Banking and Finance Law Commons^™

Informowanie O Najniższej Cenie W Okresie 30 Dni Przed Obniżką W Praktyce Polskiego Sektora Bankowego, Monika Brzeska-Kozerska

internetowy Kwartalnik Antymonopolowy i Regulacyjny (internet Quarterly on Antitrust and Regulation)

The article analyzes the implementation of the information obligation regarding the lowest price in the last 30 days before a reduction, arising from Article 4(2) of the Act on Informing about the Prices of Goods and Services (Act on Prices), in the context of the banking sector. The implementation of the so-called Omnibus Directive into the Polish legal system, aimed at preventing consumer deception, has raised doubts about its application to financial institutions. The purpose of the analysis was to determine whether, and to what extent, banks are obliged to fulfill this information obligation in relation to the products and …

Promoting Financial Empowerment Via 401(K) Plan Domestic Abuse Victim Distributions, Samantha Prince

Faculty Scholarship

Domestic violence is sadly and shockingly all too prevalent in the United States. According to the U.S. Centers for Disease Control, more than one in four women and one in seven men in this country are subject to domestic abuse “affecting an estimated 10 million people every year.”

Finances and financial abuse play a significant role in 99% of domestic abuse cases. “[L]acking financial knowledge or resources is the number one indicator of whether a domestic violence victim will stay, leave, or return to an abusive relationship.”When abusers have control over financial assets, victims are monetarily paralyzed and have little …

Regulatory Sandboxes: One Decade On, Hilary J. Allen

Scholarly Articles in Law Reviews & Journals

Regulatory sandboxes have spread like wildfire since the U.K Financial Conduct Authority launched its sandbox for financial technology businesses (fintech) one decade ago. Despite widespread adoption, however, there is little empirical evidence available to assess whether the signature sandbox policy com- bination of regulatory rollbacks and regulatory guidance is in fact good policy. The empirical evidence that is available suggests that regulatory sandboxes are beneficial for the tech firms that participate in them, but tells us nothing about how regulatory sandboxes have impacted the broader enterprise of regulation, or whether the innovation generated by sandbox participants is beneficial for any- …

Fintech And Techno-Solutionism, Hilary J. Allen

Scholarly Articles in Law Reviews & Journals

Silicon Valley-style technological innovation is ill-suited to addressing complex problems like financial inclusion, concentrated market power, and privacy harms, yet promises abound that “fintech” can fix them. This oversimplified reduction of complex structural problems into technological puzzles is known as “techno-solutionism,” and it poses real dangers for public policy. When we start with the tech industry’s favored tools and then ask how to solve complex problems using those tools – rather than starting by defining the problem to be solved – it can distract policymakers from supporting real, structural solutions. Techno-solutionism can also deter policymakers from interrogating the limitations, and …

Unflexed Muscle: Sec Enforcement And Officer Sox 302 Certifications, Marc I. Steinberg, A.B. Steinberg

Faculty Journal Articles and Book Chapters

This article represents the first work to analyze the Securities and Exchange Commission’s neglect in its enforcement of the chief executive officer (CEO) and chief financial officer (CFO) Sarbanes-Oxley certification requirement. The article addresses the appropriate construction of the statute’s reach, the enforcement proceedings instituted by the SEC under this provision, and the Commission’s failure to fulfill its legislative directive to enforce this statute and Rule 13a-14 promulgated thereunder. In its implementation of the CEO and CFO certification requirement, the SEC has brought relatively few enforcement actions during over a two-decade period. Its enforcement with respect to CEOs and CFOs …

Emortgage And Crypto-Mortgage In Home Finance, Julia Patterson Forrester Rogers

Faculty Journal Articles and Book Chapters

Most home mortgage loans today are documented on physical paper, but they are increasingly closed as eMortgages. The move to electronic documents is inevitable and will ultimately be a positive change for lenders and borrowers. However, additional regulation is needed to address issues raised by electronic home mortgage closings and the “crypto-mortgage,” a mortgage loan with the obligation evidenced by or tethered to a non-fungible token.

Lenders have traditionally required that home mortgage loans be evidenced by a wet-signed paper promissory note to gain the advantages and the certainty of Article 3 of the Uniform Commercial Code (UCC) governing negotiable …

Debt Tokens, Andrea Tosato, Diane Lourdes Dick, Christopher K. Odinet

Faculty Journal Articles and Book Chapters

The worlds of crypto and bankruptcy have collided. Once-prominent, fast growing, and even politically influential platforms for trading cryptocurrencies have imploded spectacularly. Gone are the glossy advertisements, celebrity endorsements, and proclamations that blockchain operates as a law unto itself. Instead, insolvent crypto businesses—including the crypto exchange giant FTX—find themselves in bankruptcy court, no different from any other failed enterprise. These bankruptcies reveal a startling reality: individual investors who placed their trust in these platforms have been stripped of their digital assets. In their stead, they hold hard-to-collect claims against these defunct platforms. Amid the chill of the crypto winter, bankruptcy …

Financial Regulation, Aurelio Gurrea-Martinez, Nydia Remolina Leon

Research Collection Yong Pung How School Of Law

No abstract provided.

Through The Looking Glass: We All See Ideational Objects Here, J.G. Allen

Research Collection Yong Pung How School Of Law

In this chapter, I explore the property law treatment of cryptoassets—and, presumably, other digital artefacts that are not clearly rights to anything or against anyone. I argue that such artefacts are well described as “ideational objects” and draw together insights from private law theory and social ontology to explore how we should think about complex objects with a social and a technical dimension. I then examine how the law of property can accommodate ideational objects as objects of property rights (including the right of ownership) and dealing such as transfer, and what challenges and implications this poses for the traditional …

Andrew Phang (Gen. Ed.), Pioneer, Polymath And Mentor: The Life And Legacy Of Yong Pung How, Kwan Ho Lau, Bryan Leow

Research Collection Yong Pung How School Of Law

Many know the story of modern Singapore in broad outline. When the country attained independence in 1965, it was not industrialised and fishing villages still dotted the landscape. By 1990, GDP per capita had risen to around US$13,000, far exceeding its neighbours and on par with Hong Kong and New Zealand. A further three decades on, Singapore today boasts gleaming skyscrapers, well-developed infrastructure and a high degree of trust by residents and investors alike in its government.

Asking The Right Questions About Legal Finance In United States Aggregate Dispute Resolution, J. Maria Glover

Georgetown Law Faculty Publications and Other Works

Third-party legal finance is one of the most controversial modern developments in civil justice, both in the United States and across the globe. It is particularly controversial when mentioned in the same breath as aggregate litigation. Current debate trains on a series of repeated questions: whether and how to ban litigation finance in aggregate litigation; whether the use of litigation finance should be disclosed in discovery; and whether litigation finance is allowed under various (and often ancient) legal doctrines. Obscured from view is what I believe to be the most fundamental question: What is the proper role of litigation finance …

Retirement (In)Security: A Closer Look Into The United States' Retirement Crisis, Josepheen Strauss

Lewis & Clark Law Review

The retirement system in the United States is typically thought to consist of Social Security, pension plans, and personal savings. Despite the availability of various methods to save money, Americans are struggling more than ever to adequately prepare for retirement. This Note examines the current structure of the retirement system in the United States and the shortcomings of the system as it stands today. This Note proposes changes that re-envision the United States’ current retirement system to allow Americans to maximize their retirement savings during their time in the work force, with the hopes of allowing retirees to start their …

Money: A Functional Analysis, Steven L. Schwarcz

Faculty Scholarship

Most people currently think of money as government-issued paper certificates or coins that specify units of currency, such as dollars or euros. The advent of digital currencies, which appear abstract because of their intangibility, is therefore confounding almost everyone.

This Article argues that money should also be viewed functionally—as a “right” that serves one or more of the generally accepted functions of money. The Article focuses on two of money’s most generally accepted functions: to serve as a medium of exchange to facilitate the sale of goods and services, and to serve as a store of value. To perform these …

Reflections On The Launch Of The Inspection Panel And People-Centered Accountability, David B. Hunter

Perspectives

No abstract provided.

How Halal Certification And Islamic Ethics Tackle Greenwashing: New Solutions For A Sustainable Economy, Muhammad Afif Ryan Pratama

Journal of Middle East and Islamic Studies

This research explores the role of halal certification and Islamic ethics in addressing greenwashing within the financial sector. Greenwashing, the practice of exaggerating environmental responsibility, undermines genuine sustainability efforts and trust among consumers and investors. Islamic finance, based on principles of transparency, social justice, and ethical business practices, provides a robust framework to counter such deceptive practices. The study proposes expanding halal certification to incorporate environmental standards, ensuring that companies demonstrate both ethical and sustainable practices. This integrated approach offers a unique solution to combat greenwashing and aligns with broader sustainability goals. By including sustainability in halal certification, the credibility …

Dunham V. Ware Savings Bank: Economic Policy And Federal Law Justify Enforcement Of Due-On-Sale Clauses By State-Chartered Institutions, Martha E. Greene

Maine Law Review

Economic policy should replace state property doctrines as the controlling factor in determining enforceability of due-on-sale clauses. A due-on-sale clause provides mortgagees (lenders) with the means to accelerate the term of a mortgage upon transfer of the original mortgagor's (borrower's) interest in the mortgaged property. Lenders originally used due-on-sale clauses for the purpose of evaluating whether the party to whom the original borrower sought to assign the mortgage was creditworthy. As interest rates have risen, lenders increasingly have used due-on-sale clauses to terminate their commitments to lend mortgage funds at relatively low interest rates. Mortgage instruments secure a borrower's promise …

Lessons Learned: Karl-Philipp Wojick, Maryann Haggerty

Journal of Financial Crises

Karl-Philipp Wojcik is the general counsel of the European Union’s Single Resolution Board (SRB), the central resolution authority within the European Commission (EC) banking union. The banking union, which as of January 1, 2023, encompasses the 20 eurozone countries, along with Bulgaria, was established as part of the financial system reforms stemming from the Global Financial Crisis and the ensuing European sovereign debt crisis. The SRB’s stated mission is to ensure orderly resolution of failing banks, protect taxpayers from state bailouts, and promote financial stability. Wojcik became SRB general counsel in November 2020. Previously, he was a member of the …

Lessons Learned: Calvin Mitchell Iii, Mercedes Cardona

Journal of Financial Crises

Calvin Mitchell III served as executive vice president of the communications group within the executive office of the Federal Reserve Bank of New York (FRBNY) during the Global Financial Crisis. In 2008, Mitchell was tapped by Timothy Geithner, who was then FRBNY president, to head a new group charged with expanding the communications and community affairs functions. Mitchell left the FRBNY in 2009 for the private sector and returned to government in 2021 as assistant secretary for public affairs in the US Treasury Department.

Lessons Learned: Subba Rao Duvvuri, Salil Gupta

Journal of Financial Crises

Subba Rao Duvvuri served as governor of the Reserve Bank of India (RBI) for five years (2008–13). Before that, he was finance secretary to the government of India (2007–08), and secretary to the prime minister’s Economic Advisory Council (2005–07). With a career spanning 35 years in the Indian Administrative Services, Duvvuri has held various positions at the state level in the government of Andhra Pradesh, and at the central government of India. Duvvuri was previously lead economist at the World Bank (1999–2004) and, after 2013, served as a visiting fellow at the National University of Singapore and the University of …

Lessons Learned: Jason Cave, Vincient Arnold, Greg Feldberg

Journal of Financial Crises

Jason Cave was the senior adviser to the chairman of the Federal Deposit Insurance Corporation (FDIC) from 2008 to 2011 and the deputy director of the Division of Complex Financial Institutions at the FDIC from 2011 to 2013. This Lessons Learned summary is based on an interview with Cave held on April 8, 2024. During the interview, Cave discussed the so-called ring-fencing arrangements planned, considered, or executed between various agencies of the US government—the Federal Reserve, Department of the Treasury, and FDIC—and three banks: Wachovia, Citigroup, and Bank of America. These arrangements, sometimes referred to as wraps or risk shields, …