Banking and Finance Law Commons^™

Let's Talk About Tax, Hilary Allen

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Spoiled Broth? Section 895 Of The Oklahoma Economic Development Pooled Finances Act Bounces Between Committees And Co-Opts Terms To Defend Your New Back Yard, Brandon Davis Kemp

Oklahoma Law Review

No abstract provided.

A Good Name: Applying Regulatory Takings Analysis To Reputational Damage Caused By Criminal History, Jamila Jefferson-Jones

Law Faculty Research Publications

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Behavioral Science And Scienter In Class Action Securities Fraud Litigation, Ann Morales Olazábal

Loyola University Chicago Law Journal

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Rewiring The Dna Of Securities Fraud Litigation: Amgen'S Missed Opportunity, Geoffrey Rapp

Loyola University Chicago Law Journal

No abstract provided.

Behavioral Economics And Investor Protection: Reasonable Investors, Efficient Markets, Barbara Black

Loyola University Chicago Law Journal

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A New Philosophy For Financial Stability Regulation, Hilary J. Allen

Loyola University Chicago Law Journal

The financial crisis of 2007–2008 revealed many inadequacies in the pre-crisis approach to financial stability regulation. In the United States, Congress responded by enacting the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Act calls for government agencies to make numerous rules regulating activities that have the potential to harm financial stability, but there has been no real effort to rethink how these rules should be assessed. The cost-benefit analysis standard used to evaluate financial stability regulation prior to the crisis persists today, and both the courts and Congress have sought to further entrench that standard. However, cost-benefit analysis …

Harmonizing European Union Bank Resolution: Central Clearing Of Otc Derivative Contracts Maintaining The Status Quo Of Safe Harbors, Christoph Henkel

Journal Articles

This Article argues that safe harbors for financial contracts should not be expanded in Europe, but instead should be repealed, as suggested by some commentators in the United States. At the very minimum, credit derivatives, swaps, and repurchasing agreements should be subject to a stay, and the resolution authorities in the Member States should have the power to assume beneficial contracts and to reject other unfavorable contracts. Also, the power of resolution authorities to transfer derivative positions in full or in part should not be sanctioned in favor of a full transfer. Rather, resolution authorities should have the power to …

How Tax Increment Financing (Tif) Districts Correlate With Taxable Properties, Randall K. Johnson

Faculty Works

This article deals with Tax Increment Financing (TIF), which is a popular economic development tool. TIF borrows against future tax revenues to subsidize current development projects. In Illinois, this economic development tool is justified by its promise to expand the local tax base: by increasing tax revenues, increasing the number of tax payers or increasing the number of taxable properties in the area. However, it is not clear that TIF delivers on its promise. A new dataset, which is introduced in this article, helps to clarify the issue. It does so by providing information about the number of TIF Districts …

The New Investor, Tom C. W. Lin

UF Law Faculty Publications

A sea change is happening in finance. Machines appear to be on the rise and humans on the decline. Human endeavors have become unmanned endeavors. Human thought and human deliberation have been replaced by computerized analysis and mathematical models. Technological advances have made finance faster, larger, more global, more interconnected, and less human. Modern finance is becoming an industry in which the main players are no longer entirely human. Instead, the key players are now cyborgs: part machine, part human. Modern finance is transforming into what this Article calls cyborg finance.

This Article offers one of the first broad, descriptive, …

Consumer Financial Protection And Community Banks, John T. Adams

University of Arkansas at Little Rock Law Review

The Dodd-Frank Act (Dodd-Frank) was enacted following the 2007-2008 financial crisis as the result of calls in Washington to protect average Americans from the depredations of Wall Street. Specifically, proponents of Dodd-Frank pointed to greed, carried out through the business practices at large commercial and investment banks, as the cause of the financial crisis. Accordingly, Dodd-Frank sought to place the most stringent restrictions on the activities of large commercial and investment banks of any legislation since the Great Depression.

However, the perception of rapacious business practices on Wall Street does not apply as directly to community banks. Situated somewhere between …

Going Beyond The Four Corners: Reflections On Teaching Letters Of Credit As A Subset Of International Banking Law, James E. Byrne

American University Business Law Review

No abstract provided.

"Ringfencing" U.S. Bank Foreign Branch Deposits: Working Toward A Clearer Understanding Of Where Deposits Are Payable In The Midst Of Chaos, V. Gerard Comizio, Ryan Chiachiere

American University Business Law Review

No abstract provided.

Integrating Latin American Stock Markets: The Mercado Integrado Latinoamericano (Mila): Innovations And Perspectives, Dante Figueroa

American University Business Law Review

No abstract provided.

Retirement Revolution: Unmitigated Risks In The Defined Contribution Society, Anne M. Tucker

Faculty Publications By Year

A revolution in the retirement landscape over the last several decades shifted the predominant savings vehicle from traditional pensions (a defined benefit plan) to self-directed accounts like the 401(k) (a defined contribution plan) and has drastically changed how people invest in the stock market and why. The prevalence of self-directed, defined contribution plans has created our defined contribution society and a new class of investors — the citizen shareholders — who enter private securities market through self-directed retirement plans, invest for long-term savings goals and are predominantly indirect shareholders. With 90 million Americans invested in mutual funds, and nearly 75 …

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 …

Diversifying Clearinghouse Ownership In Order To Safeguard Free And Open Access To The Derivatives Clearing Market, Michael Greenberger

Faculty Scholarship

Implementing the rigorous governance and ownership standards established in the Dodd-Frank Wall Street Reform and Consumer Protection Act3 for derivatives clearing organizations (DCOs) will promote free and open access to clearing and reduce systemic risk within what is now the $700 trillion notional value derivatives market. Such standards are central to and advance the key regulatory tenants of Dodd-Frank: i.e., to restore transparency, capital adequacy, and accountability to what was the unregulated over-the-counter (OTC) derivatives market by ensuring that swaps are cleared through financially sound DCOs. Also, these rules will promote competition by curtailing large swap dealers‘ (SDs) control …

A More Realistic Approach To Directors' Duties, Michelle M. Harner

Faculty Scholarship

Expectations for what fiduciary duties can achieve in the corporate context are unrealistic. This segment of the law—and the alleged deficiencies therein—are blamed for corporate scandals, securities fraud, failed business plans, and even a company's insolvency. Risk is, however, inherent in business, and human beings are flawed. Fiduciary duty law cannot change these basic facts. To the extent we think it can, we will continue to be disappointed and frustrated. This essay considers recasting (and to a greater extent codifying) directors’ duties in a positive frame to help foster better director oversight. It does not suggest that codifying greater clarity …

Framing Address: A Framework For Analyzing Financial Market Transformation, Steven L. Schwarcz

Faculty Scholarship

To open an international conference on “Rethinking Financial Markets,” this address seeks to frame that inquiry from the perspectives of scholars in the fields of law, economics, finance, and accounting. In attempting to identify what it is about financial markets that is worth rethinking, the address focuses on market changes that increase decentralization, fragmentation, globalization, disintermediation, and funding mismatches. The address also argues that the scholarly perspectives are inherently interrelated: although scholars in each field proceed from their own toolkits, they all aim for the common normative goal of optimizing financial markets to enable capital formation.

Teaching Amidst Transformation: Integrating Global Perspectives On The Financial Crisis Into The Classroom, Shruti Rana

Journal of Business & Technology Law

No abstract provided.