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Articles 31 - 60 of 67
Full-Text Articles in Law
Alternative Dispute Resolution Design In Financial Markets—Some More Equal Than Others: Hong Kong's Proposed Financial Dispute Resolution Center In The Context Of The Experience In The United Kingdom, United States, Australia, And Singapore, Shahla F. Ali, Antonio Da Roza
Alternative Dispute Resolution Design In Financial Markets—Some More Equal Than Others: Hong Kong's Proposed Financial Dispute Resolution Center In The Context Of The Experience In The United Kingdom, United States, Australia, And Singapore, Shahla F. Ali, Antonio Da Roza
Washington International Law Journal
Systems of financial dispute resolution currently operate in most major financial centers throughout the world. As such systems expand and develop to address a growing number of finance-related disputes, they must inevitably address the question of their role and function in financial market regulation. Such questions are rooted in the larger socio-legal dispute processing debate examining how institutional dispute resolution mechanisms effectively regulate the repeat player knowledge/power gap through appropriate policies and procedures. Using the example of Hong Kong in comparison with financial dispute resolution models currently in existence in the United Kingdom, Australia, Singapore, and the United States, this …
Legal Compliance And Korea's Financial Services Market: A Strategic Approach, Young-Cheol Jeong
Legal Compliance And Korea's Financial Services Market: A Strategic Approach, Young-Cheol Jeong
Washington International Law Journal
The purpose of this paper is to improve the compliance level in the Korean financial services market by proposing a more systematic approach to economic crimes. As one of the most important capital markets in Asia, the Korean financial services market has weathered well both the hardship of the Asian financial crisis and the challenges of the Great Recession. Thus, its policy directions and experience are valuable to other burgeoning capital markets around the world. This paper contributes to a better understanding of the compliance system in the Korean financial services market. Based on a literature review, this paper analyzes …
Bank Privitization In Vietnam: Examining Changes To Management In Vietnam's New Banking Law, Decree No. 59/2009/Nd-Cp, George B. Radics
Bank Privitization In Vietnam: Examining Changes To Management In Vietnam's New Banking Law, Decree No. 59/2009/Nd-Cp, George B. Radics
Washington International Law Journal
Due to its WTO obligations, by 2010 Vietnam must open its banking system to the world. As a result, the nation attempted to drastically modernize its state owned banks through partial privatization. This partial privatization, locally translated as equitization, proposed serious challenges to the existing legal infrastructure facilitating banks. To cope with these new challenges, in September 2009, Vietnam’s new banking law, Decree 59/2009/ND-CP, was passed. An important change in the new banking law is its stricter regulation on the qualifications of managers. It is suspected that such regulation signals the nation’s resistance to surrender control over its banks and …
Electronic Money And The Law: Legal Realities And Future Challenges, Nobuhiko Sugiura, Jean J. Luyat
Electronic Money And The Law: Legal Realities And Future Challenges, Nobuhiko Sugiura, Jean J. Luyat
Washington International Law Journal
The following is a translation of Electronic Money and the Law: Legal Realities and Future Challenges, an essay written by Professor Nobuhiko Sugiura in the August 1, 2008 issue of the Japanese periodical Jurisuto. Stored-value cards are growing rapidly in urban areas in Japan, to a degree where they are beginning to challenge cash as a primary method of payment. In this article, Professor Sugiura outlines the growth of stored-value cards, how stored-value cards should be defined, legal structures that currently regulate stored-value cards, and how growth and technological development are likely to affect that legal structure. As Japan’s takes …
A Tale Of Regulation In The European Union And Japan: Does Characterizing The Business Of Stored-Value Cards As A Financial Activity Impact Its Development?, Jean J. Luyat
Washington International Law Journal
The use of stored-value cards is growing rapidly in urban areas in Japan and gaining acceptance as a major means of payment. While institutional and cultural factors as well as business strategies go far in explaining the rapid growth of stored-value cards in Japan, regulation has also played an important role in enabling their use. In Japan, the regulation of stored-value cards has been mostly left to the Prepaid Card Law, which provides a comparatively simple regulatory framework with flexible capital requirements. The European Union (“EU”) and France provide a compelling counter-example to Japan; the EU has pursued a different …
Code, Crash, And Open Source: The Outsourcing Of Financial Regulation To Risk Models And The Global Financial Crisis, Erik F. Gerding
Code, Crash, And Open Source: The Outsourcing Of Financial Regulation To Risk Models And The Global Financial Crisis, Erik F. Gerding
Washington Law Review
The widespread use of computer-based risk models in the financial industry during the last two decades enabled the marketing of more complex financial products to consumers, the growth of securitization and derivatives, and the development of sophisticated risk-management strategies by financial institutions. Over this same period, regulators increasingly delegated or outsourced vast responsibility for regulating risk in both consumer finance and financial markets to these privately owned industry models. Proprietary risk models of financial institutions thus came to serve as a “new financial code” that regulated transfers of risk among consumers, financial institutions, and investors. The spectacular failure of financial-industry …
Japan And The Moneylenders—Activist Courts And Substantive Justice, Andrew M. Pardieck
Japan And The Moneylenders—Activist Courts And Substantive Justice, Andrew M. Pardieck
Washington International Law Journal
Problems with sub-prime loans roiled financial markets worldwide in 2007 and brought renewed attention to predatory lending practices by loan brokers in the United States. Questionable lending practices, however, plague consumer financial markets worldwide, including one of the largest, found in Japan. This Article addresses the Japanese response to systemic problems in its consumer finance market. Over the last forty years, the judiciary has led and the Diet followed. Most recently, in 2006, the Supreme Court handed down a series of decisions that turned the single most important earnings driver for the consumer finance industry into dead letter law. The …
Money For Nothing, Your Crisis For Free?: A Comparative Analysis Of Consumer Credit Policies For Post-1997 South Korea And Thailand, Jasper Kim, Kemavit Bhangananda
Money For Nothing, Your Crisis For Free?: A Comparative Analysis Of Consumer Credit Policies For Post-1997 South Korea And Thailand, Jasper Kim, Kemavit Bhangananda
Washington International Law Journal
Both the South Korean and Thai governments encouraged consumer credit card usage to boost consumer spending and reinvigorate the national economy following the 1997-98 Asian financial crisis. Today, almost a decade following the crisis, the authors provide a comparative analysis of how policymakers in both South Korea and Thailand have attempted to regulate the rapid upsurge in consumer credit card debt in their respective economies. This Article also notes some of the benefits and risks of the approaches taken by the South Korean and Thai governments, using as focal points the South Korean government’s Individual Debtor Rehabilitation Act, a personal …
Vietnam's Decree On Microfinance: A Flawed Attempt To Create An Enabling Legal Environment For Microfinance, Elin M. King
Vietnam's Decree On Microfinance: A Flawed Attempt To Create An Enabling Legal Environment For Microfinance, Elin M. King
Washington International Law Journal
Despite its increasing as a development tool microfinance still faces significant barriers in reaching the poorest of the poor. Microfinance programs often respond well to short-term needs but are not designed to handle the long-term struggles faced by lending institutions. To resolve these problems, many in the microfinance field have begun to tout the concept of creating “enabling” legal and regulatory frameworks. Such an enabling environment would ideally eliminate unreasonable barriers to entry into the field, encourage innovation, and reinforce industry best practices. An enabling regulatory scheme could also increase legal certainty, encourage more investors to enter the field and …
Comparing Foreign Investment In China, Post-Wto Accession, With Foreign Investment In The United States, Post-9/11, Jordan Brandt
Comparing Foreign Investment In China, Post-Wto Accession, With Foreign Investment In The United States, Post-9/11, Jordan Brandt
Washington International Law Journal
Ever since China instituted its “open-door policy” (gai ge kai fang) in 1978, the historically autarkic and largely mysterious country has morphed through external interactions with foreign countries and corporations into a hotbed for foreign investment activity. This foreign investment activity has forever changed China’s standing in the global community; today, China stands firm and elevated amongst the ranks of the globalized community as one of the leaders in attracting foreign investment. This article examines China’s rise as an economic power through the use of its foreign investment laws. It then compares the experience of China, a communist …
Tax Treatments For Distressed Bank Loans: A Comparative Study Of The United States And Japanese Legal Systems, Yo Ota
Washington International Law Journal
A number of commentators in Japan have argued that tax treatments for distressed bank loans seem to be more generous in Japan than in the United States, and that, in contrast to Japan, the United States does not allow any deduction for loan loss reserves. However, such arguments have not been based upon a careful analysis of case law and actual tax authority practices. This Article presents a comparative study of the tax treatments for distressed bank loans in the United States and Japan. It analyzes corporate income tax legislation, administrative practices and case law in the 1980s and 1990s …
Microfinance And Poverty Alleviation: Lessons From Indonesia's Village Banking System, Yoko Miyashita
Microfinance And Poverty Alleviation: Lessons From Indonesia's Village Banking System, Yoko Miyashita
Washington International Law Journal
Indonesia needs an aggressive poverty reduction strategy to counter the 1997 Asian financial crisis, which has propelled millions of its citizens into poverty. Microfinance is a proven method of reducing poverty and has been successfully used within Indonesia in government-supported programs. In addition to continuing its state-run microfinance programs, Indonesia should support increased non-governmental organization ("NGO") participation in microfinance programs by permitting NGOs to conduct the full range of activities of a state-run microfinance program. Such a move would help to ensure that microfinance services reach people with the least access to the formal financial sector.
China's Gatt Bid: Why All The Fuss About Currency Controls, Chris Brown
China's Gatt Bid: Why All The Fuss About Currency Controls, Chris Brown
Washington International Law Journal
China did not succeed in its bid to join the General Agreement on Tariffs and Trade (GATT) during the Uruguay Round. A key stumbling block was China's mechanism of exchange rate controls. From the mid-1980s to the end of 1993, China used a dual-rate currency mechanism, administering these rates through a loose network of about 100 exchange centers ("swap centers"). The swap centers helped to create partial convertibility of the Chinese currency and were instrumental in creating incentives for China's exporters and in attracting foreign investment. However, the swap centers also caused trade conflicts with the U.S. and within GATT. …
Introduction To The Financial System And Securities & Exchange System Reform Act In Japan, Hiroshi Naka, Akio Nakamura, Atsushi Yamashita, Scott Siegler
Introduction To The Financial System And Securities & Exchange System Reform Act In Japan, Hiroshi Naka, Akio Nakamura, Atsushi Yamashita, Scott Siegler
Washington International Law Journal
This translation of an original Japanese language work, by Hiroshi Naka and Akio Nakamura, both of the Japanese Ministry of Finance, details the reforms of Japan's financial and securities & exchange system made under the recently enacted System Reform Act. The major reforms under the Act include: (1) altering the "Glass Steagall" rule (the separation of securities business and banking business) in Japan so that banks and securities companies can engage in each other's business through their subsidiaries; (2) extending securities regulations to some new types of structured finance; (3) amending public offering provisions and providing new articles for private …
The Functions Of Consumer Reporting Agencies Under The Fair Credit Reporting Act—Bryant V. Trw, Inc., 689 F.2d 72 (6th Cir. 1982), Barbara C. Sherland
The Functions Of Consumer Reporting Agencies Under The Fair Credit Reporting Act—Bryant V. Trw, Inc., 689 F.2d 72 (6th Cir. 1982), Barbara C. Sherland
Washington Law Review
This Note first reviews the purpose and function of a consumer reporting agency and discusses the provisions of the FCRA that pertain to consumer reporting agencies and judicial interpretations of those provisions. It then analyzes the Bryant decision in light of the policies behind the FCRA and criticizes the effect of the FCRA in sheltering reporting creditors. This Note concludes that the Bryant decision should be read narrowly to reflect the true spirit of the FCRA. Consumer reporting agencies must be permitted to function as mere conduits of information without incurring liability for inaccuracies over which they have no control. …
State Regulation Of Federally Chartered Financial Institutions: Washington's Anti-Redlining Act, Richard H. Cleva
State Regulation Of Federally Chartered Financial Institutions: Washington's Anti-Redlining Act, Richard H. Cleva
Washington Law Review
The purpose of this comment is to analyze the law on state regulation of federal financial institutions and then to apply that analysis to the Washington act in order to determine whether the act can validly be applied to national banks and federal savings and loan associations. Part II critically describes the Washington act and compares it with federal law on the same subject. Part III surveys the judicially developed limits on state regulation of federal financial institutions. Part IV then considers the validity of the Washington act as applied to federal financial institutions in light of the judicial limits …
A Suggested Analysis For Regulation Of Equal Credit Opportunity, Linda S. Hume
A Suggested Analysis For Regulation Of Equal Credit Opportunity, Linda S. Hume
Washington Law Review
In its 1972 report to the President and Congress, the National Commission on Consumer Finance called for legislation to insure that every consumer would have equal access to the credit market and "that credit should never be denied solely because of characteristics such as race, creed, color, occupation or sex." This call reflected both a recognition of the growing economic importance of the ability to make credit purchases and a concern that many consumers were denied credit because of their membership in a class, rather than because of any individual lack of credit worthiness. As part of this broader investigation …
Bank Branching In Washington: A Need For Reappraisal, Richard B. Cohen
Bank Branching In Washington: A Need For Reappraisal, Richard B. Cohen
Washington Law Review
Washington bank branching policy, which essentially limits geographic bank expansion to mergers with existing banks, is being frustrated by aggressive enforcement of federal antitrust statutes. Given the federal restrictions on bank concentration and the need for a responsive and competitive commercial banking structure at the local level, the author concludes that Washington should revamp current statutory policy and allow limited de novo bank branching.
Usury—Installment Sales Contracts: Limitation Of The Scope Of The Time Price Doctrine—National Bank Of Commerce Of Seattle V. Thomsen, 80 Wn.2d 406, 495 P.2d 332 (1972), P. A. H.
Washington Law Review
In 1965 Greg Thomsen entered into an agreement with Carter Motors for the purchase of an automobile. In addition to signing a purchase order, Thomsen executed a conditional sales contract which provided that payments were to be made to the National Bank of Commerce (NBC) and showed a time price differential of $242.15, the equivalent of a 14.61 percent annual finance charge. A Carter Motors salesman had requested that Thomsen finance the purchase through NBC, which had supplied the contract form and other documents used in the transaction. Carter Motors immediately assigned the contract to NBC pursuant to a financing …
Purchase Of Note Constitutes Usurious Loan, Anon
Purchase Of Note Constitutes Usurious Loan, Anon
Washington Law Review
Defendant applied for a loan to an investment broker to whom he gave a mortgage and a promissory note payable to, and subsequently endorsed in blank by, a third party. The broker, whose name appeared on neither instrument, then sold the 6,000 dollar note at a six per cent discount to plaintiff after deducting a commission of 890 dollars. Defendant received only 4,750 dollars for his note. Plaintiff did not know that his money constituted the original consideration for the note, which bore ten per cent annual interest. After defendant's default, plaintiff brought this action to foreclose the mortgage. The …
Effect Of Joint Accounts With Right Of Survivorship In Washington, Virginia B. Lyness
Effect Of Joint Accounts With Right Of Survivorship In Washington, Virginia B. Lyness
Washington Law Review
The recent passage in Washington of Initiative No. 208 providing for creation of joint tenancies in real and personal property provides the occasion for a reconsideration of the current status of the statutory and case law in Washington relating to the effect given to "joint tenancy" accounts with right of survivorship. Such an account typically takes the form of a deposit opened in the name of the depositor and another, payable to either or to the survivor. Does such an account, by virtue of present statutes, in fact create a joint tenancy with all its incidents as known to the …
Community Property, Lawrence M. Ross
Community Property, Lawrence M. Ross
Washington Law Review
Covers cases on the right of survivorship in joint tenancy bank accounts.
Negotiable Instruments, Rex M. Walker
Negotiable Instruments, Rex M. Walker
Washington Law Review
Covers cases on bills and notes—corporate endorsement.
Creditor's Rights, Myron J. Carlson, Ivor Lusty
Creditor's Rights, Myron J. Carlson, Ivor Lusty
Washington Law Review
Covers cases on the declaration of homestead—effect on existing judgment liens (Carlson) and on the mortgage acceleration clause (Lusty).
Houseshold Finance Case: Statutory Review Of Discretionary Power To License, Roger I. Lewis
Houseshold Finance Case: Statutory Review Of Discretionary Power To License, Roger I. Lewis
Washington Law Review
The recent case of Household Finance Co. v. State involves judicial review of a discretionary power to issue small loan licenses; but the language used by the court is of such breadth that the entire field of judicial review of administrative licensing must be re-examined. The plaintiff (Household Finance Co.) desired to open small loan agencies in Seattle and Vancouver. In compliance with statute, it made application to the Supervisor of Banks for the necessary licenses, but the application was denied. In accordance with statutory procedure, the superior court of Thurston County held a trial de novo. At the conclusion …
Statutory Redemption: The Enemy Of Home Financing, Ernest M. Murray
Statutory Redemption: The Enemy Of Home Financing, Ernest M. Murray
Washington Law Review
Although much has been written criticizing the statutory right of redemption from real estate foreclosures, it still exists in Washington and a majority of the United States. The basic reason for its continued existence is the strong trend throughout modern timnes to give greater protection to the "oppressed debtor." The history of the moratoria legislation of the last depression is the strongest evidence of the sympathy for the debtor class, and the statutory right of redemption comprises not only a large part of the trend, but it is the place where the policy of favoring the mortgage debtor has reached …
Worthless Check Transactions: Rem. Rev. Stat. 2129, Sections 23 And 24 Of The Uniform Sales Act, The Motor Vehicle Registration Act, James M. Dolliver
Worthless Check Transactions: Rem. Rev. Stat. 2129, Sections 23 And 24 Of The Uniform Sales Act, The Motor Vehicle Registration Act, James M. Dolliver
Washington Law Review
Recently the Washington Supreme Court considered two cases involving the exchange of goods for a worthless check with a subsequent sale to a bona fide purchaser. In the first case the Court found for the bona fide purchaser while in the later case the original owner prevailed. Fairness to the Court compels the statement that the reason for this surprising reversal was not mere caprice but seemed rather to stem from a little used statute passed in 1854, the construction of which was controlling in each opinion.
Joint Tenancy In Washington Bank Accounts, Ivan C. Rutledge
Joint Tenancy In Washington Bank Accounts, Ivan C. Rutledge
Washington Law Review
What is this statutory creature, the deposit owned in joint tenancy with right of survivorship?
Mortgages Of Personal Property To Be Subsequently Acquired, Frank C. Latcham
Mortgages Of Personal Property To Be Subsequently Acquired, Frank C. Latcham
Washington Law Review
Since a man cannot transfer what is not his, a sale of property to be subsequently acquired by the vendor is ordinarily given effect only as a contract to sell such goods after they have been acquired. Such a bargain, under the law of sales, is not self-operating to pass the property in future goods to the purchaser on their mere acquisition by the seller, but requires a subsequent act of performance by the seller assented to by the buyer to carry out the obligation, usually termed a subsequent act of appropriation. The most important exception to this rule is …
Rights Of Beneficiaries Of Government Savings Bonds, Frank Latcham
Rights Of Beneficiaries Of Government Savings Bonds, Frank Latcham
Washington Law Review
In 1939 the Washington Court in Decker v. Fowler virtually eliminated the effect of the beneficiary provision in government savings bonds by holding that beneficiaries named in the bonds have no right to the proceeds on the death of the purchaser unless there has been a valid inter vivos gift of the bond between the purchaser and the beneficiary. The majority of the court apparently failed to recognize that there was a donee beneficiary contract entered into between the purchaser and the government. In two subsequent Washington cases, where the court has found a contract relation in somewhat analogous situations, …