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Banking Law Prof Blog

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Last Entry: March 31, 2011 at 14:13:05

Addressing the Flash Crash - Continuing Circuit Breakers

Posted on December 03, 2010
The Wall Street Journal reports that the U.S. stock exchanges next week will ask for an extension of a pilot "circuit breaker" program for limiting sudden market price swings such as the dramatic volatility of the May 6 "flash crash."...

Bragging on the Texas Economy

Posted on December 02, 2010
Dallas Federal Reserve Bank President & CEO Richard Fisher gave the following report to the Texas Legislature today: "Over the past three especially difficult years, the Texas economy has outperformed all other states, except for those tiny ones whose populations...

Federal Reserve PR Campaign on 60 Minutes

Posted on December 02, 2010
Federal Reserve Board Chairman Ben Bernanke will appear on 60 Minutes Sunday to discuss "pressing economic issues, including the unemployment rate, the deficit and the Fed's controversial $600 billion U.S. Treasury bill purchase." Link to story: http://news...

Consumer's Guide to Credit Reports

Posted on November 26, 2010
The Federal Reserve has published an informative "Consumer's Guide to Credit Reports and Credit Scores." Good reference for banking law classes! Link: http://www.federalreserve.gov/creditreports/ (ag) Nov. 26, 2010, in Consumer Protection

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Can a Credit Card Issuer Increase a Customer's Rate without a Change-in-Terms Notice?

Posted on November 22, 2010
The Supreme Court will hear oral argument in Chase v. McCoy in early December. Although the terms of Regulation Z at issue in this case have changed, the case will have a substantial impact not only for the banking industry...

Delhi, Jaipur, and Agra

Posted on November 20, 2010
For the next week, I'm traveling in India to visit Rotary polio inoculation sites. Rotary International and the Bill Gates Foundation have poured resources into eliminating polio worldwide and "we're this close." Wild polio virus now exists only in India,...

All the Devils Are Here

Posted on November 20, 2010
Here's another informative book recommendation: ALL THE DEVILS ARE HERE: THE HIDDEN HISTORY OF THE FINANCIAL CRISIS by Bethany McLean and Joe Nocera. As one book reviewer suggests, a better title might be "All Here Are Devils," because "there is...

More Stress Testing - The Stick and the Carrot

Posted on November 17, 2010
The Federal Reserve is requiring a new round of stress testing for the nation's 19 largest banks. Plans analyzing various scenarios must be filed by Jan. 7, 2011 (the day after Epiphany -- coincidence, I think not). The bad news:...

Mortgage Irregularities Threaten the Mortgage Market According to Congressional Oversight Panel Report

Posted on November 16, 2010
AP Writer Marcy Gordon reports today on the Congressional Oversight Panel report: "The disarray stemming from flawed foreclosure documents could threaten major banks with billions of dollars in losses, deepen the disruption in the housing market and hurt the government's...

Quantitative Easing - Can't Live with It and Can't Live without It

Posted on November 15, 2010
For all the complaints about quantitative easing, Reuters posted a disturbing article today entitled "Stocks Edge Lower as Fed Concerns Offset M&A." The article quotes John Canally, an investment strategist and economist at LPL Financial: "There's been concern that the...

Tax Code Reform? Bitter Medicine for Everyone - But Necessary

Posted on November 14, 2010
Commentary about the Bowles-Simpson tax reform proposals is more rhetoric than analysis. The best starting point to grasp this extensive report is the outline prepared by the Bipartisan Deficit Commission itself. Check out the slides outlining the Co-Chair's Plan, released...

When Good Computers Go Bad

Posted on November 14, 2010
One thing no one wants to hear: "The motherboard is fried." BUT, I think I've recovered all documents and I'm back, after purchasing a new computer. Not a good couple of days!

Supreme Court Justices Speak

Posted on November 11, 2010
Texas Tech University School of Law proudly presents: SANDRA DAY O?CONNER DISTIGUISHED LECTURE SERIES Friday, November 12, 2010 5:00 p.m., Lubbock Memorial Civic Center ANTONIN SCALIA, Associate Justice The Supreme Court of the United States and STEPHEN BREYER, Associate Justice...

KB Homes, White Collar Crime, and Sentencing Issues

Posted on November 10, 2010
Is white collar crime truly "victimless"? OR do we all pay the price? Just ask the people in Houston, TX, who lost pension funds and jobs, and those who depended on Enron for support in the local economy, or taxpayers...

Paper Jams Can Be Hazardous To Your Financial Health

Posted on November 10, 2010
From the American Banker's "Security Watch:" Reporter Daniel Wolfe calls this a "Paper Caper" "A California man is alleged to have come up with a novel way to steal cash from an automated teller machine: by causing a paper jam....

U.S. Supreme Court Hears Mandatory Arbitration Case

Posted on November 09, 2010
The U.S. Supreme Court will hear oral argument today in AT&T MOBILITY LLC V. CONCEPCION. DECISION BELOW: 584 F.3d 849 QUESTION PRESENTED: Whether the Federal Arbitration Act preempts States from conditioning the enforcement of an arbitration agreement on the availability...

White Collar Crime Doesn't Pay (or does it?)

Posted on November 09, 2010
Check out GlaxoSmithKline's payment of $750 Million to settle civil and criminal claims arising out of a pharmaceutical manufacturing plant in Puerto Rico that produced contaminated drugs. To cover up the problem, company representatives systematically lied to the FDA...

WHAT? The Dodd-Frank Bill says That?

Posted on November 08, 2010
We know that the 2,300+ page Dodd-Frank Bill contains some surprise provisions. The one highlighted in this link is NOT in the bill -- but it very well could have been! Link to The Onion's satirical comment and photo ("Banking...

25 Most Powerful Women in Banking

Posted on November 08, 2010
Just ran across this Wall Street Journal list of the "25 Most Powerful Women in Banking for 2010." Quite interesting! LInk: http://blogs.wsj.com/deals/2010/09/27/the-25-most-powerful-women-in-banking-2/ (ag) Nov. 8, 2010

FASB and Repos

Posted on November 06, 2010
This week, the Financial Accounting Standards Board (FASB) issued an Exposure Draft concerning when to account for a repurchase agreement as a sale and when it should be accounted for as a secured borrowing. Link: http://www.fasb.org/cs/ContentServer?site=FASB&c=FASBContent_C&pagename=FASB%2FFASBContent_C%2FNewsPage&cid=1176157872066 (ag) Nov...

Directors' Liability

Posted on November 06, 2010
FDIC has sued more than 70 officers and directors of failed financial institutions over the past few months. Recently, FDIC sued 11 former officers and directors of a failed Illinios bank to recover over $2 Billion in losses. Link to...

Weather Futures and Options

Posted on November 06, 2010
The Chicago Mercantile Exchange (CME Group) now trades Rainfall Index Futures, Options and Binary Options! Here's what the Merc says about its "Weather Product Suite" of "One-third of businesses worldwide are directly affected by weather conditions. These products enable you...

Explaining the Fed's Quantitative Easing Measures

Posted on November 04, 2010
Federal Reserve Chairman Ben Bernanke's Washington Post editorial today explains his viewpoint on "What the Fed Did and Why: Supporting the Recovery and Sustaining Price Stability." Link to Editorial: http://www.washingtonpost.com/wp-dyn/content/article/2010/11/03/AR2010110307372...

Today's FOMC Statement and the Plain English Translation

Posted on November 03, 2010
Today, the Federal Reserve Board's Federal Open Market Committee issued an expected statement at the close of its two day meeting, reporting that it would maintain target federal funds rate between 0-1/4%. The FOMC also announced that, in order to...

New Republican Chairman of the House Financial Services Committee

Posted on November 03, 2010
As Republicans regained control of the U.S. House of Representative through yesterday's national elections, Spencer Bachus (R-Alabama) will be the new Chairman of the House Financial Services Committee, beginning in January. One of the first things he wants to revisit...

Banking Law Symposium Topics

Posted on November 02, 2010
Eight students in my banking law seminar have submitted papers, from which they will present the highlights tomorrow. The Texas Banking Commissioner Charles Cooper is the keynote speaker. Bankers and banking lawyers will be in attendance. The student papers include:...

The Hellhound of Wall Street

Posted on November 01, 2010
Check out this new book by St. John's Law Professor Michael Perino: THE HELLHOUND OF WALL STREET: HOW FERDINAND PECORA'S INVESTIGATION OF THE GREAT CRASH FOREVER CHANGED AMERICAN FINANCE. Here's the publisher's description: "In the worst depths of the Great...

CRA Joint Final Rule Effective November 3, 2010

Posted on October 31, 2010
The Federal Banking Agencies (FDIC, OCC, FRB, and OTS) recently published a joint final rule which is effective November 3, 2010. The final regulation has two main parts: Implementing the requirement that low-cost education loans provided by a financial institution...

Financial Literacy: Don't Buy Stuff You Can't Afford

Posted on October 30, 2010
"The book is free, the advice is priceless." One of my students sent me this video link: http://www.nbc.com/saturday-night-live/video/dont-buy-stuff/27169/ (ag) Oct. 30, 2010, in Consumer Protection

Elizabeth Warren Blogs About Consumer Financial Protection Bureau

Posted on October 29, 2010
Check out Elizabeth Warren's message today on the White House Blog. She emphasizes the goal of the new Consumer Financial Protection Bureau: "Level the playing field for American families and fix the broken consumer credit market?and do it as quickly...

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