chic clothing store, you decide to enter one of the fastest-growing industries in the country: marijuana (also referred to herein as “cannabis”). Your state, Washington, has recently legalized recreational use of marijuana, and your new marijuana-related business (MRB), Plantworks, has joined thousands of other licensed producers to supply the new growing market.

You and your business partner lease 2,500 square feet of industrial workspace in Seattle’s North End and produce several pounds of high-quality “craft” cannabis for distribution to ...


Green, Or Greed? A Fresh Perspective On The Valuation Of Conservation Easements, Alan Feld, Theodore Sims, Jacob Nielson 2022 Boston Univeristy School of Law

Green, Or Greed? A Fresh Perspective On The Valuation Of Conservation Easements, Alan Feld, Theodore Sims, Jacob Nielson

Faculty Scholarship

Charitable contributions of "conservation easements" have since 1980 allowed high-income taxpayers to shelter income from taxation through overvalued deductions. Overvaluation has increased dramatically in the past 20 years: a 2016 study of all easement decisions since 1980 reported that while overvaluation had averaged by a factor of two before 1994, it averaged by a factor of ten for decisions between 1994 and 2016. SOI data disclose that aggregate easement contributions deducted on Schedule A grew from $2.26 billion in 2015 to $6.5 billion in 2018 (the most recent year available). A recent report by supporters of conservation easements ...


Chrismar Hotel Ltd V Stanbic Bank Zambia Ltd Scz Selected Judgment No 6 Of 2017 P. 160, Dunia P. Zongwe 2022 Cornell University Law School

Chrismar Hotel Ltd V Stanbic Bank Zambia Ltd Scz Selected Judgment No 6 Of 2017 P. 160, Dunia P. Zongwe

SAIPAR Case Review

In the first semester of 2008, the appellant, Chrismar Hotel Ltd, needed finance to buy some equipment, including earth-moving equipment. It therefore solicited funds from the respondent bank, Stanbic Bank Zambia Ltd, with which it had held several accounts, obtained credit facilities (for example, mortgages and debentures), and established a longstanding relationship. The respondent bank agreed to lend money to the appellant hotel.

Thus, the hotel and the bank (hereinafter ‘the parties’) entered into eight distinct yet identically worded finance leases. For a total sum of 1.7 million US dollars, the eight leases each specified the amount that the ...


Benign Language On Letters From Debt Collectors And Avoiding Violations Of The Fair Debt Collection Practices Act, Sebastian West 2022 University of Cincinnati College of Law

Benign Language On Letters From Debt Collectors And Avoiding Violations Of The Fair Debt Collection Practices Act, Sebastian West

University of Cincinnati Law Review

No abstract provided.


The Sec's Ice-Cold Take On Climate Disclosure: Is The 2010 Interpretive Climate Guidance Working?, Patrick Dunbar 2022 Villanova University Charles Widger School of Law

The Sec's Ice-Cold Take On Climate Disclosure: Is The 2010 Interpretive Climate Guidance Working?, Patrick Dunbar

Villanova Environmental Law Journal

No abstract provided.


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