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A Case For Reforming The Anti-Money Laundering Regulatory Regime: How Financial Institutions’ Criminal Reporting Duties Have Created An Unfunded Private Police Force, Christopher Wilkes Apr 2020

A Case For Reforming The Anti-Money Laundering Regulatory Regime: How Financial Institutions’ Criminal Reporting Duties Have Created An Unfunded Private Police Force, Christopher Wilkes

Indiana Law Journal

Part I of this Note provides background information outlining the relevant BSA/AML laws that establish financial institutions’ affirmative duties to report financial crimes. Part II analyzes the contours of other laws that create mandatory criminal reporting obligations, including their extent, their underlying justifications, and how stringently government agencies enforce them. Part III demonstrates how financial institutions’ reporting duties are uniquely stringent and punitive compared to those imposed elsewhere in the law, and it questions the justifications of this policy. Lastly, Part IV of this Note argues that the BSA/AML regulatory regime could be reformed to reduce the costs and duties …


A Coffee Break For Bitcoin, Margaret Ryznar Jan 2020

A Coffee Break For Bitcoin, Margaret Ryznar

Indiana Law Journal

For many, the appeal of bitcoin is in its detachment from government regulation. However, the Coffee bonding theory, which initially arose in the context of foreign stocks, suggests certain benefits of regulation for bitcoin, including increased legitimacy. By invoking the Coffee bonding theory, this Article offers another perspective on the regulation of bitcoin.


Upskirting, Bitcoin, And Crime, Oh My: Judicial Resistance To Applying Old Laws To New Crimes – What Is A Legislature To Do?, Michael Whiteman Jan 2020

Upskirting, Bitcoin, And Crime, Oh My: Judicial Resistance To Applying Old Laws To New Crimes – What Is A Legislature To Do?, Michael Whiteman

Indiana Law Journal

As technology continues to advance at a break-neck speed, legislatures often find themselves scrambling to write laws to keep up with these advances. Prosecutors are frequently faced with the prospect of charging a defendant with a crime based on an existing law that does not quite fit the circumstances of the defendant’s actions. Judges, cognizant of the fact that legislatures, and not the judiciary, have the primary responsibility for creating crimes, have pushed back. Judges routinely refuse to convict a defendant if the statute does not fairly criminalize the defendant’s actions. To determine if a defendant’s actions fit within a …


Afterlife Of The Death Tax, Samuel D. Brunson Apr 2019

Afterlife Of The Death Tax, Samuel D. Brunson

Indiana Law Journal

More than a century ago, Congress enacted the modern estate tax to help pay for World War I. Unlike previous iterations of the estate tax, though, this one outlived the war and accumulated additional goals beyond merely raising revenue. The estate tax helped ensure the progressivity of the tax system as a whole, and it limited the hereditary ability to accumulate wealth.

This modern estate tax almost instantly met with opposition, though. The opposition has never been sufficient to entirely eliminate the estate tax, but it has severely weakened its ability to raise revenue and to prevent the accumulation of …


Taking Systemic Risk Seriously In Financial Regulation, Todd Henderson, James C. Spindler Oct 2017

Taking Systemic Risk Seriously In Financial Regulation, Todd Henderson, James C. Spindler

Indiana Law Journal

Bank regulation failed in the run up to the financial crisis of2008, as it has numerous times in the course of U.S. history. This is despite the existence of traditional prudential regulation, such as capital adequacy mandates, reserve requirements, and bank examination, as well as more common legal remedies, such as tort and contract litigation. Unsurprisingly, in the wake of these failures, many reforms have been proposed, and some adopted, to try to reduce bank risk taking. These reforms include limiting bank size, requiring bank managers to be paid differently, restricting investment in high-risk financial products, and, of course, tightening …


Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman Apr 2017

Doux Commerce, Religion, And The Limits Of Antidiscrimination Law, Nathan B. Oman

Indiana Law Journal

This Article addresses the question of law, religion, and the market directly. It does so by developing three theories of how one might conceptualize the proper relationship between commerce and religion. The first two theories I offer are not meant to be summaries of any position explicitly articulated by any particular thinker. There is a paucity of explicit reflection on the question of markets and reli-gion and virtually no effort to generate broad legal theories of that relationship. Rather, these theories are an attempt to explicitly articulate clusters of intuitions that seem to travel together. My hope is to show …


Incentivizing The Protection Of Personally Identifying Consumer Data After The Home Depot Breach, Ryan F. Manion Dec 2015

Incentivizing The Protection Of Personally Identifying Consumer Data After The Home Depot Breach, Ryan F. Manion

Indiana Law Journal

The breach of payment card systems at the Home Depot in 2014 resulted in the theft of a wealth of information. This Note will examine the facts and legal consequences of the Home Depot breach under three separate frameworks. First, this Note will examine the Home Depot’s responsibilities arising under existing data breach notification statutes. Second, this Note examines the Home Depot’s potential liability if the recent bill introduced by Senator Leahy of Vermont proposing a federal data breach notification framework becomes law; ultimately, however, this Note finds that state notification statutes fail to adequately protect consumers, and Senator Leahy’s …


Reforming The Regulation Of Community, Tanya D. Marsh Jan 2015

Reforming The Regulation Of Community, Tanya D. Marsh

Indiana Law Journal

The regulatory framework for financial institutions in the United States imposes significant costs on community banks without providing benefits to consumers or the economy that justify those costs. The Dodd-Frank Wall Street Reform and Consumer Protection Act builds on decades of “one-size-fits-all” regulation of financial institutions, an ill-conceived regulatory strategy that puts community banks at a competitive disadvantage as compared with their larger, more complex competitors. The imposition of regulatory burdens on community banks without attendant benefits ultimately harms both consumers and the economy by (1) forcing community banks to consolidate or go out of business, furthering the concentration of …


Dollar Unilateralism: The New Frontline Of National Security, Suzanne Katzenstein Jan 2015

Dollar Unilateralism: The New Frontline Of National Security, Suzanne Katzenstein

Indiana Law Journal

This Article makes three points. First, it draws attention to a profound shift toward “dollar unilateralism” by the U.S. government as it advances core national security goals. Relying on the special status of the U.S. dollar, the government has enlisted foreign banks to isolate targeted entities and track illicit financial flows. Second, drawing on examples such as Iran’s nuclear program, the Article identifies three formal and informal legal tactics the government has used to implement dollar unilateralism: financial sticks, high-profile blacklists, and direct diplomacy. Finally, the Article discusses the efficacy of dollar unilateralism and its implications for U.S. accountability. Dollar …


Magnifying Deterrence By Prosecuting Professionals, Scott Schumacher Apr 2014

Magnifying Deterrence By Prosecuting Professionals, Scott Schumacher

Indiana Law Journal

This Article examines the recent series of criminal prosecutions against tax professionals and offshore bankers. These criminal cases, brought against the largest Swiss bank (UBS), the oldest Swiss bank (Wegelin), one of the largest accounting firms in the world (KPMG), as well as numerous lawyers and accountants, represent a dramatic shift for the U.S. Department of Justice. After decades of tolerating abusive tax shelters and tax haven banks, the government changed its policy. However, rather than indicting the individuals and corporations who invested in tax shelters or hid money in offshore accounts, the Justice Department indicted the lawyers, accountants, and …


The Political Economy Of International Financial Regulation, Pierre-Hugues Verdier Oct 2013

The Political Economy Of International Financial Regulation, Pierre-Hugues Verdier

Indiana Law Journal

No abstract provided.


Competition And Crisis In Mortgage Securitization, Michael Simkovic Jan 2013

Competition And Crisis In Mortgage Securitization, Michael Simkovic

Indiana Law Journal

U.S. policy makers often treat market competition as a panacea. However, in the case of mortgage securitization, policy makers’ faith in competition is misplaced. Competitive mortgage securitization has been tried three times in U.S. history— during the 1880s, the 1920s, and the 2000s—and every time it has collapsed. Most recently, competition between mortgage securitizers led to a race to the bottom on mortgage underwriting standards that ended in the late 2000s financial crisis. This Article provides original evidence that when competition was less intense and securitizers had more buyer power, securitizers acted to monitor mortgage originators and to maintain prudent …


Beyond Bailouts: Federal Tools For Preventing State Budget Crises, Brian D. Galle, Kirk J. Stark Apr 2012

Beyond Bailouts: Federal Tools For Preventing State Budget Crises, Brian D. Galle, Kirk J. Stark

Indiana Law Journal

More than two years after the official end of the Great Recession, state governments still face significant budget deficits that cannot be addressed without further drastic spending cuts or substantial revenue increases. The structural origins of the ongoing state fiscal crisis are well known. Excessively procyclical revenue structures, combined with spending obligations that increase with economic downturns, have resulted in a budget dynamic for the states that is not sustainable over the long term. The consensus solution to this problem is for states to save money during boom times (via budget stabilization or “rainy day” funds) and to draw on …


Bank Capital Regulation By Enforcement: An Empirical Study, Julie A. Hill Apr 2012

Bank Capital Regulation By Enforcement: An Empirical Study, Julie A. Hill

Indiana Law Journal

Improving commercial bank capital requirements has been a top priority on the regulatory agenda since the beginning of the 2008 financial crisis. Unfortunately, some of the information necessary to make informed decisions about capital regulation has been missing. Existing regulations establish numerical capital requirements. Regulators, however, have significant discretion to set higher capital requirements for individual banks. In considering necessary reforms, regulators often focus on specific numerical requirements but sometimes ignore enforcement efforts. Without clear information about capital enforcement, it is impossible to make informed judgments about the current capital regulation system.

This Article provides a more complete picture of …


Application Of Default Rules To Address Financial Conflicts Of Interest In Academic Medical Centers, Joanna K. Sax Jan 2012

Application Of Default Rules To Address Financial Conflicts Of Interest In Academic Medical Centers, Joanna K. Sax

Indiana Law Journal

This Essay proposes that the rules governing financial conflicts of interest for scientists within the National Institutes of Health apply to scientists at Academic Medical Centers because scientists at both places receive federal funding. The rules governing financial conflicts of interest within the National Institutes of Health are stricter than the rules at Academic Medical Centers. The cornerstone of financial conflicts of interest rules at Academic Medical Centers is disclosure, which is inadequate. This Essay builds on previous work calling for significant changes to rules addressing financial conflicts of interest, and it promotes changes by calling for the application of …


Regulating On The Fringe: Reexamining The Link Between Fringe Banking And Financial Distress, Jim Hawkins Oct 2011

Regulating On The Fringe: Reexamining The Link Between Fringe Banking And Financial Distress, Jim Hawkins

Indiana Law Journal

Critics of fringe banking—products like payday loans, pawn loans, and rent-toown leases—frequently argue that these products cause borrowers to experience financial distress. This argument has enormous intuitive appeal: Fringe credit is very costly, and usually the borrowers who use it are already in a serious financial bind. Taking on additional debt and paying high prices for it, the reasoning goes, drive them over the brink. Surprisingly, however, linking financial distress to fringe banking is extremely difficult to do. This Article represents the first attempt to uncover the relationship between fringe banking and financial distress by systematically analyzing the structure of …


Requiem For The Bulge Bracket?: Revisiting Investment Bank Regulation, Onnig H. Dombalagian Jul 2010

Requiem For The Bulge Bracket?: Revisiting Investment Bank Regulation, Onnig H. Dombalagian

Indiana Law Journal

No abstract provided.


Empowering Subprime Borrowers: Mandatory Unsecured Credit Payoffs As Finance Charges, Steven R. Sharpe Apr 2005

Empowering Subprime Borrowers: Mandatory Unsecured Credit Payoffs As Finance Charges, Steven R. Sharpe

Indiana Law Journal

No abstract provided.


Once Is Not Enough: Preserving Consumers' Rights To Bankruptcy Protection, Susan L. Dejarnatt Apr 1999

Once Is Not Enough: Preserving Consumers' Rights To Bankruptcy Protection, Susan L. Dejarnatt

Indiana Law Journal

No abstract provided.


Money Talks: The First Amendment Implications Of Counterfeiting Law, Julie K. Staple Jan 1995

Money Talks: The First Amendment Implications Of Counterfeiting Law, Julie K. Staple

Indiana Law Journal

No abstract provided.


Banking And Deposit Insurance: An Unfinished Agenda For The 1990s, Sarah Jane Hughes Jul 1993

Banking And Deposit Insurance: An Unfinished Agenda For The 1990s, Sarah Jane Hughes

Indiana Law Journal

No abstract provided.


Overt And Covert Bailouts: Developing A Public Bailout Policy, Cheryl D. Block Oct 1992

Overt And Covert Bailouts: Developing A Public Bailout Policy, Cheryl D. Block

Indiana Law Journal

No abstract provided.


The Lifeline Banking Controversy: Putting Deregulation To Work For The Low-Income Consumer, Edward L. Rubin Jan 1992

The Lifeline Banking Controversy: Putting Deregulation To Work For The Low-Income Consumer, Edward L. Rubin

Indiana Law Journal

Symposium: The Financial Services Industry: A New World (Dis)Order?


Policing Money Laundering Through Fund Transfers: A Critique Of Regulation Under The Bank Secrecy Act, Sarah Jane Hughes Jan 1992

Policing Money Laundering Through Fund Transfers: A Critique Of Regulation Under The Bank Secrecy Act, Sarah Jane Hughes

Indiana Law Journal

Symposium: The Financial Services Industry: A New World (Dis)Order?


Competition And Convenience: The Emerging Role Of Community Reinvestment, Michael E. Schrader Jan 1992

Competition And Convenience: The Emerging Role Of Community Reinvestment, Michael E. Schrader

Indiana Law Journal

Symposium: The Financial Services Industry: A New World (Dis)Order?


Foreword: The Financial Services Industry: A New World (Dis)Order? Symposium, Kellye Y. Testy Jan 1992

Foreword: The Financial Services Industry: A New World (Dis)Order? Symposium, Kellye Y. Testy

Indiana Law Journal

Symposium: The Financial Services Industry: A New World (Dis)Order?


Thinking The Unthinkable: What Should Commercial Banks Or Their Holding Companies Be Allowed To Own?, Cynthia C. Lichtenstein Jan 1992

Thinking The Unthinkable: What Should Commercial Banks Or Their Holding Companies Be Allowed To Own?, Cynthia C. Lichtenstein

Indiana Law Journal

Symposium: The Financial Services Industry: A New World (Dis)Order?


Dual Banking And State Bank Insurance Powers: Diversifying Financial Services Through The Back Door, Michael E. Schrader Jan 1990

Dual Banking And State Bank Insurance Powers: Diversifying Financial Services Through The Back Door, Michael E. Schrader

Indiana Law Journal

No abstract provided.


Taking And Federal Impairment Of Contract Issues In The Extension Of Preemption Of Due-On-Sale Restrictions Beyond Federal Savings And Loans, Susan Lacava Jan 1983

Taking And Federal Impairment Of Contract Issues In The Extension Of Preemption Of Due-On-Sale Restrictions Beyond Federal Savings And Loans, Susan Lacava

Indiana Law Journal

No abstract provided.


Avoiding The Glass-Steagall And Bank Holding Company Acts: An Option For Bank Product Expansion, Rebecca A. Craft Jan 1983

Avoiding The Glass-Steagall And Bank Holding Company Acts: An Option For Bank Product Expansion, Rebecca A. Craft

Indiana Law Journal

No abstract provided.