Banking and Finance Law Commons^™

A Core Proposal For Budget Caring - Will The E.U. Adopt A Progressive Corporate Tax?, Domenico Imparato, Reuven S. Avi-Yonah

Articles

On 16 July 2025, the European Commission unveiled its proposed EU budget for the 2028–2034 period, representing a nearly EUR two trillion fiscal commitment for the bloc’s taxpayers – both individual and corporate. As leaked by some media outlets in the days leading up to the official announcement, the EU budget would introduce a new mechanism known as the ‘Corporate Resource for Europe’ (CORE). In the Commission’s proposal, CORE is described as a ‘financial contribution’ from the corporate sector, intended to become part of the European Union’s system of own resources. In practical terms, however, it would function as a …

Judging Bankruptcy Without Distress, Jack Zarin-Rosenfeld

University of Cincinnati Law Review

In Harrington v. Purdue Pharma, the United States Supreme Court rejected the bankruptcy plan of OxyContin producer Purdue Pharma, which purported to settle claims against both Purdue (the bankruptcy debtor) and Purdue’s individual owners and managers, all members of the Sackler family who had not themselves filed for bankruptcy (the Sackler Release). Concluding that the United States Bankruptcy Code does not authorize settlement of claims against non-debtors without claimant consent, the Harrington Court appeared set to stem the tide of “bankruptcy without distress,” a flourishing practice in which solvent non-debtors (like the Sacklers) would settle their liabilities within the …

Should We Watch The Watcher Or The Watched? The Transparency Debate In Auditor Regulation, Sarah Williams

University of Cincinnati Law Review

No abstract provided.

Interest Rates, Venture Capital, & Financial Stability, Hilary J. Allen

Scholarly Articles in Law Reviews & Journals

As central banks tightened interest rates during 2022 and 2023, important debates arose regarding the relationship between monetary policy and financial stability. This Article illuminates one path through which the prolonged period of accommodative monetary policy from 2009-2021 impacted financial stability: it traces how easy money and yield-seeking behavior in the wake of the Global Financial Crisis and COVID-19 pandemic led to a bubble in the venture capital industry, which in turn spawned a crypto bubble as well as a run on the VC-favored Silicon Valley Bank. This Article uses this account to illustrate the importance of proactive financial regulation …

Crypto In The Courtroom: A Legislative Framework For Managing Crypto Assets In Bankruptcy, Katelyn E. Barker

University of Miami Law Review

The rapid rise and subsequent collapse of the cryptocurrency market exposed a critical shortcoming of bankruptcy law: the absence of clear guidelines for the treatment of crypto assets. The Bankruptcy Code—which predates the invention of crypto—fails to account for the unique complexities of crypto assets. Although several crypto bills have been introduced, they fall short of adequately confronting the complex and evolving challenges of crypto bankruptcies. The lack of guidance has forced courts to make consequential decisions with no clear direction, leading to inconsistent outcomes in areas such as crypto asset ownership, valuation, and customer protections.

This Note examines bankruptcy …

Venturing Into Health, Rachel E. Sachs

Fordham Law Review

In recent years, the landscape of venture capital (VC) investment in healthcare technologies has been altered by the introduction of new types of VC firms: those that have emerged from hospital systems and health insurers. However, the legal literature has not yet analyzed these new VC firms, the role they may play in healthcare innovation, and how innovation law and policy ought to consider their involvement. Hospital system and health insurer VC firms operate very differently than traditional VC firms, even those that have historically developed healthcare specializations. Instead of simply investing capital into start-up firms, hospital system and health …

Equity Partners Or Equity Predators? A Call For Federal Regulations To Safeguard Against Abusive Home Equity Sharing Agreements, Lindsay Lankau

Washington and Lee Law Review

Home equity sharing agreements are on the rise throughout the country. In a home equity sharing agreement, homeowners are given a lump sum of cash, upfront, in exchange for a portion of their home’s future value. Agreements are structured however the investment company prefers and are not subject to any state usury caps, mortgage loans, or federal lending laws. The investment companies believe that their product is exempt from all of these requirements, despite the high risk that home equity sharing poses to consumers. In reality, home equity sharing agreements are dangerous, unregulated mortgage loans, which are being utilized by …

Blazing A New Path: How Regulatory Negotiation Can Resolve Cannabis Legalization’S Shortcomings, Natalie Pearson

Cardozo Journal of Conflict Resolution

New York’s ambitious cannabis legalization effort has fallen short of its promises, burdened by regulatory confusion, industry roadblocks, and an unchecked illicit market. Despite state-level approval, legalization remains riddled with contradictions and obstacles, leaving businesses and policymakers struggling to navigate an unstable framework. This Note explores how regulatory negotiation, an alternative dispute resolution (“ADR”) mechanism, can address key industry challenges, particularly those arising from conflicting federal and state laws.

Dispute Resolution Tailored For Digital Assets, Michele Kallo

Cardozo Journal of Conflict Resolution

As digital asset markets continue to expand, the need for efficient and reliable dispute resolution mechanisms has grown increasingly pressing. In May 2022, alone, over 200 individual and class action lawsuits related to digital assets were filed, with cases only deepening in nuance. Traditional litigation, with its high costs, slow timelines, and jurisdictional complexities, often falls short in resolving such disputes. In reaction to these limitations, decentralized arbitration platforms have emerged as spaces for dispute resolution. While innovative, these platforms’ susceptibility to issues such as market volatility, barriers to juror diversity, and impartiality limitations raise questions about their effectiveness as …

Defining The Field Of Law And Macroeconomics: A Framework From International Monetary Law, Nikita Aggarwal, Adam Feibelman

Articles

This Article proposes an analytical framework for defining the contours of the emerging field of law and macroeconomics drawing on the International Monetary Fund's principle of "macro-criticality." Such a framework can help steer scholarly debate toward a clearer understanding of the relationship between law and the economy and inform policymaking within that domain. In its native context, the macro-criticality principle limits the IMF's jurisdiction to policy areas that are critical for member countries' domestic and external stability. The IMF's approach distinguishes between a core set of macrocritical policies and other non-core policies that are contextually macrocritical. Over time, the IMF …

Law Grapples With Its Achilles’ Heel? Uncertainties, Digital Experiments, And The Ai Frontier, Heng Wang

Research Collection Yong Pung How School Of Law

The governance of digitalization— which encompasses developments such as artificial intelligence (AI) and central bank digital currencies (CBDCs) — confronts serious challenges. At the core of the challenges are uncertainties, which form the central obstacle to effective governance. These uncertainties range from cyber risks to shifting societal responses. Law, as an institutionalized framework of governance, faces mounting pressure and wrestles with a fundamental vulnerability: traditional legal frameworks struggle to address uncertainties in digitalization.

To tackle the pervasive challenges of uncertainties, this article addresses two connected questions: What uncertainties does law face in governing digitalization shaped by emerging technologies? How can …

The Sec Proposed Cybersecurity Infrastructure Rules And New Disclosure Requirements, Neal F. Newman, Lawrence J. Trautman, Brian Elzweig

Faculty Scholarship

In addition to regulation of securities market issuers, the Securities & Exchange Commission (SEC) is also responsible for regulation of those entities that provide the networks, either electronic or physical, that enable the functioning of our securities markets. On February 9, 2022, the Commission published a Release for Cybersecurity Risk Management for Investment Advisers, Registered Investment Companies, and Business Development Companies containing proposals that, if adopted, would establish a new cybersecurity incident reporting and disclosure regime and require registered investment advisers (“advisers”) and investment companies (“funds”) to implement policies and procedures designed to address cyber risks. The comment period for …

Dollar Challenger? Cbdcs, Complexities, And Monetary Hegemony, Heng Wang

Research Collection Yong Pung How School Of Law

Digitalization is transforming the architecture of the international monetary system, reshaping how currencies function and financial infrastructures evolve. Among the significant developments are central bank digital currencies (CBDCs) — new digital forms of national currencies. While CBDCs promise benefits such as efficiency, they also generate relational, technological, legal and governance complexities that would profoundly affect the global financial landscape. Against this backdrop, a compelling question arises: will CBDCs, particularly cross-border CBDCs, challenge U.S. dollar dominance?

To address this, this article adopts a forward-looking approach to examine three interrelated crucial questions: what makes CBDCs complex? What governance complexity is likely to …

The Gamification Of Banking, Colleen Baker, Christopher K. Odinet

Faculty Scholarship

Gamification is coming to banking. This phenomenon is already gain-ing ground in advertising, healthcare, manufacturing, and, more recently, with the GameStop and AMC meme stock saga in securities trading. The idea behind gamification is to make transactions seem fun, playful, and even casino-like in order to elicit habit-forming, addictive-like effects with consumers. This Article argues that the rise of financial technology (“fintech”) firms and their ever-growing business relationships with incumbent financial institutions has created the necessary conditions for gamification to take hold in the banking sector. In order to explore this observation, we undertake a study of current examples of …

Breaking Down Broken Banks: The Case For A New Regulatory And Supervisory Framework, Federico Curbelo

St. John's Law Review

(Excerpt)

Bank failures are systemic breakdowns in regulatory and supervisory frameworks that threaten the financial bedrock of the United States economy and can potentially cause panic and contagion to the broader banking sector. Although banks function as standalone institutions, when one bank fails, it often takes down others with it. Silicon Valley Bank (“SVB”) was one such bank whose failure temporarily destabilized a whole sector and prompted important questions about the effectiveness of the current financial regulation and supervision scheme.

This Note argues that the current regulatory and supervisory categorization scheme that the Federal Reserve uses to keep banks in …

Fireside Chat | Alessandro Cocco: Career Paths Across Private Sector And Public Service, Ronald H. Filler Institute For Financial Services Law

Ronald H. Filler Institute for Financial Services Law

September 22, 2025

Too Scared To Use: Living Wills And Orderly Liquidation Of Too-Big-To-Fail Financial Institutions, Jeffery Y. Zhang

Law & Economics Working Papers

The term “too big to fail” became ubiquitous following the 2007-2008 Global Financial Crisis. Lawmakers, regulators, and scholars wondered if there was a better way forward than issuing an array of ad hoc bailout packages to large financial institutions. Congress, in enacting the Dodd-Frank Act, sought to address the concern by creating a new regulatory framework to resolve large financial institutions in an orderly manner.

First, Congress required too-big-to-fail institutions to file “living wills,” essentially planning documents that describe the institution’s path to a safe failure under the Bankruptcy Code—a failure that would not impact system-wide financial stability. Second, Congress …

Chapter 9 Bankruptcy: The Solution That Causes Problems, Peter C. Alexander

Brooklyn Journal of Corporate, Financial & Commercial Law

There is a little-known form of bankruptcy called a “Chapter 9,” reserved for insolvent cities, villages, and other municipalities. Occasionally, one reads about a city or a county that has filed for Chapter 9 relief, like Detroit, Michigan, or Orange County, California; however, it is very hard to file a Chapter 9 case, in part, because existing law requires a municipality to obtain permission from its home state before it can file for relief in the U.S. Bankruptcy Court. An additional constraint is that the only option municipalities have when seeking bankruptcy relief is to file a Chapter 9 because …

Barbarians At The Gate Or Angels At The Crossroads? Examining The Impact Of The Uk Green Taxonomy On Private Equity Firms, Melek Redzheb, Fatjon Kaja

Brooklyn Journal of Corporate, Financial & Commercial Law

This Article explores whether the UK Green Taxonomy will foster sustainable corporate governance in private equity-backed portfolio companies. We explore how the Taxonomy will address the greenwashing problem that plagues financial markets, including the private equity industry. Our analysis suggests that general partners will have a twofold response to the new reforms. In the short term, they will seek to address the social concerns of limited partners by negatively screening unsustainable companies and cherry-picking more sustainable ones (the so-called “exit” strategy). In the long term, however, they will adopt a dynamic strategy to transform unsustainable targets into sustainable enterprises on …

Show Me The Money: Approaches To Anti-Money Laundering Compliance For Digital Assets, Mollie Rouan

Brooklyn Journal of Corporate, Financial & Commercial Law

The European Union’s Markets in Crypto-Assets Regulation (“MiCA”) created a harmonized framework to regulate digital asset issuance and services that were not already covered by existing regulations. Notably, MiCA requires virtual asset providers to adhere to the Financial Action Task Force Recommendation 16 (“FATF”), also known as the Travel Rule. Though the Travel Rule has existed for almost 20 years, its application to crypto asset transfers is entirely new. The purpose of the Travel Rule is to detect and prevent money laundering and terrorist financing, but its application to cryptocurrency wallet transactions is criticized for being overly burdensome and invasive …