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The Rise Of "Fringetech": Regulatory Risks In Earned-Wage Access, Nakita Q. Cuttino 2021 Northwestern Pritzker School of Law

The Rise Of "Fringetech": Regulatory Risks In Earned-Wage Access, Nakita Q. Cuttino

Northwestern University Law Review

By many accounts, the financial technology, or FinTech, sector appears to have developed an innovative solution to assist low-income workers with income shortfalls between standard paydays by displacing fringe financial service providers, namely payday lenders. Earned wage access programs facilitate early transfers of earned-but-unpaid wages to low- income workers through mobile platforms, algorithmic technology, and GPS tracking. To many, earned wage access programs represent a win-win for employees and employers. These programs are believed to be cheaper and safer alternatives to payday loans. Preliminary research also suggests these programs improve labor-retention rates for employers and help reduce financial distress for ...


The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac–Module F: Federal Reserve’S Large-Scale Asset Purchase (Lsap) Program, Daniel Thompson, Adam Kulam

Journal of Financial Crises

By late 2008, the secondary mortgage markets were suffering high default rates, causing mortgage lending to slow and the value of mortgage securities to plummet. The Federal Reserve lowered the federal funds rate, and the government placed Fannie Mae and Freddie Mac into conservatorship, yet credit in housing and other financial markets remained tight. On November 25, the Fed announced its intent to purchase up to $500 billion in agency mortgage-backed securities (MBS) and $100 billion in agency debt to reduce the cost and increase the availability of mortgage credit, which would support housing markets and improve conditions in financial ...


The Rescue Of Fannie Mae And Freddie Mac-Module B: Senior Preferred Stock Purchase Agreements, Daniel Thompson 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac-Module B: Senior Preferred Stock Purchase Agreements, Daniel Thompson

Journal of Financial Crises

On September 6, 2008, as part of a four-part government intervention, the Federal Housing Finance Agency (FHFA) took into conservatorship the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), two government-sponsored enterprises (GSEs) that dominated the US secondary mortgage market. Concurrently, the FHFA, as conservator, entered into Senior Preferred Stock Purchase Agreements (SPSPAs) with Treasury, under which Treasury committed to provide funding to ensure the GSEs’ positive net worth. In return, Treasury received senior preferred stock and a warrant to purchase 79.9% of the GSEs’ common stock. The SPSPAs have been amended ...


The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins 2021 Yale University

The Rescue Of Fannie Mae And Freddie Mac – Module A: The Conservatorships, Daniel Thompson, Rosalind Z. Wiggins

Journal of Financial Crises

Two government-sponsored enterprises (GSEs), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), dominated the secondary mortgage market during the US housing crisis, collectively holding or guaranteeing $5.3 trillion in mortgage assets by late 2007. As the crisis escalated, the two GSEs began to report substantial losses and their survival became uncertain. On September 6, 2008, the GSEs’ new regulator, the Federal Housing Finance Agency (FHFA), placed the firms into indefinite conservatorships, one step of a four-part government intervention to stabilize the enterprises. This case study evaluates the purpose and efficacy of ...


The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module F: The Aig Credit Facility Trust, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

In September 2008, American International Group, Inc. (AIG) experienced a liquidity crisis. To avoid the insurance giant’s bankruptcy, the Federal Reserve Bank of New York (FRBNY) extended an $85 billion emergency secured credit facility to AIG. In connection with the credit facility, AIG issued 100,000 shares of preferred stock, with voting rights equal to and convertible into 79.9% of the outstanding shares of AIG common stock, to an independent trust (the Trust) set up by the FRBNY. Three trustees held the stock for the sole benefit of the US Treasury, exercised the rights, powers, authorities, discretions, and ...


The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson 2021 Yale University

The Rescue Of American International Group Module A: The Revolving Credit Facility, Alec Buchholtz, Aidan Lawson

Journal of Financial Crises

On September 15, 2008, the big three rating agencies downgraded AIG’s credit ratings multiple levels, exacerbating liquidity strains that the company was experiencing due to increasing cash demands by securities borrowers and collateral calls by credit default swap (CDS) customers. To prevent AIG from filing for bankruptcy, the Federal Reserve (the Fed) announced on the following day that, pursuant to its emergency powers, it would provide the company with an $85 billion Revolving Credit Facility (RCF). The RCF was secured by AIG assets and interests in its subsidiaries and required AIG to grant the US Department of the Treasury ...


Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr. 2021 Gakushuin University

Secured Transactions Law Reform In Japan: Japan Business Credit Project Assessment Of Interviews And Tentative Policy Proposals, Megumi Hara, Kumiko Koens, Charles W. Mooney Jr.

Faculty Scholarship at Penn Law

This article summarizes key findings from the Japan Business Credit Project (JBCP), which involved more than 30 semi-structured interviews conducted in Japan from 2016 through 2018. It was inspired by important and previously unexplored questions concerning secured financing of movables (business equipment and inventory) and claims (receivables)—“asset-based lending” or “ABL.” Why is the use of ABL in Japan so limited? What are the principal obstacles and disincentives to the use of ABL in Japan? The interviews were primarily with staff of banks, but also included those of government officials and regulators, academics, and law practitioners. The article proposes reforms ...


Credit Cards, 2021 United Arab Emirates University

Credit Cards

Journal Sharia and Law

Credit cards are widely usedall over the world. Theyalmost have replaced currencies in transactions, payments, and in the fulfillmentall types of financialcommitments.

Credit card is an authorization from a bank to the holder of the card, which permits the holder pay for transactions, withdrawing cash and obtaining services.

Various types of credit cards are issued by banks (including Islamic banks) to their customers:

-Regular cards whichallow the holders to pay directly for transactions from his/ her account it is a payment method.

-Cards which do not require the holder to have credit or cash in the account. Interests are charged ...


Shari'a, Financial Institutions' Auditing Manual, 2021 United Arab Emirates University

Shari'a, Financial Institutions' Auditing Manual

Journal Sharia and Law

Auditing Islamic, financial institutions by Shari'a is a relatively new industry; thus, there is an urgent need for established rules and theories in order to make it a more stable field. This research shows the extent to which the auditing industry needs to prepare an internal auditing procedure manual.

In the first section of this study, the researcher defines the term "internal auditing procedure." Then, he briefly discusses the legality of auditing and its divisions. In the second section, the researcher draws the parameters of the internal auditing procedure manual; then he mentions the most important procedures that the ...


Wells Fargo V. City Of Oakland: A Matter Of Proximate Cause, Shawna Doughman 2021 Golden Gate University School of Law

Wells Fargo V. City Of Oakland: A Matter Of Proximate Cause, Shawna Doughman

Golden Gate University Law Review

President Lyndon B. Johnson saw passage of the Fair Housing Act (“FHA”) to be a fitting tribute to the Reverend Dr. Martin Luther King, Jr., who had just been assassinated. The United States was in turmoil, much as it is today, with cities burning and people divided. The FHA was first introduced by Democratic senator Walter Mondale. The lobbying efforts of Republican senator Edward Brooke, the first Black senator to be elected by popular vote, and Democratic senator Edward Kennedy finally brought this legislation to fruition as Title VIII of the Civil Rights Act of 1968. Senator Mondale remarked, “in ...


The Bank Civil Liability Regarding Consumer Loans Toward Debtor: A Study Based On Kuwaiti And French Law, 2021 United Arab Emirates University

The Bank Civil Liability Regarding Consumer Loans Toward Debtor: A Study Based On Kuwaiti And French Law

Journal Sharia and Law

Long ago, the French courts did not hesitate in recognizing the bank's liability toward its debtor based upon its failure to warn the debtor especially when the loan did not fit the debtor's financial ability. As a result of that judicial precedent, the French legislature, recently, adopted the bank's responsibility towards its debtor in providing the loan in the Consumer Protection Act. Therefore, when a contract is concluded between a professional and a consumer (Consumer Loan Contract), the bank is obliged to clarify all financial details to a consumer (debtor). In addition, the bank is obliged to ...


Bank Recourse To The Beneficiary Post Implementation Irrevocable Documentary Letter Of Credit Contract )A Comparative Study(, Abdullah Khalid Al-Sofani 2021 Faculty of Law Al al-Bayt University - Jordan

Bank Recourse To The Beneficiary Post Implementation Irrevocable Documentary Letter Of Credit Contract )A Comparative Study(, Abdullah Khalid Al-Sofani

Journal Sharia and Law

It is hard to imagine, at least materially, that either of the business transaction parties adhere to his/her commitments spontaneously. This is due to the fears inflicted on both parties, which consequently resulted in the creation of distrust between both parties. Therefore, it was better to devise a method represented by legal and institutional forms that will ensure availing guarantees for two remotely separated persons in terms of place. Thus, each party will start implementing his/her obligations with no fear of the non fulfillment of the other party.

For these reasons, and in connection with the documents, the ...


Digital Greenbacks: A Sequenced ‘Treasury Direct’ And ‘Fed Wallet’ Plan For The Democratic Digital Dollar, Robert Hockett 2021 University of Florida Levin College of Law

Digital Greenbacks: A Sequenced ‘Treasury Direct’ And ‘Fed Wallet’ Plan For The Democratic Digital Dollar, Robert Hockett

Journal of Technology Law & Policy

I propose means of immediately converting the Department of Treasury’s existing Treasury Direct system of freely available transaction accounts into a publicly administered digital savings and payments platform. A platform of this type is an essential public utility in any commercial society such as our own. It is additionally growth-promoting inasmuch as growth-tracking Gross Domestic Product (GDP) is a measure of transaction volume, while transaction volume is a function of more efficient and inclusive transacting. As Congress seeks means of streamlining the payments infrastructure in a time of pandemic-induced crisis, the Treasury route recommends itself as the fastest way ...


Payments Failure, Hilary J. Allen 2021 American University Washington College of Law

Payments Failure, Hilary J. Allen

Boston College Law Review

The processing of retail payments traditionally has been the domain of regulated banks, but technologically sophisticated players like Venmo, AliPay, Bitcoin, and Ripple, and potentially, Facebook’s Libra, are making incursions into the market. Even within regulated banks, payments processing is becoming increasingly reliant on new technologies—JPMorgan Chase’s “JPMCoin” is just one example. Limited attention, however, has been paid to the new kinds of operational risks associated with these methods of processing retail payments. This Article argues that technological failures at a payments provider—either a bank or non-bank—could be amplified in unexpected ways as such failures ...


The “Tawaruq” Method As Conducted By Islamic Banks, Maen Saoud Abu Bakr 2021 Faculty of Law, Al Ain University of Sciences and Technology.

The “Tawaruq” Method As Conducted By Islamic Banks, Maen Saoud Abu Bakr

Journal Sharia and Law

This research aimed at identifying the Islamic ruling regarding both types of Al-Tawarruq. The old “Tawaruq”, which was debated and agreed upon by ancient Islamic jurists and the new type of “Tawaruq” which is adopted by the banking systems today as an alternative to interest-based services. In addition, the research aimed to explore the fundamental nature and the main features of “Tawaruq” adopted by the banking systems and the one relevant to Islamic Fiqh.

To achieve this objective, the researcher analyzed the sayings and documents relevant to “Al Tawaruq” in Islamic Fiqeh objectively without prejudice. The research revealed that fiqeh ...


Legal Description Of Credit Card, 2021 United Arab Emirates University

Legal Description Of Credit Card

Journal Sharia and Law

In traditional means, payment needs only two parties. In the case of ordinary money, two persons only appear in the payment process, namely the creditor & the debtor in the deal without the intervention of the central bank that issued the money. The central bank is not considered a third party in the payment process and its role is limited to securing accepting the money in payment without having any direct intervention.

However, payment through credit card is different for there are three main parties in the relation, namely the trader, the consumer & the source. Three interrelated relations that result in ...


Banking Secrecy In Qatari Law, MOHD. ABDULAZIZ S M AL-KHULAIFI ‎ 2021 Associate Dean of Academic Affairs and Assistant Professor of Commercial Law - College of Law the University of Qatar

Banking Secrecy In Qatari Law, Mohd. Abdulaziz S M Al-Khulaifi ‎

Journal Sharia and Law

Law has supreme objectives. The main one is protecting the human rights, their interests and their souls. And to accomplish those Desired Goals, law is taking different actions which vary according to the nature of the interests and rights. It may resort to protect one of the rights by publicity, as in the case of publication and registration in certain records for companies And real estate. In the other hand, it can resort to use the concept of confidentiality in transactions as a legal means to protect the rights and interests of people. A person who hires a lawyer to ...


Toto, I'Ve A Feeling The Environment Isn't Safe From Cryptocurrency Anymore: The Degrading Ecological Effects Of Bitcoin And Digital Currencies, Samantha T. Edgell 2021 Villanova University Charles Widger School of Law

Toto, I'Ve A Feeling The Environment Isn't Safe From Cryptocurrency Anymore: The Degrading Ecological Effects Of Bitcoin And Digital Currencies, Samantha T. Edgell

Villanova Environmental Law Journal

No abstract provided.


Revolving Doors - We Got It Backwards, Hadar Yoana Jabotinsky Dr. 2021 Tel Aviv University

Revolving Doors - We Got It Backwards, Hadar Yoana Jabotinsky Dr.

University of Cincinnati Law Review

The revolving door phenomenon, in which senior public officials transfer from the public service to the private sector after finishing their term as public officials, and vice versa, is widespread. This gives rise to concern of regulatory capture, which happens when the regulators respond to the wishes of strong interest groups, such as the regulated industry, instead of protecting the interests of the general public. The solution is usually found in conflict-of-interest rules which set cooling-off periods for individuals moving from the public to the private sector. This paper proposes that although revolving doors do incur some costs, they also ...


Libor Phaseout: Litigation Is Coming, John Michael Neubert 2021 Notre Dame Law School

Libor Phaseout: Litigation Is Coming, John Michael Neubert

Michigan Business & Entrepreneurial Law Review

This paper will explore the different steps market participants should take to make sure they are prepared when LIBOR is phased out in December 2021. Part I will focus on the actions market participants should do before going into negotiations that can increase their potential to reach a consensual agreement. Part II will explore what financial firms should be prepared for during the negotiation process and what claims may arise when no agreement is reached. The decision for how to handle any LIBOR-linked financial instrument in their portfolio should be left to the discretion of market participants themselves. This paper ...


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