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A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin W. Akins JD, LLM, Jennifer L. Chapman JD, CPA, Jason M. Gordon JD, MBA 2015 SelectedWorks

A Whole New World: Income Tax Considerations Of The Bitcoin Economy, Benjamin W. Akins Jd, Llm, Jennifer L. Chapman Jd, Cpa, Jason M. Gordon Jd, Mba

Benjamin W. Akins

Bitcoin is a virtual, cryptocurrency growing rapidly in influence throughout the world. Numerous characteristics associated with the bitcoin system, including low transaction costs and greater user privacy, make it appealing as a medium of electronic payment. The number of users of bitcoin, including merchants accepting the currency as a form of payment, has grown considerably in recent years. Estimates indicate that there are more than 60,000 active bitcoin users as of September 2012, with nearly 11 million bitcoins in existence. According to the latest estimates, bitcoin market capitalization is roughly $9 billion. The growth of bitcoin as an accepted ...


Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. McCall 2015 University of Oklahoma College of Law

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall

Brian M McCall

Many politicians and commentators agree that credit default swaps (CDS) played a significant role in the financial crisis of 2008. Yet, few who observe this role are aware that CDS were set loose on the economy by the federal pre-emption of thousands of years of public policy. Since the time of Aristotle law, philosophy and public policy have been hostile to gambling. Viewed as a socially unproductive zero sum wealth transfer, the law has generally refused to permit parties to use the courts to enforce wagers. Courts and legislatures worked in harmony to control and in some cases punish financial ...


Banking And Financial Regulation, Steven L. Schwarcz 2015 Duke Law

Banking And Financial Regulation, Steven L. Schwarcz

Faculty Scholarship

This chapter provides a basic overview of banking and financial regulation for the forthcoming Oxford Handbook of Law and Economics (Francesco Paris, ed.). Among other things, the chapter compares traditional and shadow banking and their regulation, differentiating “micro prudential” regulation (which focuses on protecting individual components of the financial system, such as banks) and “macro prudential” regulation (which focuses on protecting against systemic risk). The chapter also examines how regulation can help to correct market failures that undermine financial efficiency. In that context, it discusses, among other things, capital requirements, ring-fencing, and stress testing. Finally, the chapter examines how regulation ...


Al Bai Bithaman Ajil- The Grant Of Ibra In Customer Default Situations, Jonathan Chen Yeen Muk 2014 SelectedWorks

Al Bai Bithaman Ajil- The Grant Of Ibra In Customer Default Situations, Jonathan Chen Yeen Muk

Jonathan Muk

The Al Bai Bithaman Ajil (“BBA”) facility is an Islamic financing facility based on underlying purchase and sales agreements. When bank customers default on their instalment obligations under the facility, the grant of ibra (rebate) in Al Bai Bithaman Ajil (“BBA”) facilities is a contentious issue. This article provides an analysis of the Malaysian judgments with respect to ibra and BBA facilities. It seeks to identify the best way for courts to approach ibra in the absence of legislation or executive direction. It is suggested that while implied terms, unconscionability and even recharacterisation of the BBA facilities have been used ...


Demand Promissory Notes And Commercial Loans: Balancing Freedom Of Contract & Good Faith, george A. Nation III 2014 SelectedWorks

Demand Promissory Notes And Commercial Loans: Balancing Freedom Of Contract & Good Faith, George A. Nation Iii

George A Nation III

Promissory notes are ubiquitous in commercial lending. The promissory note represents the borrowers promise to repay and is governed by the Uniform Commercial Code’s Article 3. Under Article 3, promissory notes are either demand instruments or time instruments. In general, the holder of a demand instrument may decide to demand payment at any time and for any reason, while the holder of a time note must wait for payment until the arrival of the specific repayment date or dates included in the note. For this reason, time notes usually contain an acceleration clause. An acceleration clause allows the holder ...


Aml In The Spotlight: Compliance Risks For Broker-Dealers And Investment Advisers, John H. Walsh, Cecilia Baute Mavico 2014 Pepperdine University

Aml In The Spotlight: Compliance Risks For Broker-Dealers And Investment Advisers, John H. Walsh, Cecilia Baute Mavico

The Journal of Business, Entrepreneurship & the Law

In light of regulators' renewed attention, this article discusses recent events, reviews AML enforcement actions against securities firms, and identifies the compliance risks they suggest. The article concludes that the time has come for broker-dealers and advisers alike to take a holistic view of compliance and their AML risks, and to prepare for enhanced oversight and regulation.


Summary Of State, Dept. Of Bus. And Industry V. Check City P’Ship, 130 Nev. Adv. Op. 90, Daven Cameron 2014 University of Nevada, Las Vegas -- William S. Boyd School of Law

Summary Of State, Dept. Of Bus. And Industry V. Check City P’Ship, 130 Nev. Adv. Op. 90, Daven Cameron

Nevada Supreme Court Summaries

The Court interpreted NRS 605A.425 and concluded that the statute unambiguously provides that a borrower’s deferred deposit loan is to be capped at 25 percent of the borrower’s expected gross monthly income. This cap includes both principal and any interest or fees charged.


The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch 2014 University of Pennsylvania Law School

The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch

Faculty Scholarship

Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis because widespread redemption demands during the days following the Lehman bankruptcy contributed to a freeze in the credit markets. In response, MMFs were deemed a component of the nefarious shadow banking industry and targeted for regulatory reform. The Securities and Exchange Commission’s (SEC) misguided 2014 reforms responded by potentially exacerbating MMF fragility while potentially crippling large segments of the MMF industry.

Determining ...


The Plight Of Modern Markets: How Universal Banking Undermines Capital Markets, Carolyn Sissoko 2014 BLR

The Plight Of Modern Markets: How Universal Banking Undermines Capital Markets, Carolyn Sissoko

University of Southern California Legal Studies Working Paper Series

This paper explains the process of competitive deregulation that led both the U.S. and the U.K. to embrace universal banking and to abandon the functional separation of financial activities that had long characterized their financial systems. The paper argues that only a few rare voices in the debate over universal banking that started in the late-1970s and continued for over a decade understood what was truly at stake. The principal argument in favor of separation, then as now, was that the commercial banking system, which is supported by a government “safety net,” needs to be protected from the ...


All Together Now: International Regulatory Response To The Libor Rate Setting Conspiracy, Melissa Anne Conrad-Alam 2014 University of Georgia School of Law

All Together Now: International Regulatory Response To The Libor Rate Setting Conspiracy, Melissa Anne Conrad-Alam

Georgia Journal of International & Comparative Law

No abstract provided.


Practice Lean! Implementing Technology-Driven Lean Six Sigma In A Law Firm, frank a. urbanic 2014 SelectedWorks

Practice Lean! Implementing Technology-Driven Lean Six Sigma In A Law Firm, Frank A. Urbanic

frank a urbanic

No abstract provided.


Proportionality: An Addition To The International Centre For The Settlement Of Investment Disputes’ Fair And Equitable Treatment Standard, Anne Marie Martin 2014 Boston College Law School

Proportionality: An Addition To The International Centre For The Settlement Of Investment Disputes’ Fair And Equitable Treatment Standard, Anne Marie Martin

Boston College International and Comparative Law Review

The fair and equitable treatment standard, established in state law, customary law, and bilateral investment treaties, requires that states treat investors in a consistent and transparent manner. With its decision in Occidental Petroleum Corp., Occidental Exploration and Production Company v. Republic of Ecuador, the International Centre for the Settlement of Investment Disputes (ICSID) interpreted the ever-expanding fair and equitable treatment standard to include the principle of proportionality. After concluding that Ecuador’s termination of the investor’s contract was a disproportionate response to the investor’s breach of that contract, the ICSID Tribunal awarded an incredible $1.77 billion in ...


Leveraging Litigation: Enforcing Sovereign Debt Obligations In Nml Capital, Ltd. V. Republic Of Argentina, Emma Kingdon 2014 Boston College Law School

Leveraging Litigation: Enforcing Sovereign Debt Obligations In Nml Capital, Ltd. V. Republic Of Argentina, Emma Kingdon

Boston College International and Comparative Law Review

In the sovereign debt market, the typical remedies to resolve sovereign default are either the negotiation route or a unilateral exchange offer. However, as a result of increasing insecurity in the sovereign debt market due to rogue sovereign debtors who take advantage of their immunity to opportunistically default and create unfavorable restructuring deals, creditors began resorting to a previously limited remedy: litigation. Although litigation to resolve sovereign default was not a new concept in the sovereign debt market, it was ineffective due to the creditor’s inability to actually recover the money judgment from the sovereign debtor. In NML Capital ...


Broker-Dealer: A Fiduciary By Any Other Name?, William Alan Nelson II 2014 SelectedWorks

Broker-Dealer: A Fiduciary By Any Other Name?, William Alan Nelson Ii

William Alan Nelson II

Broker-dealers, unlike investment advisers, are not regulated as fiduciaries when providing investment advice, even though broker-dealers are holding themselves out as financial advisors and offering virtually identical services to investors. The lack of consistent regulation of financial service providers arises from the structure in which advice historically has been delivered. Financial services regulation since the Great Depression has developed along roughly dual tracks: laws governing the sale of financial products, which may or may not require that the products be suitable for the customer, and laws governing investment advice, which impose a fiduciary requirement on the adviser to act solely ...


The Compliance Function: An Overview, Geoffrey P. Miller 2014 NELLCO

The Compliance Function: An Overview, Geoffrey P. Miller

New York University Law and Economics Working Papers

The compliance function consists of efforts organizations undertake to ensure that employees and others associated with the firm do not violate applicable rules, regulations or norms. It is a form of internalized law enforcement which, if it functions effectively, can substitute for much (although not all) of the enforcement activities provided by the state. Together with its close cousins, governance and risk-management, compliance is an essential internal control activity at corporations and other complex organizations. This paper will examine the following topics: the analysis of compliance within a general theory of enforcement; the development of the compliance function; the concept ...


The Role Of Risk Management And Compliance In Banking Integration, Geoffrey P. Miller 2014 NELLCO

The Role Of Risk Management And Compliance In Banking Integration, Geoffrey P. Miller

New York University Law and Economics Working Papers

This article explores an important but little studied dimension of the ongoing transformation of banking markets: the growth of risk management and compliance as key governance functions and the focus on risk as a foundation stone for regulatory strategy. The developments in risk and compliance are in part mandated by government regulation, but also reflect practices and norms developed in the private sector. Parallel developments reflecting convergence of norms and practice are observed in banking markets around the world.


The Growth Triangle Of Singapore, Malaysia And Indonesia, Terence P. Stewart, Margaret L.H. Png 2014 University of Georgia School of Law

The Growth Triangle Of Singapore, Malaysia And Indonesia, Terence P. Stewart, Margaret L.H. Png

Georgia Journal of International & Comparative Law

No abstract provided.


Comment On Home Mortgage Disclosure Act Proposed Rulemaking, David J. Reiss 2014 SelectedWorks

Comment On Home Mortgage Disclosure Act Proposed Rulemaking, David J. Reiss

David J Reiss

The Consumer Financial Protection Bureau's Home Mortgage Disclosure Act proposed rulemaking (proposed Aug. 29, 2014) is a reasonable one. It increases the amount of information that is to be collected about important consumer products, such as reverse mortgages. It also increases the amount of important information it collects about all mortgages. At the same time, it releases lenders from having to determine borrowers’ intentions about how they will use their loan proceeds, something that can be hard to do and to document well. Finally, while the proposed rule raises some privacy concerns, the CFPB can address them.


Comment On The Fhfa's Small Multifamily Subgoal, David J. Reiss, Jeffrey Lederman 2014 SelectedWorks

Comment On The Fhfa's Small Multifamily Subgoal, David J. Reiss, Jeffrey Lederman

David J Reiss

As the FHFA sets the housing goals for 2015-2017, it should focus on maximizing the creation and preservation of affordable housing. Less efficient proposed subgoals should be rejected unless the FHFA has explicitly identified a compelling rationale to adopt them. The FHFA has not identified one in the case of the proposed small multifamily subgoal. Thus, it should be withdrawn.


Uniform Application And Interest Rates Under The 1980 Vienna Sales Convention, Franco Ferrari 2014 University of Georgia School of Law

Uniform Application And Interest Rates Under The 1980 Vienna Sales Convention, Franco Ferrari

Georgia Journal of International & Comparative Law

No abstract provided.


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