Barr, Jackson, & Tahyar, Financial Regulation: Law and Policy – Foundation Press, 3rd ed., 2021; Online Supplement

Preface

Financial Regulation: Law and Policy Third Edition Cover

This site presents free supplemental materials for Barr, Jackson & Tahyar, Financial Regulation: Law and Policy (Foundation Press, 3d ed., 2021). One of the authors, Michael S. Barr, Vice Chair of the Federal Reserve for Supervision and member of the Federal Reserve Board of Governors, did not participate in compiling the materials posted on this site. This version of the supplement begins with modules on four areas of current interest: digital assets, climate change, racial equity and administrative law. Thereafter, these materials are organized by chapter and cover important developments since the third edition went to press at the start of the third quarter of 2021. In some cases, we also include older documents that instructors may wish to emphasize in their courses.

If you have suggestions about additional materials that should be posted here or included in the third edition, please contact Howell Jackson and Meg Tahyar.

Good luck.

Updated: August 2023

Fintech Law: The Case Studies

Over the past three years, two of the authors – Howell Jackson and Meg Tahyar – have been teaching a Fintech module at Harvard Law School and have developed a series of fourteen case studies that offer students an opportunity to explore the kinds of challenges that technological developments are posing for practicing attorneys in the field of financial regulation. These case studies have now been published in an eBook, Howell E Jackson & Margaret E. Tahyar, Fintech Law: The Case Studies (July 2020). There is also a Teacher’s Manual available to instructors upon request. Additional case studies on other topics of financial regulation are available from the Harvard Law School Library. All of these case studies are also listed below following the relevant chapters of the textbook.

Page Contents

Digital Assets Module

The pace of digital asset regulation has accelerated dramatically since the third edition went to press in 2021. Advancements in this cutting-edge technology raise fresh legal questions that have prompted policymakers to reconsider existing regulatory frameworks. This module highlights several such developments in digital asset regulation.

Stablecoins, CBDCs, and Banking Permissibility/Approval

Legislation

Administrative and Executive Materials

Office of the Comptroller of the Currency

White House

Board of Governors of the Federal Reserve

Joint Banking Regulators

State Regulators

New York Department of Financial Services, Virtual Currency Guidance (Jun. 8, 2022)

Speeches and Statements by Regulators

Statements by Congressmembers

International Guidance

Academic, Industry, and Law Firm Commentary

Market Structure and Consumer Protection

Legislation

Markets in Crypto Assets Regulation, Parliament Legislative Resolution and Amending Directive (EU) (April 20, 2023)
New York State, Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act, LBDC No. 10985-06-3 (May 5, 2023)
McHenry Thompson Digital Asset Market Structure Bill Discussion Draft (June 2, 2023) (for a section-by-section summary of the Discussion Draft, see https://financialservices.house.gov/UploadedFiles/Market_Structure_Bill_Section_by_Section.pdf)
Allyson Versprille, Key House Republicans Unveil Crypto Market Structure Draft Bill, Bloomberg (June 2, 2023) (also included in 4.1. Introduction to the Regulation of Securities Firms)
Lummis Gilibrand Responsible Financial Innovation Act, S. ___, 118^th Congress (July 12, 2023) (for a section-by-section summary of the Bill, see https://www.lummis.senate.gov/press-releases/lummis-gillibrand-reintroduce-comprehensive-legislation-to-create-regulatory-framework-for-crypto-assets/

Administrative and Executive Materials

Securities and Exchange Commission, Staff Accounting Bulletin 121, 17 CFR Part 211 (effective April 11, 2022)
Skadden, SEC Proposes Expansion of Custody Rule Safeguards for Investment Advisers (March 24, 2023)
SEC, Supplemental Information and Reopening of Comment Period for Amendments Regarding the Definition of “Exchange”, 88 Fed. Reg. 29448 (May 5, 2023) (for a brief summary and background on the proposed amendments, see the SEC’s Fact Sheet, Reopening of the Comment Period: Proposed Amendments to Exchange Act Rule 3b-16)

Speeches and Statements by Regulators

Academic, Industry, and Law Firm Commentary

Enforcement Materials

Regulatory Classification of Non-Stablecoin Digital Assets

Legislation

McHenry Thompson Digital Asset Market Structure Bill Discussion Draft (June 2, 2023) (for a section-by-section summary of the Discussion Draft, see https://financialservices.house.gov/UploadedFiles/Market_Structure_Bill_Section_by_Section.pdf) (also in the “Market Structure and Consumer Protection” section)

Administrative and Executive Materials

Speeches and Statements by Regulators

Enforcement Materials

Academic, Industry, and Law Firm Commentary

Mitigating Illicit Finance Risks

Legislation

Administrative and Executive Materials

Enforcement Materials

U.S. Dept. of Treasury, Press Release, U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash (Aug. 8, 2022)

Other

International Guidance

OECD, Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard (2022)

Academic, Industry and Law Firm Commentary

Climate Change Module

Financial regulators and market participants have been closely monitoring the effects of climate change on the financial industry in recent years. As a result, the rate of policy development in climate-related risk management will likely accelerate moving forward. This module presents a variety of prospective developments anticipated to have an impact on the financial services sector.

Administrative and Executive Materials

Federal Regulators

State Regulators

International Regulatory Frameworks

Basel Committee on Banking Supervision, Principles for the Effective Management and Supervision of Climate-related Financial Risks (June 2022)

Speeches, Statements and Hearings

Other Resources

Banking Sector Commentary

Reports and Academic Commentary

Financial Stability Oversight Council, Report on Climate Risk (Oct. 21, 2021) (also included in section 4.1 – Introduction to the Regulation of Securities Firms)
Sarah E. Light and Christina P. Skinner, Columbia Law Review, Banks and Climate Governance (Oct. 1, 2021)
Christina P. Skinner, Vanderbilt Law Review, Central Banks and Climate Change (2021)
Jeremy C. Kress, American Business Law Journal, Banking’s Climate Conundrum (May 3, 2022) (also included in section 4.1 – Introduction to the Regulation of Securities Firms)
Peter McGuire, DeSantis Bans Florida Retirement System from ESG Investing, Law360 (Jan. 17, 2023)
Melissa Klimek, Mid-tiers’ slow and steady ESG strategy: where it’s paid off and where banks need to speed up, Baringa Partners US (Feb. 24, 2023)

Law Firms

Racial Equity Module

Over the last few years, there has been a seismic shift in the conversations surrounding racial equity. To illustrate, over 90 federal agencies, including all Cabinet-level agencies and more than 50 independent agencies, have implemented action plans related to diversity, equity and inclusion. This module covers current policy developments in the financial services sector relevant to diversity, equity, and inclusion to continue these dialogues and highlight ongoing efforts.

Administrative and Executive Materials

Legislation

Federal Reserve Racial and Economic Equity Act, HR 2543, 117th Cong. (2022)

Federal Regulations or Proposals

Letters

Statement, Speeches, Hearings

Other Resources

Amy Endicott et al., Arnold & Porter, Caught in the Culture Wars Crossfire: Board Diversity Initiatives Under Attack (May 3, 2022) (discussing amicus briefs in challenges to board diversity rules)
Virginia Milstead, Skadden’s 2022 Insights, Rulings in 2022 Could Bring Clarity on California and Nasdaq Board Diversity Mandates (Jan. 19, 2022) (discussing five pending cases that appear likely to clarify corporations’ obligations to diversify their boards)
Skadden, Insights: Special Edition, Racial Equity and Fair Lending at the Forefront of Consumer Financial Services Enforcement (Apr. 20, 2021)

Administrative Law Module

Over the past year, there have been significant challenges and thoughtful questions raised regarding the authority of various administrative agencies responsible for the supervision and regulation of financial institutions. This module presents the current state of these developments which are sure to have lasting impacts of the financial services sector.

Constitutionality of CFPB

Chevron Deference

Perkins Coie, “Supreme Court to Review Critical Case on Deference to Administrative Agencies,” (May 24, 2023) (discussing Loper Bright Enterprises v. Raimondo).
Ballard Spahr, “Petitioners file brief urging SCOTUS to overrule Chevron,” (July 19, 2023) (discussing Loper Bright Enterprises v. Raimondo).

Major Questions Doctrine

Davis Polk, Client Update, A Basic Primer on the Major Questions Doctrine (July 14, 2022).
SCOTUS Blog, “Supreme Court will consider major case on power of federal regulatory agencies,” (May 1, 2023) (previewing Loper Bright Enterprises v. Raimondo).
Venable, “Supreme Court to Hear Case That Could Overrule Chevron and Curtail Administrative Agencies’ Ability to Regulate Broadly,” (May 2, 2023) (discussing Loper Bright Enterprises v. Raimondo).
National Law Review, “SCOTUS: Chevron, Lord Voldemort, and a Doctrine That Shall Not Be Named,” (May 3, 2023) (discussing Loper Bright Enterprises v. Raimondo).
Arnold & Porter, “Supreme Court Deals Another Blow to SEC by Allowing Collateral Attacks on Administrative Proceedings to Proceed in Federal Court,” (April 25, 2023) (discussing Jarkesy v. SEC).
Holland & Knight, “U.S. Supreme Court Agrees to Hear Nondelegation Case,” (July 5, 2023) (discussing Jarkesy v. SEC).

Preemption of State Banking Laws

Part I. Introduction to Financial Regulation

1.1. Finance Today

1.2. The History of U.S. Financial Regulation: A Thematic Overview

1.3. Regulatory Frameworks

Additional materials related to Regulatory Framework are available in the Digital Assets Module as well as section 4.1. Introduction to the Regulation of Securities Firms

1.4 Regulatory Perimeter

1.5 A Tour of Financial Statements

HLS Case Studies for Part I

HLS Case Study – Federal Preemption of State Consumer Protection – Aug. 2017— Case study exploring preemption after the Dodd-Frank Act; could be used as an extension of discussion in Chapter 1.4 or in connection with Part V.
HLS Case Study – Unidentified Financial Institutions – Apr. 2018 — Exercise on balance sheets and income statements that could be used in connection with Chapter 1.5 to explore basic concepts of accounting.

Part II. Inusred Depository Institutions

2.1. The Impact of Charter Choice

Lacewell v. Office of the Comptroller of the Currency, 999 F.3d 130, 134 (2d Cir. 2021) (reversing—on lack of standing and ripeness grounds—the district court’s ruling setting aside the OCC’s decision to accept special-purpose national bank charter applications from non-depository fintechs nationwide)
Federal Reserve Board, FDIC, and OCC, “Interagency Guidance on Third-Party Relationships: Risk Management” (June 9, 2023)
Covington Memo, “Bank Agencies’ 3^rd Party Risk Guidance: 6 Things to Know” (June 16, 2023)
OCC, “National Banks and Federal Savings Associations as Lenders,” Final Rule (August 5, 2021)
“SAFE Banking Act of 2023,” S. 1323, 118th Cong. (2023)
DLA Piper Memo, “The SAFE Banking Act and CLIMB Act would give comfort to financial institutions that elect to provide services to marijuana-related businesses” (August 8, 2022)

2.2. Activities Restrictions and the Business of Banking

Douglas Landy et al., “A New ‘Operation Choke Point’? The Quickly Changing Rules on Crypto Activities for Banks,” The Banking Law Journal Vol. 140, No. 5 (May 2023)

2.3. Portfolio Diversification and Affiliate Transactions

2.4. Deposit Insurance

2.5. Capital Regulation: An Introduction

2.6. Capital Regulation: Pre-Financial Crisis to Basel II

2.7. Capital Regulation: Basel III and Beyond

HLS Case Studies for Part II

HLS Case Study – The OCC’s FinTech Charter: Testing the Scope of the OCC’s Chartering Powers – Aug. 2017 – This case study could be used in connection with Chapter 2.1 to explore the chartering authority of the OCC. Explores the issue from the perspective of Senate Banking Committee staff.
HLS Case Study – Fintech Charters – May 2020 – Senate staffers examine the case for legislative changes with respect to Fintech chartering ahead of a congressional hearing.
HLS Case Study – Exercise on Alternative Strategies for Depository Institutions — Exercise could be used in connection with Chapter 2.2 to explore incentives of bank shareholders with respect to the allocation of bank assets.
HLS Case Study – Strategic Options and Legal Risks for Elite ReFi, Inc. June 2020 – A marketplace lender attempts to negotiate legal uncertainties arising out of the Madden litigation and its aftermath.
HLS Case Study – First National Bank of Ames Corporation – April 2022

Part III. Insurance

3.1. Introduction to Insurance Regulation

Kenneth Abraham and Daniel Schwarcz, The Limits of Regulation by Insurance, University of Virginia School of Law, (May 25, 2022)

3.2. The Protection of Consumers in Insurance Regulation

State Farm General Insurance Company: California New Business Update (May 26, 2023) (announcing State Farm will cease accepting new applications for homeowners and business property insurance policies in California due to growing risk of catastrophe exposure)
California Department of Insurance, Mandatory One Year Moratorium on Non-Renewals (Sep. 2022) (invoking authority from California Senate Bill 824 (2018) to prohibit insurance providers from cancelling or refusing to renew insurance plans for properties affected by wildfires until 12 months after the fire)
Allstate, Allstate Raising Insurance Prices Given Cost Inflation (Nov. 2, 2022) (discussing Allstate’s third quarter 2022 earnings and announcing that Allstate will cease providing homeownership and condominium insurance in California)
Meg Duvall and Leslie Kasperowicz, The Florida property insurance crisis: Why home insurers are leaving Florida (Apr. 11, 2023)

3.3. The Role of Federal Government in Insurance Regulation

HLS Case Studies for Part III

HLS Case Study – Ames’ Auto Insurance Regulations – Racial Disparity – Aug. 2017 — Case study could be used in connection with Chapter 3.2 to explore racial disparities in automobile insurance rates.

Part IV. Securities Firms and Capital Markets

4.1. Introduction to the Regulation of Securities Firms

Many of the jurisdictional issues addressed here—related to the boundaries of the regulatory perimeter—also appear in the Digital Assets context.

William Hinman, Director, Division of Corporation Finance, Digital Asset Transactions: When Howey Met Gary (Plastic), Remarks at the Yahoo Finance All Markets Summit: Crypto (June 14, 2018) (also included in digital assets module)
Robert Crea, Anthony Nolan, Eden Rohrer, Harvard Law School Forum on Corporate Governance, Metamorphosis: Digital Assets and the U.S. Securities Laws (Jul. 7, 2018) (also included in digital assets module)
Allyson Versprille, Key House Republicans Unveil Crypto Market Structure Draft Bill, Bloomberg (June 2, 2023) (also included in digital assets module)
Press Release, House Financial Services Committee, McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal (June 2, 2023) (also included in digital assets module)
Press Release, House Financial Services Committee, McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal: Digital Asset Lifecycle (June 2, 2023) (also included in digital assets module)

4.2. Securities Firms and the Retail Investor

4.3 Securities Firms in Corporate Transactions

4.4. Exchanges and Trading

SEC, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Approving Proposed Rule Changes, as Modified by Amendments No. 1, to Adopt Listing Rules Related to Board Diversity and to Offer Certain Listed Companies Access to a Complimentary Board Recruiting Service (Aug. 6, 2021)
Amy Endicott et al., Arnold & Porter, Caught in the Culture Wars Crossfire: Board Diversity Initiatives Under Attack (May 3, 2022) (discussing amicus briefs in challenges to board diversity rules)
Virginia Milstead, Skadden’s 2022 Insights, Rulings in 2022 Could Bring Clarity on California and Nasdaq Board Diversity Mandates (Jan. 19, 2022) (discussing five pending cases that appear likely to clarify corporations’ obligations to diversify their boards)
Remarks by SEC Chair Gary Gensler Before the Piper Sandler Conference on Market Structure and the Retail Investor, (Jun. 8, 2022)
Willkie Farr, SEC Proposes Sweeping Changes to Market Structure (Feb. 23, 2023)

HLS Case Studies for Part IV

HLS Case Study – Lending Club – May 2020 — This case study could be used in connection with Chapter 4.1 to explore the definition of securities under federal securities law.
HLS Case Study – Robo-Advising April 2020 – This case study could be used in connection with Chapter 4.2 to explore the application of traditional broker-dealer regulation to a new robo advisers. Explores legal issues from the perspective of SEC, FINRA, and Treasury Department staff.
HLS Case Study – Market Manipulation: Definitional Approaches – June 2020 – SEC staff asked to analyze the potential changes to defining manipulation in light of problems caused by algorithmic trading and to assess administrative law options for implementing such changes.
HLS Case Study – Algorithmic Trading Strategies – May 2020 – The CFTC Division of Market Oversight examines problems associated with algorithmic trading and a possible initiative of the CFTC to require firms to disclose confidential information about their algorithms.
HLS Case Study – Regulating Crypto Assets: Securities and Commodities – April 2020 – An attorney working at the Bipartisan Policy Center explores the regulation of digital assets, attempting to develop a policy position with respect to SEC and CFTC jurisdiction over these products.

Part V. Consumer Protection and the CFPB

5.1. The Consumer Financial Protection Bureau

Remarks by Rohit Chopra, CFPB Director, Reining in Repeat Offenders Distinguished Lecture on Regulation, University of Pennsylvania Law School (Mar. 28, 2022)
Press Release, CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance (May 2022)
Community Financial Services Association of America v. CFPB, No. 21-50826, (5th Cir. 2022) (holding the structure unconstitutional))
CFPB v. Law Offices of Crystal Moroney, No. 20-3471 (2d. Cir. 2023) (holding the CFPB’s funding structure is constitutional)
National Law Review, “Second Circuit Rules CFPB Funding Mechanism is Constitutional, Deepening Split with Fifth Circuit” (March 30, 2023)
Statement of CFPB Director Rohit Chopra, Semiannual Report to Congress, Hearing before the Committee on Banking, Housing, and Urban Affairs (June 13, 2023)

5.2. Mortgages

5.3. Consumer Financial Products and Services

5.4. Comparing Consumer Protection Models Across Sectors

OCC, Community Reinvestment Act: Interagency Notice of Proposed Rulemaking to Implement the CRA (May 5, 2022)

HLS Case Studies for Part V

HLS Case Study – Robo-Advising – April 2020– This case study could be used in connection with Chapter 4.2 to explore the application of traditional broker-dealer regulation to a new robo advisers. Explores legal issues from the perspective of SEC, FINRA, and Treasury Department staff.
HLS Case Study – Employee Benefits – Emergency Savings Account – April 2020 – A non-profit organization evaluates the merits of and legal considerations relevant to three different initiatives designed to encourage employers to increase the emergency savings of their employees.
HLS Case Study – Regulating Consumer Permissioned Access to Financial Data – June 2020 – Policy advisers to a presidential campaign consider how to address the rights of consumers to control the sharing of personal financial data with Fintech firms in the face of restrictive practices put in place by many legacy financial firms.
HLS Case Study – CLOUD Act Enforcement – April 2020 – The U.S. Justice Department looks into data privacy issues when seeking to obtain information from Fintech firms with subsidiaries operating in the European Union and covered by the General Data Protection Regulation (GDPR).
HLS Case Study – Machine Learning in the Underwriting of Consumer Loans – March 2020 – The CFPB considers how fair lending laws should be applied to Fintech lenders that employ machine learning and other kinds of algorithms to make lending decisions.

Part VI. Financial Conglomerates

6.1. Regulation of Holding Companies

6.2. Regulation of Bank Market Structure and Consolidation

6.3. Regulating Systemic Risk

Christina Skinner, Duke Law Journal, Central Bank Activism (Apr. 1, 2021)
White House, FACT SHEET: President Biden Urges Regulators to Reverse Trump Administration Weakening of Common-Sense Safeguards and Supervision for Large Regional Banks (Mar. 30, 2023)
Bank Policy Institute, Congress’s 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank (Apr. 4, 2023)
Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley (Apr. 28, 2023)
Federal Deposit Insurance Corporation, FDIC’s Supervision of Signature Bank (Apr. 28, 2023)
New York State Department of Financial Services, New York State Department of Financial Services Internal Review of the Supervision and Closure of Signature Bank (Apr. 28, 2023)
California Department of Financial Protection and Innovation, Review of DFPI’s Oversight and Regulation of Silicon Valley Bank (May 8, 2023)
Remarks by Martin J. Gruenberg, Chairman, FDIC, on The Resolution of Large Regional Banks — Lessons Learned, FDIC (August 14, 2023) (also available in section 9.2 Traditional Toolkit for Bank Failures)
Talking to Dan Tarullo about bank mergers, stress tests, and supervision, Brookings Institute (August 10, 2023) (also available in section 6.2 Regulation of Bank Market Structure and Consolidation and section 9.2 Traditional Toolkit for Bank Failures)

6.4. Foreign Banks in the United States and U.S. Banks Abroad

Jeremy C. Kress, “Domesticating Foreign Finance,” (October 5, 2020)
John Crawford, “The Dollar Dilemma” (draft of Aug. 11, 2023) (also available in section 9.1 – Lender of Last Resort)

HLS Case Studies for Part VI

HLS Case Study – Wal-Mart and Banking – Aug. 2017 — Case study could be used in connection with Chapter 6.1 to explore the arguments for and against the separation of banking and commerce.

Part VII. Payment Systems

7.1. Introduction to Payment Systems

7.2. Examining Critical Issues in Payment Systems

HLS Case Studies for Part VII

HLS Case Study – Digital Currencies – June 2020 – This case study could be used in connection with Part VII to explore the issues facing the Federal Reserve Board in consider two different options for issuing a digital currency.
HLS Case Study – Mobile Payments for the Developing World – May 2020 – The World Bank considers what advice they should give to developing countries interested in developing new mobile payment systems.
HLS Case Study – Anti-Money Laundering and Blockchain Technology – May 2020 – FinCen staff consider proposals to relax regulatory requirements to allow for the use of distributed ledger technologies to reduce costs and increase efficiency of regulated firms.

Part VIII. Corporate Governance, Supervision, and Enforcement

8.1. Corporate Governance

8.2. Supervision

8.3. Enforcement

HLS Case Studies for Part VIII

HLS Case Study – Wells Fargo Corporate Governance – Oct. 2017 — Case study could be used in connection with Chapters 8.1 and 8.2 to explore the appropriateness of the Federal Reserve’s bringing formal enforcement actions against the directors of Wells Fargo.
HLS Case Study: Independent Investigations and Reports: Legal and Ethical Considerations – September 2021 — This case study is designed to highlight questions of ethics and independence in the growing field of internal investigations, using recent reports of wrongdoing at Wells Fargo, Uber, and Volkswagen as guideposts.

Part IX. Lender of Last Resort and Resolution

9.1. Lender of Last Resort

BNP Paribas, The Fed: The Global Lender of Last Resort (Apr. 29, 2020)
News Release, FHFA Announces Comprehensive Review of the Federal Home Loan Bank System (Aug. 31, 2022) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
Perry Mehrling, “Where’s my swap line?” A Money View of International Lender of Last Resort, Economic History Yearbook (Oct. 14, 2022)
Aaron Klein, Cornelius Hurley, & Harrison Fregeau, Forum on the future of the Federal Home Loan Bank system: Highlights from the Brookings and BU Law event, Brookings Institution (March 10, 2023) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
Kathryn Judge, The Problem Lender of Second-to-Last Resort, The American Prospect (Mar. 29, 2023) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
José R. González, Federal Home Loan Bank of New York, President and Chief Executive Officer, Report from the President: A Stabilizing Role (Apr. 4, 2023)
Jim Parrott & Mark M. Zandi, In Defense of the Federal Home Loan Banks, Urban Institute (Apr. 10, 2023) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
Congressional Research Service, Bank Failures: The FDIC’s Systemic Risk Exception (Apr. 11, 2023) (also available in section 9.2 – Traditional Toolkit for Bank Failures)
Austin Weinstein, Federal Home Loan Banks Get Backing From Advisers to Biden as Criticism Mounts, Bloomberg (Apr. 11, 2023) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
Daniel Meade, Cadwalader, FDIC Proposes Special Deposit Insurance Assessment After Systemic Risk Exception (May 11, 2023) (also available in section 9.2 – Traditional Toolkit for Bank Failures)
Cornelius Hurley, Federal Home Loan Banks should not be bailing out banks, The Hill (May 24, 2023) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
Heather Perlberg, A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead, Bloomberg (June 4, 2023) (also available in section 12.2 – Mortgage markets and government -sponsored enterprises)
John Crawford, “The Dollar Dilemma” (draft of Aug. 11, 2023) (also available in section 6.4 – Foreign Banks in the U.S. and U.S. Banks Abroad)

9.2. Traditional Toolkit for Bank Failures

Casey Jennings, Seward & Kissel, Bank Failure: Background and Issues to Consider (Mar. 13, 2023) (also available in section 6.3 – Regulating systemic risk)
Congressional Research Service, Bank Failures and the FDIC (Mar. 23, 2023)
Senate Committee on Banking, Housing, and Urban Affairs, Recent Bank Failures and the Federal Regulatory Response, Statement of Martin J. Gruenberg, Chairman, FDIC (Mar. 28, 2023) (also available in section 6.3 – Regulating systemic risk)
White House, FACT SHEET: President Biden Urges Regulators to Reverse Trump Administration Weakening of Common-Sense Safeguards and Supervision for Large Regional Banks (Mar. 30, 2023) (also available in section 6.3 – Regulating systemic risk)
Bank Policy Institute, Congress’s 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank (Apr. 4, 2023) (also available in section 6.3 – Regulating systemic risk)
Congressional Research Service, Bank Failures: The FDIC’s Systemic Risk Exception (Apr. 11, 2023) (also available in section 9.1 – Lender of last resort)
Federal Deposit Insurance Corporation, FDIC’s Supervision of Signature Bank (Apr. 28, 2023) (also available in section 6.3 – Regulating systemic risk)
New York State Department of Financial Services, New York State Department of Financial Services Internal Review of the Supervision and Closure of Signature Bank (Apr. 28, 2023) (also available in section 6.3 –Regulating systemic risk)
Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley (Apr. 28, 2023)
California Department of Financial Protection and Innovation, Review of DFPI’s Oversight and Regulation of Silicon Valley Bank (May 8, 2023)
James Lee and David Wessel, “What did the Fed do after Silicon Valley Bank and Signature Bank failed?”, Brookings Institute (March 22, 2023)
Bill Nelson, “The Fed’s Discount Window Lending,” Bank Policy Institute (March 17, 2023)

9.3. After the Crisis: From Orderly Liquidation to Bail-In

HLS Case Studies for Part IX

HLS Case Study – Future of Affiliate Transaction Restrictions and the Federal Reserve’s Emergency Intervention Authority – Oct. 2017 — Case study could be used in connection with Chapter 9.3 to explore the authority of federal authorities to intervene in future financial emergencies. Also useful for exploring the authority of federal authorities to waive restrictions of sections 23A and 23B, discussed earlier in Chapter 2.3.

Part X. Mutual Funds and Other Investment Vehicles

10.1. Introduction to Asset Management and Its Regulation

10.2. Mutual Funds: Fiduciary Duties and Structural Restraints

10.3. Mutual Funds: Disclosure and Its Limitations

10.4. The Regulation of Retirement Savings

10.5. The Regulation of Hedge Funds and Other Private Funds

SEC, Proposed Rule, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews (Feb. 9, 2022) (comment period has been reopened)
SIFMA AMG, Re: Proposed Rule: Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews (Apr. 25, 2022)
SEC, Final Rule enhancing Form PF disclosure requirements for private fund advisors (May 3, 2023) (for a brief law firm summary of the final rule, see: https://www.nortonrosefulbright.com/en-us/knowledge/publications/dd814e2f/sec-adopts-heightened-reporting-requirements-for-private-funds)

HLS Case Studies for Part X

HLS Case Study – Closed-End Fund Regulation – Aug. 2017 — Case study could be used in connection with Chapter 10.3 to explore the value of disclosures with respect to closed-end funds.
HLS Case Study – Investor Access to Private Inestment – Mar. 2022

Part XI. Derivatives and Rate Markets

11.1. Overview of Derivatives

SEC and CFTC, Memorandum of Understanding Regarding Coordination in Areas of Common Regulatory Interest and Information Sharing (2018)

11.2. Derivatives: Market Infrastructure

11.3. Derivatives: Business Conduct and Market Integrity

HLS Case Studies for Part XI

HLS Case Study – Regulating Crypto Assets: Securities and Commodities – April 2020 – An attorney working at the Bipartisan Policy Center explores the regulation of digital assets, attempting to develop a policy position with respect to SEC and CFTC jurisdiction over these products.

Part XII. Shadow Banking

12.1. Securitization

HLS Case Studies for Part XII

HLS Case Study – Asset Securitization after Madden – Aug. 2017 — Case study could be used in connection with Chapter 12.1 to explore the implications of the Madden decision on asset securitization.
HLS Case Study on Strategic Options and Legal Risks for Elite ReFi, Inc. June 2020 — This case study could be used in connection with Chapter 12.1 to explore the implications of the Madden decision for peer to peer lenders and other parties. Approaches the issues from the perspective of a private practitioner.