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Making Innovation More Competitive: The Case Of Fintech, Rory Van Loo 2018 Boston University School of Law

Making Innovation More Competitive: The Case Of Fintech, Rory Van Loo

Faculty Scholarship

Finance startups are offering automated advice, touchless payments, and other products that could bring great societal benefits, including lower prices and expanded access to credit. Yet unlike in other digital arenas in which American companies were global leaders, such as search engines and ride hailing, the U.S. has lagged in consumer finance. This Article posits that the current competition framework is holding back consumer financial innovation. It then identifies a contributor that has yet to be articulated: the organizational design of administrative agencies. Competition authority—including antitrust and the extension of business licenses—is spread across at least five ...


The Path Towards Defining “Investment” In Icsid Investor-State Arbitrations: The Open-Ended Approach, Melissa María Valdez García 2018 Pepperdine University

The Path Towards Defining “Investment” In Icsid Investor-State Arbitrations: The Open-Ended Approach, Melissa María Valdez García

Pepperdine Dispute Resolution Law Journal

Article 25 of the International Convention on the Settlement of Investment Disputes left the notion of “investment” intentionally undefined, thus leaving its interpretation in the hands of arbitration tribunals, which has led to inconsistencies, confusion and debate regarding the true essence of what may appear as a routine concept. This article tries to explain that the proper meaning of “investment” under the Convention must be clarified not only by discussing the drafting history of the Convention, but by also examining doctrinal tendencies, key aspects of corresponding arbitration awards and customary international law and argues that arbitration tribunals should show strong ...


Hb 192 - Banking And Finance, Caroline G. Mayson, Jesse C. Moore 2018 Georgia State University College of Law

Hb 192 - Banking And Finance, Caroline G. Mayson, Jesse C. Moore

Georgia State University Law Review

The Act changes the provisions relating to the responsibilities and standard of care for directors and officers of banks, trust companies, and corporations. The Act codifies the business judgment rule. The operative liability standard for directors and officers is gross negligence, as opposed to simple negligence, and directors and officers may rely on other individuals in the performance of their duties. A rebuttable presumption exists that directors and officers act in good faith.


Models As Weapons: Review Of Weapons Of Math Destruction: How Big Data Increases Inequality And Threatens Democracy By Cathy O’Neil (2016), Samuel L. Tunstall 2018 Michigan State University

Models As Weapons: Review Of Weapons Of Math Destruction: How Big Data Increases Inequality And Threatens Democracy By Cathy O’Neil (2016), Samuel L. Tunstall

Numeracy

Cathy O’Neil. 2016. Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy (New York, NY: Crown) 272 pp. ISBN 978-0553418811.

Accessible to a wide readership, Cathy O’Neil’s Weapons of Math Destruction: How Big Data Increases Inequality and Threatens Democracy provides a lucid yet alarming account of the extensive reach of mathematical models in influencing all of our lives. With a particular eye towards social justice, O’Neil not only warns modelers to be cognizant of the effects of their work on real people—especially vulnerable groups who have less power to fight back—but ...


Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew 2018 University of Pennsylvania

Bright Lines: How Regulatory Asset Thresholds Change The Banking Industry, Allison Nicoletti, Michael Iselin, Hailey Ballew

Penn Wharton Public Policy Initiative

One of the key features of the Dodd-Frank Act is that it imposes specific and costly regulatory requirements on banks that cross the threshold of having more than $10 billion in total assets. Anecdotal accounts have suggested that this threshold has led to increased consolidation in the banking industry. This brief provides new statistical evidence of that phenomenon. Banks that approach the $10 billion threshold are significantly more likely to engage in an acquisition, pay more for that acquisition, and acquire bigger target banks than similar banking institutions did prior to Dodd-Frank. To the extent that policymakers are concerned with ...


A Bridge Over Troubled Waters - Resolving Bank Financial Distress In Canada, Janis P. Sarra 2018 Allard School of Law at the University of British Columbia

A Bridge Over Troubled Waters - Resolving Bank Financial Distress In Canada, Janis P. Sarra

Faculty Publications

Effective June 2017, Canada formalized its new resolution regime for “domestic systemically important banks”. This article examines the new resolution regime in the context of the early intervention program by the financial services regulator. The system offers a complex but integrated set of mechanisms to monitor the financial health of financial institutions, to intervene at an early stage of financial distress, and to resolve the financially distressed bank in a timely manner. Resolution is the restructuring of a financially distressed or insolvent bank by a designated authority. To “resolve” a bank is to use a series of tools under banking ...


Merchant Authorized Consumer Cash Substitutes, Steven Stites, Norman I. Silber 2018 Maurice A. Deane School of Law at Hofstra University

Merchant Authorized Consumer Cash Substitutes, Steven Stites, Norman I. Silber

Hofstra Law Faculty Scholarship

Merchant Authorized Consumer Cash Substitutes (MACCS) have existed in one form or another for hundreds of years although without a generic name. At nineteenth century American railroad construction sites far from established towns, companies paid employees with “scrip.” Coca Cola, beginning in 1887 issued “coupons” which entitled bearers to a glass of soda. About the same time the Standard Oil Company—a customer—demanded “rebates” from railroads who shipped its oil. Descendants of these merchant-created substitutes are the MACCS of today-- phenomena including today’s “Penny-Saver Coupons,” “Groupons,” “Gift Cards,” “Disney Dollars,” “E-bates,” “Air Miles,” “Rewards Points,” and “cash-back offers ...


The Hausmann-Gorky Effect, Mitu Gulati, Ugo Panizza 2018 Duke Law School

The Hausmann-Gorky Effect, Mitu Gulati, Ugo Panizza

Faculty Scholarship

For over a century, legal scholars have debated the question of what to do about the debts incurred by despotic governments; asking whether successor non-despotic governments should have to pay them. That debate has gone nowhere. This paper examines whether an Op Ed written by Harvard economist, Ricardo Hausmann, in May 2017, may have shown an alternative path to the goal of increasing the cost of borrowing for despotic governments. Hausmann, in his Op Ed, had sought to produce a pricing penalty on the entire Venezuelan debt stock by trying to shame JPMorgan into removing Venezuelan bonds from its emerging ...


New Art For The People: Art Funds & Financial Technology, Brian L. Frye 2018 University of Kentucky College of Law

New Art For The People: Art Funds & Financial Technology, Brian L. Frye

Law Faculty Scholarly Articles

Wealthy people have invested in art since time immemorial. But the modem art market emerged only in the late nineteenth century, as private wealth gradually spread to the bourgeoisie. As the art market grew and the most desirable artworks became extremely valuable, individuals and institutions began to form "art funds" to invest in this promising new asset class. In 1904, a group of Parisian art collectors formed La Peau d'Ours, the first private art investment club. Between 1974 and 1980, the British Rail Pension Fund invested £40 million in art. And in the 2000s, many private investment companies created ...


Fintech's Double Edges, Christopher G. Bradley 2018 University of Kentucky College of Law

Fintech's Double Edges, Christopher G. Bradley

Law Faculty Scholarly Articles

The pace of change in financial technologies has quickened due to the rapid advances in technology from the late 1990s through today, exemplified by the advance of handheld devices and applications and the pervasiveness of the Internet in every facet of commerce. New financial technologies--commonly identified by the portmanteau "FinTech" or "fmtech"--have already reshaped many commercial practices that affect businesses and consumers, and they are likely to change many more.

The increasing availability and sophistication of FinTech offers both promises and perils. Artificial intelligence-driven algorithms purport to improve access to credit on "objective" criteria but may sometimes reinforce longstanding ...


Exploring Banks' Duty Of Care Towards Non-Customers In U.C.C. Article 3 & 4, Anis A. Houssein 2018 Indiana University Maurer School of Law

Exploring Banks' Duty Of Care Towards Non-Customers In U.C.C. Article 3 & 4, Anis A. Houssein

Theses and Dissertations

This Thesis analyzes the bank transaction regarding cashing or accepting for deposit instruments over forged or unauthorized indorsements. Also, it investigates the development of conversion of instruments through the years and the courts’ contribution to the development. It examines the U.C.C. former section 3-419 and the courts’ reaction to the defense afforded to banks against an allegation of conversion and examines as well the current 3-420 and the reasons that led to the amendment. Besides all that, this Thesis discusses the banks’ defenses regarding Impostors and Fictitious Payees under § 3-404, Employer’s responsibility for fraudulent indorsement by his ...


The Impact Of Regulatory Measures Imposed On Initial Coin Offerings In The United States Market Economy, Joseph D. Moran 2018 Catholic University of America Columbus School of Law

The Impact Of Regulatory Measures Imposed On Initial Coin Offerings In The United States Market Economy, Joseph D. Moran

Catholic University Journal of Law and Technology

With the surge of technological advances across the financial market landscape, companies have implemented new ways of raising money that have sparked controversy among investors, legal practitioners, banks, and government regulators. This comment examines the technology behind Initial Coin Offerings (ICOs), and discusses the impact they have had on financial markets in the United States and across the globe. This comment also addresses the legal ramifications for companies issuing ICOs, and delves into the benefits of using blockchain technology as a means for transferring digital currencies and making business transactions. This comment further gives examples of current and potential regulations ...


Whistling Loud And Clear: Applying Chevron To Subsection 21f Of Dodd–Frank, Shaun M. Bennett 2018 Washington and Lee University School of Law

Whistling Loud And Clear: Applying Chevron To Subsection 21f Of Dodd–Frank, Shaun M. Bennett

Washington and Lee Law Review

No abstract provided.


Canons Of Construction For Dysfunctional Statutes: A Comment On Bennett, Paul G. Mahoney 2018 University of Virginia School of Law

Canons Of Construction For Dysfunctional Statutes: A Comment On Bennett, Paul G. Mahoney

Washington and Lee Law Review

No abstract provided.


Quacks Or Bootleggers: Who’S Really Regulating Hedge Funds?, Jeremy Kidd 2018 Mercer University School of Law

Quacks Or Bootleggers: Who’S Really Regulating Hedge Funds?, Jeremy Kidd

Washington and Lee Law Review

Influential scholars of corporate law have questioned previous federal interventions into corporate governance, calling it quackery. Invoking images of medical malpractice, these critiques have argued persuasively that Congress, in responding to crises, makes policy that disrupts efficient private rules and established state laws. This Article applies the Bootleggers and Baptists theory to show that Dodd–Frank’s hedge fund rules are more than just negligent or reckless, but designed to benefit special interests that compete with the hedge fund model. Those rules offer no solutions to any real or perceived risks arising from hedge fund investing, but might offer an ...


Ending Litigation And Financial Windfalls On Time-Barred Debts, Marc C. McAllister 2018 Texas State University

Ending Litigation And Financial Windfalls On Time-Barred Debts, Marc C. Mcallister

Washington and Lee Law Review

A trap for unsophisticated debtors, debt collectors often attempt to collect time-barred debts through written offers to settle those debts for a fraction of what is owed. Debtors typically respond to such offers in one of four ways. First, some debtors simply pay the offered settlement amount, usually 10%–40% of the total outstanding debt, thereby satisfying the debt in full. Second, those who wish to eliminate the debt but cannot pay the entire offered settlement amount will instead make a small payment, unwittingly reviving the statute of limitations on collections and making the entire debt judicially enforceable for several ...


Comment On Whistling Loud And Clear: Applying Chevron To Subsection 21f Of Dodd–Frank, Sarah C. Haan 2018 Washington and Lee University School of Law

Comment On Whistling Loud And Clear: Applying Chevron To Subsection 21f Of Dodd–Frank, Sarah C. Haan

Washington and Lee Law Review

No abstract provided.


Opacity, Fragility, & Power: Lessons From The Law Enforcement Response To The Financial Crisis, Gregory M. Gilchrist 2018 Brooklyn Law School

Opacity, Fragility, & Power: Lessons From The Law Enforcement Response To The Financial Crisis, Gregory M. Gilchrist

Brooklyn Law Review

Review of Mary Kreiner Ramirez and Steven A. Ramirez, THE CARE FOR THE CORPORATE DEATH PENALTY: RESTORING LAW AND ORDER ON WALL STREET (New York 2017) The Case for the Corporate Death Penalty, by Mary Kreiner Ramirez and Steven A. Ramirez, argues that the limited law enforcement response to the 2008 financial crisis represented an unprecedented failure of the rule of law. It further maintains that the weak response by law enforcement was caused by the economic and political power of the largest financial institutions and those who run them. It concludes that the failure to vigorously prosecute the people ...


Regulating The “Too Big To Jail” Financial Institutions, Jerry W. Markham 2018 Brooklyn Law School

Regulating The “Too Big To Jail” Financial Institutions, Jerry W. Markham

Brooklyn Law Review

This article addresses the “too big to jail” regulatory model in which large banks pay hundreds of billions of dollars to settle multiple and duplicative regulatory charges brought by a horde of state, federal, and even foreign regulators. The banks pay those massive settlements in order to keep their banking charters and to obtain immunity from prosecution for senior executives. In turn, regulators benefit from the headlines these fines generate. Much criticism has been directed at these settlements because the banks are allowed to continue business as usual and no senior executives are jailed. Other critics contend that these settlements ...


The Rise Of Automated Investment Advice: Can Robo-Advisers Rescue The Retail Market?, Benjamin P. Edwards 2018 University of Nevada, Las Vegas -- William S. Boyd School of Law

The Rise Of Automated Investment Advice: Can Robo-Advisers Rescue The Retail Market?, Benjamin P. Edwards

Scholarly Works

Consumer interest in automated investment advice continues to grow. One informed observer recently predicted that automated investment advisers may manage $2 trillion in assets by 2020.Today, the two largest automated investment advice providers now manage approximately seventeen billion in assets while continuing to expand their capabilities. This rise of automated investment advice firms may disrupt and improve the market for investment advice and finally allow modem technology to make financial intermediation more efficient. For a variety of reasons, costs in the sector have remained abnormally high. One study found that "the unit cost of intermediation is about as high ...


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