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

First Meeting of Financial Stability Oversight Council

Posted on October 10, 2010
The Financial Stability Oversight Council, created by the Dodd-Frank Bill, held its first meeting on Oct. 1, 2010. The Council is intended to provide comprehensive monitoring to assure stability of the U.S. financial system: identifying threats; promoting market discipline; and...

Mortgage Foreclosure Moratorium Analysis

Posted on October 09, 2010
Bank of America and JP Morgan Chase have suspended foreclosure actions in 23 states requiring judicial foreclosure due to document irregularities, including "robo-signing" foreclosure documents that should have been examined, signed, and notarized individually with a representation that all legal...

Bank Fees - Good News?

Posted on October 08, 2010
The American Bankers Association has recently concluded a study finding that: "The majority of bank customers continue to pay nothing in bank fees, according to a recent survey by the American Bankers Association. Sixty-seven percent of consumers spend $3 or...

Legal Issues for Overdraft Protection Plans and Fees

Posted on October 08, 2010
As a result of Regulation E changes that became effective July 1, 2010, for new accounts and on August 15, 2010, for existing accounts, financial institutions are required to secure affirmative "opt in" from customers holding consumer accounts before overdraft...

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New Bank Operates Out of a Double-Wide Trailer

Posted on September 28, 2010
Here's an interesting story about what is reported to be the only new bank chartered this year. I'm not sure what this says about the banking industry! link: http://dealbook.blogs.nytimes.com/2010/08/30/in-hard-times-one-new-bank-double-wide/ (ag) Sept...

National Economic Council Director Lawrence Summers is going back to Harvard. What Does This Mean?

Posted on September 22, 2010
Larry Summers, who has served as the Obama administration's National Economic Council Director through these difficult economic times is resigning. Bloomberg has a short story on Summers' departure and then a longer analysis as follows: Geithner Says Summers ?Instrumental? to...

Understanding the UCC

Posted on September 21, 2010
Here's the Quotation of the Day from Grammarian Bryan Garner: "Every ambiguity that has to be resolved, every hard construction that has to be studied out, uses up just so much of the reader's available power for nothing; the thought,...

Elizabeth Warren and the CFPB

Posted on September 19, 2010
Here are links to news stories about Elizabeth Warren's appointment to begin organizing the Consumer Financial Protection Bureau (CFPB). She is very dedicated to consumer protection and very capable. The Dodd-Frank legislation contemplates a lengthy start-up period for the new...

Will She or Won't She Be Head of the New Consumer Financial Protection Bureau?

Posted on September 17, 2010
Elizabeth Warren has worked for the creation of a Consumer Financial Protection agency for the past several years. She is a strong consumer advocate, making cogent arguments against predatory lending practices and calling for legislation to address our broken credit...

Break Up Citibank for Efficiency

Posted on September 13, 2010
Why fight breaking up big banks when smaller units would be more efficient -- as well as less systemic risk? Here's a suggestion that at least one of the TBTF financial conglomerates should be dismantled BEFORE it fails and the...

Hewlett Packard - The Poster Child for Board of Directors Missteps

Posted on September 09, 2010
Corporate Governance gone awry: The latest installment in the Hewlett Packard soap opera is HP's lawsuit against its former CEO Mark Hurd, accusing him of violating his severance agreement to protect H.P.?s confidential information by taking a job as co-president...

How Wall Street Made the Crisis Worse

Posted on August 27, 2010
An explanation you can sing along with: http://www.npr.org/blogs/money/2010/08/26/129454550/inside-the-sausage-factory-how-wall-street-made-the-financial-crisis-worse (ag) August 27, 2010, in Economy

Mortgage Loan Fraud Is On the Rise Again

Posted on August 22, 2010
The Financial Crimes Enforcement Network (FinCEN) reports that during 2009, mortgage loan fraud increased 4% over 2008. Florida and California report the highest incidence of mortgage loan fraud. Borrowers represent 50% of the principal subjects of Suspicious Activity Reports (SARs)...

Credit Card Reform and the Consequences

Posted on August 22, 2010
Although credit card reform helps consumers, here are some ways banks can still recover lost revenue: Higher Interest Rates (even though issuers must conduct a review every six months to determine whether rate increases are still justified) Penalty Fees, which...

The First Day of School

Posted on August 22, 2010
Law School resumes tomorrow. I am teaching Commercial Law (130 students in a four-hour required course) and a Banking Law Seminar. I am happy to exchange teaching tips!

Comparing Canada & the U.S.

Posted on August 07, 2010
The SEALs Conference was a great opportunity to discuss ideas. Here's a link to the paper I presented: Download SEALS Lessons from Canada

Letter of Support for Elizabeth Warren

Posted on August 07, 2010
This week 140 professors of various disciplines sent a letter of support to the White House, encouraging nomination of Elizabeth Warren as the first Director of the Bureau of Consumer Financial Protection. I am pleased to be one of those...

Comparing Canada and the U.S. During the Economic Crisis

Posted on July 29, 2010
The Southeast Association of Law Schools (SEALS) conference is this week and I'm presenting a paper on "Lessons from Canada: Crisis-Proofing a National Financial System." Some key factors I compared include: Capital requirements for financial institutions Funding structure for banks...

President Signs Financial Reform Bill

Posted on July 21, 2010
Today, President Obama signed the financial reform bill. Now comes the task of figuring out what's in and what's out, how to implement what's there, how big a burden it will be, how much consumer protection it affords, and what...

The Secondary Mortgage Market - Next Hot Topic for Reform

Posted on July 19, 2010
With the current financial reform legislation wrapped up, the secondary mortgage market is overdue for reform. Since mortgage loans, mortgage-backed securities, and derivatives were at the heart of the financial crisis, it is surprising that reforming the failed GSEs which...

Analyzing the Factors of Financial Recovery

Posted on July 17, 2010
The Dallas Federal Reserve Bank's July Economic Letter contains a thought-provoking article entitled "Recovering from the Housing and Financial Crisis," by John V. Duca and David Luttrell. The authors examine four shocks and their effects on GDP: Home Construction Housing's...

Dual Banking and the Financial Reform Legislation

Posted on July 16, 2010
The Conference of State Bank Supervisors (CSBS) applauds the financial reform legislation for enhanced support of the dual banking system. Although the OTS will be folded into the OCC, there will not be a single federal mega-regulator. State banks can...

Goldman Sachs Pays Whopping Fine

Posted on July 15, 2010
Goldman Sachs has agreed to pay $550 million -- the largest SEC penalty against a Wall Street firm. The SEC charged that Goldman misled investors in collateralized debt obligations backed by subprime mortgage loans. Goldman admitted that it had "made...

Financial Reform Bill Goes to the President

Posted on July 15, 2010
Today, the Senate passed the final version of financial reform legislation which the House had already approved. The bill now goes to the President for signature. Here's the Wall Street Journal story: http://www.marketwatch.com/story/senate-defeats-filibuster-threat-on-bank-bill-2010-07-15 (ag) July 15, 2010, in Financial Regulatory...

I'm Back From Turkey!

Posted on July 15, 2010
Just returned from a research trip to Istanbul and Ankara studying the Turkish bank regulatory structure!

Financial Reform Legislation: Conference Committee Action

Posted on June 18, 2010
This week's CSBS newsletter has a great summary of amendments to the "base legislative text" so far. Conference debate continues next week. Here's what CSBS has to say: " Reform Conference Panel Plows Through Bevy of Issues; More Next Week...

Financial Reform Legislation - An Incomplete Structure

Posted on June 02, 2010
Daniel Alpert's viewpoint article in today's New York Times details the gaps left by House and Senate financial reform bills -- unanswered questions to be addressed in the conference process and by agencies charged with implementing the legislation, which is...

USA Today Editorial on Consumer Financial Protection

Posted on May 21, 2010
Here's a link to my editorial in today's USA Today online, "It's Time to Give Consumers a Fair Shake." I raise some of the reasons to support strong consumer financial protection. In future posts, I'll be reviewing the details of...

University of Houston Consumer Law Symposium

Posted on May 20, 2010
University of Houston Law Professor Richard Alderman has assembled a great lineup of speakers and topics, including: An opening panel on the Consumer Debt/Credit Crisis Global Response to the Financial Crisis Settlement, Collection, Modification Labels, Warnings, Behavioral Studies, Virtual Worlds...

The Carper Amendment and Federal Preemption of State Consumer Protections

Posted on May 19, 2010
As the Senate struggles toward finalizing financial reform legislation, it passed an unfortunate amendment that restricts the ability of states to adopt and enforce consumer protections. According to the Carper amendment, which passed yesterday, federal regulators could preempt state rules...

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