Banking and Finance Law Commons^™

Delaware's Peril, Marcel Kahan

Maryland Law Review

No abstract provided.

Constructing The Yellow Brick Road: Preventing Discrimination In Financial Services Against The Lgbtq+ Community, Cyrus Mostaghim

Upper Level Writing Requirement Research Papers

The Lesbian, Gay, Bisexual, Transgender, Queer, and Questioning (“LGBTQ+”) community lacks explicit statutory protections from discrimination in financial services. After the Supreme Court held in Bostock that employment discrimination based on sexual orientation or gender identity was illegal, the Consumer Financial Protection Bureau (CFPB) issued an informal interpretive rule for the Equal Credit Opportunity Act (ECOA) and Regulation B that made discrimination in the access to credit based on sexual orientation or gender identity illegal. However, this paper argues that an informal interpretive rule is easily rescinded and does not provide sufficient protection. Thus, alternative action is needed to create …

The Complex Implications Of Fintech For Financial Inclusion, Heather Hughes

Scholarly Articles in Law Reviews & Journals

No abstract provided.

The Operation Of Supervisory Colleges In Eu Banking Supervision: A Case Study Of Soft Law Becoming Hard Law, Duncan E. Alford

Faculty Publications

In this paper, I consider the case of supervisory cooperation among bank regulators where voluntary cooperation (soft law) over a period of 50 years has become hard law (regulations and directives) within the European Union. Driven by major international bank failures or financial crises, international standards for prudential supervisory cooperation among bank regulators have steadily developed and become more precise and defined since the early 1970s.

Benchmark Competition, Sue S. Guan

Maryland Law Review

No abstract provided.

The Alarming Legality Of Security Manipulation Through Shareholder Proposals, Artem M. Joukov, Samantha M. Caspar

Seattle University Law Review

Shareholder proposals attract attention from scholars in finance and economics because they present an opportunity to study both quasidemocratic decision-making at the corporate level and the impact of this decision-making on firm outcomes. These studies capture the effect of various proposals but rarely address whether regulations should allow many of them in the first place due to the possibility of stock price manipulation. Recent changes to shareholder proposal rules, adopted in September 2020, sought to address the potential for exploitation that some proposals create (but ultimately failed to do so). This Article shows the potential for apparently legal stock price …

Central Bank Digital Currencies And Law, Steven L. Schwarcz

Faculty Scholarship

This chapter examines the legal issues surrounding a ‘retail’ central bank digital currency (CBDC) – one that is used by consumers on a day- to- day basis as an alternative to cash. Most discussions about CBDC focus on its purported benefits and initial design questions. Little is written about how existing laws and regulations will extend to CBDCs or what new regulations will have to be implemented. This chapter engages in that analysis.

Tangibility As Technology, João Marinotti

Articles by Maurer Faculty

Property law has traditionally relied on tangible boundaries to delineate legal thinghood and to inform the bounds of in rem rights and duties. Unfortunately, property doctrines have fossilized around tangibility, causing fragmentation in the legal treatment of digital assets. In the United States, for example, cryptocurrencies and non-fungible tokens (NFTs) may simultaneously be classified as commodities, securities, currencies, assets, or not property at all, depending on the jurisdiction, domain, or specific asset in question. This fragmented system of overlapping legal treatments increases the information cost of using digital assets, decreases efficiency, and ultimately hinders future innovation.

In this Article, I …

Uniform Mortgage-Backed Securities: An Analysis Of The Regulatory Hurdles Caused By The Federal Housing Finance Agency’S Standardization Of The Tba Market, Elizabeth Ashlee Kuan

American University Business Law Review

No abstract provided.

Blockchain Emergencies & Open-Source Software Governance: Is "Rough Consensus" A Suicide Pact?, Blockchain Emergencies & Open-Source Software Governance: Is "Rough Consensus" A Suicide Pact?, Angela Walch

Faculty Articles

I am concerned with, "How is Bitcoin run? Who gets to make decisions about Bitcoin? How is Ethereum run? Who gets to make decisions about Ethereum?" I am concerned with the governance of these protocols at the base level. Why does this matter? It matters because these protocols at the base are supporting the whole DeFi structure. All the complexities and different complex financial products that are being built there, they sit on top of these infrastructural base level protocols. I think we need to be aware of how these things work and the systemic risks that they can pose …

State Competition For Corporate Headquarters And Corporate Law: An Empirical Anaylsis, Jens Dammann

Maryland Law Review

No abstract provided.

The E-Banknote As A 'Banknote' : A Monetary Law Interpreted, Benjamin Geva, Seraina Neva Grünewald, Corinne Zellweger-Gutknecht

Articles & Book Chapters

The article discusses whether an electronic banknote is a ‘banknote’. The issue is dealt with as a matter of general statutory interpretation in the context of evolving technologies and institutional arrangements. The article proposes a clear terminology to address concepts underlying digital currencies and access to central bank money and argues that a banknote may be ‘written’ electronically. The article is critical of both account-based Central Bank Digital Currency (CBDC) and cryptocurrencies and highlights features of nonblockchain token-based alternatives. It sheds light on considerations affecting the selection of a design which is appropriate from both a functional and legal perspective …

Tales Of Economic Warfare: The Plunder Of Venezuela, Dr. Mohsen Al Attar, Alexander Reay

Indian Journal of International Economic Law

In most treatises, International Economic Law (IEL) is presented as a neutral set of doctrines, principles, and rules. Actors may compete against one another and vie for economic success, but the rules are indifferent towards the outcome. It is this notion of an apolitical IEL that we challenge throughout this article. Using a case study of Venezuela, we illustrate how the rules of the international economic order are leveraged by the UK, the EU, and the United States to engineer preferred political outcomes. We examine three interconnected assaults perpetrated against Venezuela by the English Courts, the United States, and

the …

Symposium Introduction: A Tribute To Roberta Karmel, James Fanto

Faculty Scholarship

No abstract provided.

To Innovate Or Regulate: How To Regulate Cloud Service Providers Within Financial Institutions, Morgan Willard

Catholic University Journal of Law and Technology

The purpose of this article is to analyze whether cloud service providers should be considered Systemically Important Financial Market Utilities (SIFMU), subjecting them to increased oversight. It also considers the risks and benefits associated with the use of the technology by financial institutions, as well as potential alternatives. Overall, this article argues that cloud service providers do not fall under the current SIFMU framework, and any regulation of the technology should strive to strike a balance between innovation and safe regulation.

Congress, Don't Rush Regulating Crypto (Opinion), Angela Walch

Faculty Articles

A sprawling infrastructure bill is the wrong venue for regulating an industry as complex and systemically important as crypto.

Black Livelihoods Matter: Capitalist Myths Of Economic Efficiency In Racist Lending Policies (A Prologue And A Plea), Kim Vu-Dinh

Faculty Scholarship

No abstract provided.

Stock Buyback Ability To Enhance Ceo Compensation: Theory, Evidence, And Policy Implications, Nitzan Shilon

Lewis & Clark Law Review

I report that stock buyback ability to enhance CEO compensation has reached a record high amount corresponding to one-third of total pay. Also, I refute the common wisdom that this ability is attributed mainly to buyback impact on per share criteria that determine annual bonuses. Instead, I show that because of recent reforms in executive compensation design, the ability of buybacks to boost the amount of CEO stock-based compensation has become ten times higher than their potential to increase annual bonuses. I argue, first, that the potential of stock buybacks to enhance their compensation provides CEOs with incentives to conduct …

Financial Inclusion, Access To Credit, And Sustainable Finance, John Linarelli, Stephen L. Schwarcz, Ignacio Tirado

Scholarly Works

No abstract provided.

Pension Fiduciaries And Climate Change: A Canadian Perspective, Maziar Peihani

All Faculty Publications

Climate change has emerged as a major issue of financial risk for Canadian pension funds when determining where to place investments. The author argues that while such pension funds recognize climate change as an issue that holds the potential for significant financial risk, the funds’ current approach to climate-related risks faces critical limitations. The author identifies the current practices of the five largest pension funds in Canada when faced with climate-related financial risks, then discusses the key shortcomings in current practices among the pension funds in three main areas.
First, the author examines organizational governance, which seeks to understand investment …