Banking and Finance Law Commons^™

Crypto Losses, Xuan-Thao Nguyen, Jeffrey A. Maine

Articles

The crypto industry has been hit hard with various market forces and scams, leaving investors with trillion-dollar losses in recent years. The appropriate tax treatment of such losses has yet to be fully examined, as there is scant guidance and a dearth of academic literature on the subject. This Article attempts to fill this gap by applying general tax principles to crypto losses and making several recommendations to improve the clarity and consistency of tax results. It explores various theories of crypto loss “realization” (including theft, abandonment, and worthlessness), highlighting where additional guidance is needed. And it considers appropriate legislative …

Giant Asset Managers, The Big Three, And Index Investing, Dorothy S. Lund, Adriana Z. Robertson

Faculty Scholarship

A robust literature describes the incentives and stewardship practices of the “Big Three” asset managers (BlackRock, Vanguard, and State Street Global Advisors), often referring to these asset managers as “passive.” This is so common that the “Big Three,” “index fund,” and “passive manager” are used almost interchangeably by both academics and practitioners. This shorthand emerged in the foundational scholarship in this area, and while it may remain useful in certain contexts, its casual use obscures important features of the market and contributes to misperceptions. In this chapter, we demonstrate that it is a mistake to equate passive investing with index …

Analisis Efektivitas Jaminan Perorangan Sebagai Pemenuhan Hak Kreditur Dalam Penyelesaian Kredit Yang Wanprestasi Pada Bank X, Maria Audy Vania Putri, Akhmad Budi Cahyono

Lex Patrimonium

This paper analyzes how the effectiveness of personal guarantees in supporting the fulfillment of creditor rights in resolving defaulted loans at banks. This paper is prepared using a non-doctrinal research method. Understanding the role of personal guarantees in the context of defaulted credit settlement is essential to optimize the process and final results of credit settlement. The results show that personal guarantees play an important role in the fulfillment of creditor rights in defaulted credit settlements. The analysis of the effectiveness of personal guarantees includes an evaluation of the collateral registration process, collateral value assessment procedures, and credit settlement mechanisms. …

Fhfa Comment Letter Regarding Fhlbs Mission, David J. Reiss

Cornell Law Faculty Working Papers

The Federal Housing Finance Agency (the “FHFA”) has requested Input regarding the regulatory statement of the Federal Home Loan Bank System’s (the “System”) mission to better reflect its appropriate role in the housing finance system. I commend the FHFA for being realistic about the System in its Request for Input; it acknowledges that there is a mismatch between its mission and its current operations.

The System’s operations do not do nearly enough to support the System’s stated mission of supporting the financing of housing. The System should recommit to that goal in measurable ways or its name and/or mission should …

Dei As Cultural Commitment In An Era Of Backlash, Christopher D. Hampson, Elise Bernlohr Maizel

UF Law Faculty Publications

In 2023, shortly after the U.S. Supreme Court ended affirmative action in college admissions in the companion cases Students for Fair Admissions Inc. v. President & Fellows of Harvard College and Students for Fair Admissions Inc. v. University of North Carolina (SFFA), conservative officials and activists began threatening (and taking) legal action against private law firms, arguing that their diversity, equity and inclusion (DEI) programs violated state and federal law. This development should matter to bankruptcy lawyers, both as citizens of our own law firms and as counsel to companies in financial distress. We hope that this rolling assault on …

Sino-American Sanctions Convergence?, Ryan Martinez Mitchell

Cardozo International & Comparative Law Review

The People's Republic of China is rapidly constructing a new regime for economic and diplomatic sanctions. With its Anti-Foreign Sanctions Law (AFSL) and related legislation, Beijing has taken a step towards legally formalizing the means of pressure it uses against states, organizations, or individuals seen as threatening its core interests. Meanwhile, various informal coercive measures also continue to be employed. While questions remain about their scope and future uses, Beijing has especially extolled AFSL sanctions as countermeasures to U.S. interference.

This Article undertakes a detailed examination of the new Chinese sanctions framework, its historical origins, and its role in Beijing's …

Climate Impact Screening And Reporting: A Venture Capital Perspective, Ajay S. Jagdish, Perrine Toledano, Ana M. Camelo Vega

Columbia Center on Sustainable Investment

According to the International Energy Agency’s (IEA) Net-Zero Scenario, about one-third of the emissions reductions needed by 2050 depend on technologies that are currently in development. Additionally, climate adaptation finance faces an even larger investment gap.

The Climate Venture Capital community must demonstrate tangible climate impact to truly earn its reputation.

However, accurately and reliably screening, evaluating, and monitoring climate impact is challenging, with many metrics and methods still needing to be ascertained, clarified, and standardized.

With the support of Princeville Capital, CCSI offers insights into unresolved issues:

1. Attribution and baselining
2. Paris-aligned thresholds for prioritization
3. Indirect impact and tailored KPIs …

Informing The Debate On Lowering The Criminal Rate Of Interest, Gail Henderson, Katlin Abrahamson

Dalhousie Law Journal

Canada has two markets for consumer credit. Consumers with middle to high incomes can draw on ‘mainstream’ forms of credit at reasonable interest rates, such as lines of credit and credit cards issued by chartered banks. Consumers living on low to moderate incomes, who also may have a poor credit score or no credit history, often find themselves pushed to high-cost credit products, such as instalment loans issued by alternative financial services providers. The effective annual interest rate on instalment loans can run up to the maximum permitted under section 347 of the Criminal Code. Anything above this constitutes a …

Corporate Law—An Introduction To Digital Assets And A Summary Of The 2022 Amendments To The Uniform Commercial Code, David Gardner

University of Arkansas at Little Rock Law Review

No abstract provided.

Toward A Biometric Privacy Act To Protect Individual Rights: What The United States Can Learn From The European Union And China, Sophia Hilsman

Cardozo International & Comparative Law Review

The note examines the regulatory frameworks governing biometric AI technologies, particularly facial recognition, in the United States, China, and the European Union. It argues that the U.S. currently lacks comprehensive federal legislation to protect individuals' privacy and civil liberties in the face of advancing biometric technologies. The analysis advocates for a balanced regulatory approach that mitigates the risks of mass surveillance and erosion of privacy while allowing for beneficial uses of biometric AI. The author proposes that Congress should adopt federal legislation modeled after the EU's GDPR to establish a baseline for biometric data protection, ensuring consistency and stronger safeguards …

Consumer Litigant Finance And Legal Ethics: Empirical Observations From Texas, Anthony J. Sebok, Lynn A. Baker

Articles

A handful of states, including Texas, have Rules of Professional Responsibility which permit attorneys to provide cash advances to their own clients. In previous work, we suggested that if more states permitted law firms to offer this sort of funding to their clients it would increase competition within the consumer litigant funding market, to the benefit of consumers. We also hypothesized that relaxing these existing prohibitions would better enable tort claimants to decline low-ball settlement offers from defendants in one-off cases.

This Article offers some initial insights into these questions. It reports the findings of our modest empirical study involving …

The Unraveling Of The Federal Home Loan Banks, Kathryn Judge

Faculty Scholarship

The Federal Home Loan Bank system is a $1.3 trillion government-sponsored enterprise that operates primarily for the benefit of member financial institutions. Federal Home Loan Bank members enjoy generous dividends and ready access to fresh liquidity. The biggest beneficiaries are the biggest users of the system, including the largest banks and insurance companies in the country and banks facing financial distress. This essay explains the original aims of the Federal Home Loan Bank system, how the system fulfilled those aims quite successfully for decades following its creation in 1932 and how the system evolved to serve primarily private aims. By …

The Hidden Monetary State, Gabriel Rauterberg, Joshua Younger

Faculty Scholarship

Money is a motley. While the state enjoys a monopoly on issuing new physical currency, a variety of instruments serve money-like roles in the financial system. The commercial banking system significantly augments the money supply through issuing deposits. Alongside it, a shadow banking system has also developed, offering a range of deposit substitutes.

This Article seeks to cast new light on the U.S. financial system by exploring how, over the course of the twentieth century, federal policymakers engaged in a series of distinct and largely uncoordinated monetary experiments. As we show through historical case studies, federal authorities designed, promoted, and …

Comprehensive Analysis Of The Different Fields Of Law, Kaitlyn Lee

Honors Theses

Since American law developed in the early 1700s, lawyers have played a crucial role in society, advocating for justice and upholding the rule of law. Over the years the legal profession has evolved immensely and now offers many different fields for individuals to practice. People are often curious about the work that lawyers do and the education that is required to become an attorney. This thesis aims to satisfy the curiosity of those individuals by exploring many facets of the different areas of law. It will examine the unique and shared aspects of the various legal fields, detailing the specific …

Going Cashless: Privacy Implications For Gun Control In A Digital Economy, Liza Goldenberg

The Journal of Business, Entrepreneurship & the Law

This paper will examine how, given the United States’ shift toward a cashless economy, the country’s top credit-card companies’ potential decision to implement a new merchant code for firearm-related transactions as a method of gun control will backfire, jeopardizing consumer privacy and leading to unregulated transactions through cryptocurrencies. Since the majority of gun violence stems from firearm transactions not involving credit cards, credit-card companies should abandon the new merchant code that dissuades Americans from exercising their fundamental rights. The American economy should focus on slowing the shift toward a digital economy so that federal and state governments can implement legislation …

Reinventing Operational Risk Regulation For A World Of Climate Change, Cyberattacks, And Tech Glitches, Hilary J. Allen

Scholarly Articles in Law Reviews & Journals

Around 30 years ago, banking regulators began to construct the concept of “operational risk,” and devise rules to manage this newly created risk category. This “invention” of operational risk assembled a grab-bag of otherwise uncategorized risks associated with banking operations; this Article argues that the resulting operational risk regulation framework isn’t very well suited to some of those risks. In particular, this Article demonstrates that the existing operational risk regulation framework is becoming an increasingly inadequate response to banks’ exposure to operational losses following damage to their physical assets and business disruption and system failures. This is so for two …

Getting To Green: International Financing For Green Energy Infrastructure In Developing Countries, Zach Fechter, Meagan Corser

Texas A&M Law Review

One of the symposium panels discussed financing clean energy projects. One panelist in particular expressed concern about how to build developing countries’ institutional capacity to utilize international financing for green energy. Global institutions like the World Bank and the International Monetary Fund (IMF) provide loans to developing countries conditioned on the countries privatizing and deregulating their energy sectors—otherwise known as austerity. While austerity measures may make sense in developed countries, this Comment argues that developing countries often lack the infrastructure needed to effectively utilize international financing precisely because the loans are conditioned on austerity. The World Bank and the IMF …

Robots, Markets, And The Value Of Deal Lawyers, Heather Hughes

Scholarly Articles in Law Reviews & Journals

Emerging forms of automation using artificial intelligence (AI) and distributed ledgers are raising transformative questions for the practice of law. Deal lawyers are well-situated to understand the convergence of various modes of automation and their implications for their clients and the markets they facilitate. This Article contends that digesting threats and leveraging opportunities associated with new technologies calls for granular, context-specific assessment. It presents one instance of automation in one predominant market—the market for asset-backed securities (ABS)—by comparing securitization to a blockchain-based analog, tokenization. It considers how lawyers support the ABS market and how automation of lawyers’ functions could intersect …

Dol Fiduciary Rule 3.0 Strikeout, Base Knock, Or Home Run?, Antolin Reiber

DePaul Business & Commercial Law Journal

No abstract provided.

Money Is Morphing - Cryptocurrency Can Morph To Be An Environmentally And Financially Sustainable Alternative To Traditional Banking, Clovia Hamilton

DePaul Business & Commercial Law Journal

No abstract provided.