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Banking Law and Regulation (LAW-857-001)
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Banking and Financial Institution Regulation (LAW 857): Examines the evolution and regulation of the business of banking in the United States. Explores the separation of commercial banking and investment banking as a result of the Great Depression (as well as the separation of both from the insurance industry before then) until the late twentieth century when these separations were relaxed to permit bank holding companies, their subsidiaries and affiliates to provide a broad range of financial services including banking, securities, insurance, and merchant banking services. Considers how this expansion of services led to additional regulatory requirements overseen by “functional” regulators, including the SEC, the CFTC, state securities and insurance regulators, as well as the traditional bank regulators (the OCC, FED, and FDIC). Examines the causes of the recent financial crisis that led to the enactment in July 2010 of the Dodd Frank Wall Street Reform and Consumer Protection Act, including the role of credit default swaps, and how it attempts to address the root causes of the crisis. Also provides an overview of the regulations applicable to foreign banks operating in the United States and to U.S. banks operating abroad. Students may register for this seminar or Domestic Banking (LAW-724) but not both.
Textbooks and Other Materials
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Broome and Markham, Regulation of Bank Financial Service Activities (4th ed. 2011); Broome and Markham, Selected Statutes and Regulations, Regulation of Bank Financial Services Activities (Thomson Reuters, 4th ed. 2011). Recommended: David Skeel, The New Financial Deal: Understanding the Dodd-Frank Act and Its (Unintended) Consequences (Wiley and Sons 2011); Niall Ferguson, The Ascent of Money: A Financial History of the World (2008).
First Class Readings
Broome and Markham, Regulation of Bank Financial Service Activities (Thomson Reuters, 4th ed. 2011), Chapter 1.
The syllabus is available in the following format(s):