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.

Fintech Law: The Case Studies eBook cover

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


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

Speeches and Statements by Regulators

Statements by Congressmembers

International Guidance

Academic, Industry, and Law Firm Commentary

Market Structure and Consumer Protection


Administrative and Executive Materials

Speeches and Statements by Regulators

Academic, Industry, and Law Firm Commentary

Enforcement Materials

Regulatory Classification of Non-Stablecoin Digital Assets


Administrative and Executive Materials

Speeches and Statements by Regulators

Enforcement Materials

Academic, Industry, and Law Firm Commentary

Mitigating Illicit Finance Risks


Administrative and Executive Materials

Enforcement Materials


International Guidance

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

Speeches, Statements and Hearings

Other Resources

Banking Sector Commentary

Reports and Academic Commentary

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


Federal Regulations or Proposals


Statement, Speeches, Hearings

Other Resources

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

Major Questions Doctrine

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

Part II. Inusred Depository Institutions

2.1. The Impact of Charter Choice

2.2. Activities Restrictions and the Business of Banking

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

Part III. Insurance

3.1. Introduction to Insurance Regulation

3.2. The Protection of Consumers in Insurance Regulation

3.3. The Role of Federal Government in Insurance Regulation

HLS Case Studies for Part III

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.

4.2. Securities Firms and the Retail Investor

4.3 Securities Firms in Corporate Transactions

4.4. Exchanges and Trading

HLS Case Studies for Part IV

Part V. Consumer Protection and the CFPB

5.1. The Consumer Financial Protection Bureau

5.2. Mortgages

5.3. Consumer Financial Products and Services

5.4. Comparing Consumer Protection Models Across Sectors

HLS Case Studies for Part V

Part VI. Financial Conglomerates

6.1. Regulation of Holding Companies

6.2. Regulation of Bank Market Structure and Consolidation

6.3. Regulating Systemic Risk

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

HLS Case Studies for Part VI

Part VII. Payment Systems

7.1. Introduction to Payment Systems

7.2. Examining Critical Issues in Payment Systems

HLS Case Studies for Part VII

Part VIII. Corporate Governance, Supervision, and Enforcement

8.1. Corporate Governance

8.2. Supervision

8.3. Enforcement

HLS Case Studies for Part VIII

Part IX. Lender of Last Resort and Resolution

9.1. Lender of Last Resort

9.2. Traditional Toolkit for Bank Failures

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

HLS Case Studies for Part IX

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

HLS Case Studies for Part X

Part XI. Derivatives and Rate Markets

11.1. Overview of Derivatives

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

12.2. Mortgage Markets and the Government-Sponsored Enterprises

12.3. Money Market Funds

12.4. Short-Term Wholesale Funding

HLS Case Studies for Part XII

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