Banking and Finance Law Commons^™

Fall 2016 Cross-Border Data Privacy Issues, Daniel Goldberger, Nick Akerman, Joanna Levin, David Ray

Cardozo Journal of International and Comparative Law

The symposium examines the challenges and complexities of cross-border data transfers, particularly between the EU and the US, highlighting the stringent data protection regulations in the EU, such as the GDPR, and the lack of a comprehensive federal data protection law in the US. It discusses the impact of these legal frameworks on global businesses and the evolving privacy rights in both regions. The analysis underscores the need for robust compliance mechanisms and international cooperation to address the growing concerns surrounding data privacy and security.

Equity Crowdfunding - The Jobs Act (Almost) To The Rescue, Zachary Ballas

Cardozo Journal of International and Comparative Law

The note examines the JOBS Act's reforms to private securities offerings, particularly its provisions for equity crowdfunding, and evaluates their potential to modernize securities law while balancing investor protection and capital formation. It highlights the Act's amendments to Regulations A and D, the introduction of Regulation Crowdfunding under Title III, and compares the U.S. regulatory approach with the UK's Financial Conduct Authority (FCA) framework. While the Act aims to reduce wealth disparity and promote economic growth, its effectiveness in achieving these goals and safeguarding investors remains uncertain.

Virtual Whats?: Defining Virtual Currencies In The Face Of Conflicting Regulatory Guidances, Stephanie A. Lemchuk

Cardozo Public Law, Policy & Ethics Journal

The note argues that Bitcoin and other virtual currencies, while promising, require clear regulatory frameworks to achieve long-term success. It emphasizes the need for uniform classification and regulation, proposing that treating virtual currencies as commodities under existing commodity laws offers a viable solution. The analysis highlights the dual nature of virtual currencies as both innovative financial tools and vehicles for illicit activities, stressing the importance of collaboration among regulatory agencies to balance innovation with consumer protection.

Jaminan Dan Agunan Dalam Pembiayaan Bank Syariah Dan Kredit Bank Konvensional, Ifa Latifa Fitriani

Jurnal Hukum & Pembangunan

If we look into the collateral and additional collateral concept in conventional banking and Islamic banking, it has different fundamental background and principle. Collateral in conventional banking system appears due to the position and condition of the creditor-debitor relationship. The relationship has implicedto present the legal obligation of collateral things according to Article 1131 Book of Civil Law in every credit transaction. Islamic banking system has taken the consept of collateral from Rahn and kafalah, eventhough the reality shows the practice of collateral and additional collateral still using legal collateral norm of Indonesia’s positive law sistem that based on Westren …

Survivor Funds, Jonathan Barry Forman, Michael J. Sabin

Pace Law Review

This Article explains how to create “survivor funds”—short-term investment funds that would pay more to those investors who live until the end of the fund’s term than to those who die before then. For example, instead of just investing in a ten-year bond and dividing the proceeds among the investors at the end of the bond term, a survivor fund would invest in that ten-year bond but divide the proceeds only among those who survived the full ten years. These survivor funds would be attractive investments because the survivors would get a greater return on their investments, while the decedents, …

Cinderella Sovereignty, Anna Gelpern

Georgetown Law Faculty Publications and Other Works

Joseph Blocher and Mitu Gulati propose an insightful and thought-provoking critique of the barriers to secession under public international law. The critique an important contribution in its own right. I wish it had not been eclipsed by the authors’ clever and provocative fix: turning sovereignty into a tradable commodity. I suspect that this fix would bring about more suffering than the status quo for two reasons. First, a market for sovereign control is unlikely to be a market in any meaningful sense. Therefore, trading sovereignty would not discipline oppressors. Second, should something like a real market materialize, it could diminish …

Payroll Tax Compliance And Blockchain, Richard Thompson Ainsworth, Ville Viitasaari

Faculty Scholarship

Bitcoin is an application that runs on blockchain technology. Blockchain is a foundational technology that is bringing in the second era of the Internet – the era where value can be transferred, rather than just information.

Blockchain is developing along a four-stage path similar to that which TCP/IP took. Both are foundational technologies. TCP/IP brought the Internet, and eventually brought significant (transformational) technological changes in business like Amazon.com and Skype. These are changes that could not have been forecast at the beginning of the Internet age.

Blockchain is an immutable distributed ledger. It replaces the inefficient use of multiple centralized …

Foreclosure Diversion And Mediation In The States, Alan M. White

Georgia State University Law Review

The recent mortgage foreclosure crisis, whose economic effects are well known, transformed state legal structures governing the mortgage foreclosure process. What had been a relatively routine system of default judgments and auction sales has evolved into a negotiation and workout practice in which homeowners contest foreclosures, demand loan modifications and short sales, and propose other alternatives to foreclosures.

A profusion of state laws and court orders were adopted between 2008 and 2014 with the aim of promoting negotiated foreclosure alternatives. These laws have produced a variety of experiments in the “laboratories of democracy.” The defaults—whether home loans are renegotiated, defaults …

The Cfpb At Five Years: Beyond The Numbers, Kelly Thompson Cochran

North Carolina Banking Institute

As the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) has passed its five-year anniversary, the Bureau has amassed an impressive set of numbers measuring some of its impacts on consumers and the financial services marketplace. Other accomplishments may get less attention, but have nonetheless created important infrastructure and partnerships to help leverage and magnify the agency’s effectiveness. This article briefly summarizes some of the ways in which the Bureau has evolved in its early years to better fulfill its mission and improve the functioning of consumer financial markets.

Deference Debate And The Role Of Cost-Benefit Analysis In Financial Regulation: Metlife V. Financial Stability Oversight Council, Frederick Matthew Norchi

North Carolina Banking Institute

No abstract provided.

"Fishing" For Trouble?: On The Appropriate Limits Of A Civil Investigative Demand Issues By The Cfpb, E. Sylvester Kisluk

North Carolina Banking Institute

No abstract provided.

Living Wills: How Legal Entity Rationalization Addresses The "Too Big To Fail" Problem, Monica M. Burks

North Carolina Banking Institute

No abstract provided.

A Review And Assessment Of The National Mortgage Settlement By Its Monitor, Joseph A. Smith Jr.

North Carolina Banking Institute

Since April 2012, the author has served as Monitor of the consent judgments commonly known as the National Mortgage Settlement (the “Settlement”). The obligations of the mortgage servicer parties to the first five of such judgments were satisfied in March 2016. Three consent judgments under the Settlement’s structure remain in effect. Although the mortgage servicing settlement process is ongoing, completion of the first five consent judgments is an appropriate vantage point from which to review the Settlement and assess its impact and significance. This article provides such a review and assessment based on the author's work as the Settlement’s Monitor.

Foreword, Brenna A. Sheffield, Lissa L. Broome

North Carolina Banking Institute

No abstract provided.

Is Your Cyber Liability Insurance Any Good? A Guide For Banks To Evaluate Their Cyber Liability Insurance Coverage, Thomas H. Bentz Jr.

North Carolina Banking Institute

Knowing what issues to consider when purchasing a cyber insurance policy is one of the most difficult challenges for banks. This article discuss the top five issues a bank should consider when looking for a strong cyber liability insurance policy.

Smart Contracts: Legal Agreements For The Blockchain, Reggie O'Shields

North Carolina Banking Institute

No abstract provided.

Defining And Verifying Accredited Investors: Effect Of Potential Sec Changes On North Carolina's Crowdfunding Statute, The Nc Paces Act, Harris M. Watkins

North Carolina Banking Institute

No abstract provided.

Front Matter, North Carolina Banking Institute

North Carolina Banking Institute

No abstract provided.

The Consumer Financial Protection Bureau At Five: A Survey Of The Bureau's Activities, Donald C. Lampe, Ryan J. Richardson

North Carolina Banking Institute

This article surveys the Consumer Financial Protection Bureau's ("CFPB" or the "Bureau") activities over its first five years, with an emphasis on publicly available empirical data. Part II provides an overview of the CFPB’s creation and operations, including discussion of its structure and powers. Part III provides data and analysis on the CFPB’s activities across its three primary functional areas—rulemaking, supervision, and enforcement— for the five-year period from July 21, 2011, to July 21, 2016. Part IV summarizes major developments in the CFPB’s sixth year and the agency’s stated policy priorities through 2017. Finally, Part V concludes with a discussion …

The New York Department Of Financial Service's New Anti-Money Laundering Regulation: A Model For Improvement, Roy G. Dixon Iii

North Carolina Banking Institute

No abstract provided.

The Wells Fargo Scandal And Efforts To Reform Incentive-Based Compensation In Financial Institutions, Justin H. Mims

North Carolina Banking Institute

No abstract provided.

Table Of Contents, North Carolina Banking Institute

North Carolina Banking Institute

No abstract provided.

The Curious Case Of Madden V. Midland Funding And The Survival Of The Valid-When-Made Doctrine, Charles M. Horn, Melissa R.H. Hall

North Carolina Banking Institute

This article explores the facts and holdings of Madden and its short-term and longer-term legal and commercial implications. The authors conclude that Madden was wrongly decided due to a misplaced primary focus by the defendants on federal bank preemption principles, causing the Second Circuit to all but ignore the valid-when-made doctrine. Although Madden is having an adverse short-term impact, the authors believe that ultimately it will be properly limited in its scope and impact, will not be embraced across the board by other state or federal courts, and will not result in significant changes to the law and principles of …

The Consequences From Issuing Invalid Municipal Debt: Examining The Voidable Debt Issues In The Detroit Bankruptcy And Puerto Rican Debt Crisis, Joshua C. Showalter

North Carolina Banking Institute

No abstract provided.

Using A Shotgun To Kill A Fly: Issues With The Cfpb's Payday Lending Proposal And The Need To Incentivize Banks To Enter The Marketplace, Ethan D. Trotz

North Carolina Banking Institute

No abstract provided.

Nested Payment Intermediaries In The Ach Network: Risks And Responsibilties Of Odfis, Edward Mccartney

North Carolina Banking Institute

No abstract provided.

In Memoriam: H. Gary Pannell 1937-2016, North Carolina Banking Institute

North Carolina Banking Institute

No abstract provided.

Virtual Currencies: Growing Regulatory Framework And Challenges In The Emerging Fintech Ecosystem, V. Gerard Comizio

North Carolina Banking Institute

This article discusses the background of virtual currency—primarily Bitcoin’s development and legal and regulatory complications, including the Silk Road and Mt. Gox prosecutions that have arisen in connection with virtual currency in business activities. Next, the article discusses major legal, enforcement, and regulatory initiatives that address challenges related to virtual currencies, both in the United States and in countries with major financial services industries. The article then discusses international legal and regulatory developments, surveying select jurisdictions with significant impacts on the global financial services industry. Finally, the article briefly concludes with some closing thoughts.

First Time For Everything: The Cfpb Enforces Data Security, Graham T. Dean

North Carolina Banking Institute

No abstract provided.

Standing, Statutory Violations, And Concrete Injury In Federal Consumer Financial Protection Statutes After Spokeo, Inc. V. Robins, John H. Hykes Iii

North Carolina Banking Institute

No abstract provided.