Supplemental Materials for the 4^th Edition

PART I. INTRODUCTION TO FINANCIAL REGULATION

1.1. Finance Today

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

• Trump v. Cook, No. 25A312, (Supreme Court)
• Trump v. Slaughter, No. 25-332, (Supreme Court)
• Greenberg Traurig, “CFPB Memo Details Less Oversight on Fintechs Shift to State-Led Enforcement” (April 18, 2025)
• Cooley, “Slimmed-Down CFPB to Focus on Bank Oversight, Concrete Consumer Harm” (April 23, 2025)

1.3. Regulatory Frameworks

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

• Hester M. Peirce, “On the Spot: Remarks at “Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?”” (Jun. 14, 2022)
• Paul S. Atkins, Regulation Crypto Assets: A Token Safe Harbor, (Mar. 17, 2026)

1.4. Regulatory Perimeter

Interchange Fees & Regulation of Usury

• OCC, Amicus Brief (June 4, 2026) (amicus brief supporting plaintiffs’ challenge to Colorado’s opt-out law)
• FDIC, Amicus Brief (June 4, 2026) (FDIC’s amicus brief supporting plaintiffs’ challenge to Colorado’s opt-out law)
• Ballard Spahr, “Prominent Consumer Credit Scholars and Center for Individual Freedom File Amicus Brief Supporting Plaintiffs in Colorado Opt-out Appeal,” (June 10, 2026) (discussing amicus briefs in challenges to interest-rate caps to loans made by out-of-state, state-chartered banks)

Preemption

• OCC, “National Bank Non-Interest Charges and Fees,” Interim Final Rule (effective June 30, 2026)
• OCC, “Preempting the Illinois Interchange Fee Prohibition Act,” Interim Final Order (effective June 30, 2026)
• Chief Judge Virginia M. Kendall, “Memorandum Opinion & Order – Illinois Bankers Association v. Kwame Raoul,” (June 1, 2026)

1.5 A Tour of Financial Statements

PART II. INSURED DEPOSITORY INSTITUTIONS

2.1. The Impact of Charter Choice

Innovations in Charter Choice

• Sidley, “The State of Play in banking and Digital Assets: Welcome Developments from the Banking Agencies,” (January 9, 2026)

Competitive Equality

• Sidley, “The State of Play in banking and Digital Assets: Welcome Developments from the Banking Agencies,” (January 9, 2026)
• CSBC, “National Bank Chartering,” Comment Letter (February 11, 2026)

Industrial Loan Companies

• Mayer Brown, “US FDIC Requests Comment on Industrial Loan Company Framework,” (July 2025)

• Goodwin, “FDIC Approves Deposit Insurance Applications for ILCs Proposing Specialty Business Models,” (June 2026)

2.2. Activities Restrictions and the Business of Banking

• Federal Register, “OCC Expansion of Trust Bank Powers,” Volume 91, Number 40, 12 CFR Part 5, (March 2, 2026)
• Davis Polk, “OCC Clarifies Scope of Activities Permissible for National Trust Banks,” (March 5, 2026)
• Awrey, Dan, “Banking, Technology, and Instability,” European Corporate Governance Institute – Law Working Paper No. 901/2026 (February 24, 2026)

2.3. Portfolio Diversification and Affiliate Transactions

• Board of Governors of the Federal Reserve System, “Order Approving Request by Morgan Stanley Bank,” (March 5, 2026)
• Board of Governors of the Federal Reserve System, “Statement on Request from Morgan Stanley by Governor Michael S. Barr,” (March 26, 2026)
• Board of Governors of the Federal Reserve System, “Statement on Request from Morgan Stanley by Vice Chair Philip N. Jefferson,” (March 26, 2026)
• Board of Governors of the Federal Reserve System, “Statement on Request from Morgan Stanley by Governor Lisa D. Cook,” (March 26, 2026)
• Committee on Banking, Housing, and Urban Affairs, Elizabeth Warren, Letter to Michelle Bowman, Jonathan Gould, & Travis Hill Regarding Morgan Stanley Exemption (May 20, 2026)
• Kress, Jeremy C. & Jeffery Y. Zhang, “Enforcing the Community Reinvestment Act,” Washington University Law Review (forthcoming)
• Hill, Julie Anderson, “Governmental Debanking,” Texas A&M Law Review (May 20, 2026)
• OCC, Fed & FDIC, “Community Reinvestment Act Regulations,” Notice of Proposed Rulemaking to Rescind the 2023 CRA Final Rule and Reinstate the 1995 Framework (July 16, 2025)

2.4. Deposit Insurance

• FDIC, “Dissecting Depositor Flight: An Analysis of the Spring 2023 Bank Failures,” (May 2026)
• Phillips, Todd, “Regulation by Deposit Insurance,” Marquette Law Review, Vol. 109 Iss. 2 (2026)
• Ohlrogge, Michael, “Why Have Uninsured Depositors Become De Facto Insured?,” New York Law Review, Vol. 100 No. 2 (May 2025)
• Ashar, Raj, “Small Banks, Smaller Safety Nets,” Harvard Business Law Review (2025)
• American Banker, “House Gives Deposit Insurance Reform Another Try,” (2026) (describing the Community Bank Deposit Access Act (H.R. 5317) and “targeted coverage” proposals)

2.5. Capital Regulation: An Introduction

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

2.7. Capital Regulation: Basel III and Beyond

• Bowman, Michelle W., “Capital Rules for the Real Economy,” (March 12, 2026)
• Debevoise & Plimpton, “Federal Banking Agencies’ Basel III Endgame Mulligan,” (March 20, 2026)
• FDIC, Fed, & OCC, “Agencies request comment on proposals to modernize the regulatory capital framework and maintain the strength of the banking system,” Joint Press Release (March 19, 2026)
•  FDIC, Fed, & OCC, “Regulatory Capital Rule (Regulation Q): Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),” (March 27, 2026)
• FDIC, Fed, & OCC, “Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations With Significant Trading Activity, and Optional Adoption for Other Banking Organizations,” (March 27, 2026)
• FDIC, Fed, & OCC, Regulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-Weighted Assets, (March 27, 2026)
• Kress, Jeremy, “Re: Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations,” Comment Letter (June 18, 2026)
• Federal Reserve, FDIC & OCC, “Regulatory Capital Rule: Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. GSIBs and Their Subsidiary Depository Institutions; TLAC and Long-Term Debt Requirements,” Final Rule (proposed June 25, 2025; effective April 1, 2026)
• Federal Reserve Board, “Requests Comment on Proposals to Enhance the Transparency and Public Accountability of Its Annual Stress Test,” (Oct. 24, 2025)
• Choi, Albert, Jacob Gerszten & Jeffery Y. Zhang, “Limits of Contingent Convertible Bonds: Evidence from the Credit Suisse Collapse,” (July 14, 2026)

PART III. INSURANCE

3.1. Introduction to Insurance Regulation

• U.S. Department of Treasury, “U.S. Department of the Treasury Hosts Convening with State Insurance Commissioners on Private Credit and the Insurance Sector,” Press Release, (May 7, 2026)
• Clifford Chance, “The NAIC’s Evolving Response to Private Equity in Insurance,” (March 2026) (discussing NAIC Actuarial Guideline 55 (Aug. 2025) and FSOC scrutiny of offshore and affiliated reinsurance)
• Andrew Granato, “Private Credit’s State Backstop: How Private Equity Socializes Risk Through Insurers”

For the 4th edition, we did not update the second and third chapters from Part III. We are, however, making these chapters from the 3rd edition available for instructors and students using the 4th edition:

• Chapter 3.2 The Protection of Consumers in Insurance Regulation (from the 3rd Edition)
• Chapter 3.3 The Role of Federal Government in Insurance Regulation (from the 3rd edition)

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.

• SEC, CFTC, “Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets,” Final Rule (March 17, 2026)
• Davis Polk, “SEC Begins to Clarify Application of Federal Securities Laws to Crypto,” (March 24, 2026)

4.2. Securities Firms and the Retail Investor

Gen Z Retail Investing

• World Economic Forum, “How trust drives Gen Z’s different approach to investing,”(January 14, 2026)

Mandatory Securities Arbitration

• Skadden, “Could Mandatory Arbitration Spell the End of Securities Class Actions?,” (December 2025)

Disgorgement

• Sripetch V. SEC, No. 25-466, (Supreme Court)  (see also sources cited for Chapter 8.3)

CLARITY Act and State Preemption

• North American Securities Administrators Association, “NASAA Urges Congress to Preserve Essential Regulatory Jurisdiction and Make Targeted Improvements to Preserve Cooperative Federalism and State Authority in Federal Market Structure Proposals,” (February 23, 2026)

4.3. Securities Firms in Corporate Transactions

• Dr. Rashi Malik, Shreya Sehgal, Kashwin, Aakash, “The Impact of AI-Driven Algorithmic Trading on Market Efficiency and Volatility: Evidence from Global Financial Markets,” (November 2025)
• Henry T.C. Hu, Strategy’s Bitcoin Treasury Model, Journal of Corporation Law, Vol. 51, No. 4 (2026)

4.4. Exchanges and Trading

• Greenburg Traurig, “The Texas Stock Exchange: A New Era for Public Markets in the Lone Star State,” (July 22, 2025)
• Skadden, “Working Through the Riddles of Tokenized Securities,” (April 14, 2025)
• Norton Rose Fulbright, “SEC Issues Guidance on Tokenized Securities,” (February 2026)
• SEC, “SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e),” (June 11, 2026)

PART V. CONSUMER PROTECTION AND THE CFPB

5.1. The Consumer Financial Protection Bureau

• CA Governor, “Governor Newsom appoints former federal regulator Rohit Chopra to head new Business and Consumer Services Agency amid Trump-era rollbacks,” (May 12, 2026)
• Ballard Spahr, “D.C. Circuit Hears En Banc Argument in National Treasury Employees Union v. Vought: A Defining Case for the CFPB’s Future,” (March 2, 2026)
• Ballard Spahr, “CFPB Workforce Restructuring Plan: New CFPB Motion Details Sweeping Proposed Reductions in Staff Across All Divisions While Injunction Remains in Place,” (April 8, 2026)
• Troutman Pepper Locke, “CFPB Restructuring Accelerates: Lease Termination and Litigation Attorney Hiring Amid Proposed Deep Staff Cuts,” (April 27, 2026)

5.2. Mortgages

• Sullivan & Cromwell, “Second Circuit Holds State Mortgage-Escrow Interest Laws Are Preempted by Federal Law,” (May 7, 2026)

5.3. Consumer Financial Products and Services

• Federal Reserve, ““Buy Now, Pay Later” Beyond “Pay in 4”, A Comprehensive Product Overview,” (June 5, 2026)
• Lance Gooden, “Gooden Reintroduces Trump-Endorsed Credit Card Competition Act,” (January 13, 2026)
• Holland & Knight, “Education Department Proposes RISE Committee Rules on Loan Limits and Repayment Plans,” (February 5, 2026)
• Goodwin, “Chapter 10: Student Lending,” in Consumer Financial Services: 2025 Year in Review (March 31, 2026)
• Ballard Spahr, “Trump’s proposed 10% credit card interest cap: Key considerations,” (January 14, 2026)
• CFPB, “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B),” Final Rule (May 1, 2026) (revising and narrowing the Section 1071 small-business lending-data rule; compliance January 1, 2028)

5.4. Comparing Consumer Protection Models Across Sectors

• Nikita Aggarwal, “Lobbying for Data: The Political Economy of Open Banking Regulation,” (18 February 2026)

PART VI. FINANCIAL CONGLOMERATES

6.1. Regulation of Holding Companies

6.2. Regulation of Bank Market Structure and Consolidation

Bank M&A

• Bain & Company, “Banking M&A’s Modernization Moment: A double Helix of Scale and Scope,” (January 27, 2026)
• Skadden, “The Long-Anticipated Wave of Bank Consolidation Starts to Break,” (January 13, 2026)
• Wachtell, “Financial Institutions M&A Key Trends and Outlook,” Harvard Law School Forum on Corporate Governance (April 24, 2026)
• Jou, Jeffery, Teng Wang & Jeffery Y. Zhang, “Bank Fragility After Mergers,” (May 24, 2026)
• OCC, “Business Combinations Under the Bank Merger Act: Rescission,” Interim Final Rule, Bulletin 2025-9 (May 2025) (rescinding the 2024 merger rule and policy statement and restoring expedited review)
• Davis Wright Tremaine, “FDIC Finalizes Return to Long-standing Bank Merger Policy,” (July 2025) (FDIC rescission of its 2024 Statement of Policy, effective Aug. 4, 2025)

6.3. Regulating Systemic Risk

• OCC, “Full Remarks of Jonathan V. Gould,” Financial Stability Oversight Council (March 25, 2026)
• Sullivan & Cromwell, “Financial Stability Oversight Council Proposed Changes to Nonbank SIFI Designation Guidance,” (April 8, 2026)

Tailoring

• Michelle W. Bowman, “Taking a Fresh Look at Supervision and Regulation,” Federal Reserve (June 6, 2025)
• Michelle W. Bowman, “Opening Remarks,” 2026 Banking Outlook Conference the Next Horizon in Banking (February 19, 2026)
• Bank Policy Institute, “BPI Response to Vice Chair Bowman’s Speech on Bank Supervision,” (June 6, 2025)

Climate Risk Pullback

• FSOC, “Minutes of the Financial Stability Oversight Council,” (September 20, 2024)
• SEC, “SEC Proposes Rescission of Climate-Related Disclosure Rules,” (May 29, 2026)

Other Systemic Risk Literature

• Skinner, Christina Parajon, “Financial Stability and Bank Agency Discretion,” University of Chicago Law Review, Vol. 92 Iss. 2 (2025)
• Gorton, Gary B. & Jeffery Y. Zhang, “Why Financial Crises Recur,” American Law and Economics Review (forthcoming)

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

PART VII. PAYMENT SYSTEMS

7.1. Introduction to Payment Systems

Introduction to Payments

• Federal Reserve Bank of Atlanta, “New Fed Data: Number and Value of Payments for Largest Dis 2015 to 2022,” (April 7, 2026)

Real-Time Retail Payments

• Federal Reserve Banks, “FedNow^® Service Volume and Value Statistics,” (Last updated July 6, 2026)
• Federal Reserve Banks, “2025 FedNow® Service Year in Review,” (January 15, 2026)
• RedCompass Labs, “5 Reasons US Banks aren’t Sending Instant Payments (yet),” (2025)
• Federal Reserve System, “Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J,” (April 10, 2026)
• Sullivan & Cromwell, “Federal Reserve Proposes Expansion that Would Permit Use of FedNow for Cross-Border Payments,” (April 9, 2026)

Regulating Payment Card Interchange Fees

• Illinois Bankers Association v. Raoul, No. 124-cv-07307, Memorandum and Order (N.D. Ill. June 1, 2026)
• United States of America v. Visa, Inc., No. 124-cv-07214, Memorandum and Order,  (S.D.N.Y. June 23, 2025)
• In re Payment Card Interchange Fee And Merchant Discount Antitrust Litigation, No. 105-md-01720-BMC-JAM, Memorandum and Order (E.D.N.Y. June 9, 2026)

7.2. Examining Critical Issues in Payment Systems

GENIUS Act & Stablecoin

• Davis Polk, “GENIUS Act is enacted,” (July 18, 2025)
• Brookings, “Next steps for GENIUS payment stablecoins,” (March 3, 2026)
• Chapman, “GENIUS Act Rulemaking and Reporting Tracker,” (Last Updated June 22, 2026)
• Cahill Gordon, “Five Rulemakings in Ten Weeks: Inside the GENIUS Act Implementation Spirit,” (May 5, 2026)

Innovation in US Retail Payments

• Exec. Order No. 14405, “Integrating Financial Technology Innovation Into Regulatory Frameworks,” of May 19, 2026, 91 Fed. Reg. 14,405 (May 22, 2026)

• The White House, “Fact Sheet President Donald J. Trump Integrates Financial Technology Innovation into Regulatory Frameworks,” (May 19, 2026)

Payment Accounts

• Federal Reserve Governors, “Proposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests,” 91 Fed. Reg. 30627 (May 26, 2026)
• Federal Reserve Governors, “Federal Reserve Board requests public comment on a proposal to establish a “payment account,” which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments,” (May 20, 2026)
• Federal Reserve Governors, “Board memo: Request for Comment on Proposed Establishment of a Payment Account,” (May 7, 2026)
• Federal Reserve Governors, “Statement on Payment Account Proposal by Governor Michael S. Barr,” (May 20, 2026)
• Davis Polk, “White House and Federal Reserve propose payment system access changes for fintech and crypto firms,” (May 29, 2026)

Master Account Access

•  Banco San Juan Internacional, Inc. v. The Federal Reserve Bank of New York No. 25-1144-cv, Memorandum Opinion (2d Cir. May 13, 2026)
• Custodia Bank v. Federal Reserve Board of Governors, No. 24-8024, Memorandum Opinion (10th Cir. October 31, 2025)
• Sullivan & Cromwell, “Federal Reserve Bank of Kansas City Approves Limited Purpose Account for Payward Financial d/b/a Kraken Financial,” (March 4, 2026)

Innovative Bank Charters

National Trust Banks

• OCC, “OCC Announces Conditional Approvals for Five National Trust Bank Charter Applications,” (December 12, 2025)

MALPBs

• Eversheds Sutherland, “The Georgia MALPB: A Strategic Alternative to Traditional Sponsor Banks for Merchant Card Processing Services,” (August 1, 2026)

California’s Digital Financial Assets Law

• Womble Bond Dickinson, “California’s New Digital Financial Assets Law Requires Application for Cryptocurrency Licenses to be Submitted by July 1, 2026,” (April 14, 2026)

Additional academic work and industry commentary of interest:

• Odinet, Christopher K., Tosato, Andrea, Yadav, Yesha, “The Moneyness of Stablecoins,” Yale Law Journal (March 18, 2026)
• Krause, David, “Beyond the GENIUS Act: Regulatory Gaps and Operational Challenges in Stablecoin Adoption,” University of Miami Law Review (January 21, 2026)
• Freshfields, “Knocking at the Fed’s Door: Recent Executive Order and Regulatory Proposals Signal Broader Payment Systems Access for Fintechs and Payment Companies,” (June 1, 2026)
• Awrey, Dan, Joshua Macey & Jeffery Y. Zhang, “Payment Network Governance,” Boston College Law Review (forthcoming)

CBDCs (housing bill)

• Atlantic Council, “What to watch as China prepares its digital yuan for prime time,” (January 15, 2026)
• Schnabel, Isabel, “From money market funds to stablecoins: lessons for central banks,” European Central Bank (June 1, 2026)

7.3. Illicit Finance, Wholesale Payments, and Dollar Dominance

Preventing Illicit Use of Payment Systems

• Treasury Department, “FinCEN Proposes Rule to Fundamentally Reform Financial Institution Programs Designed to Fight Illicit Finance,” (April 7, 2026)
• Davis Polk, “Proposed AMLCFT program rules provide new framework for AMLCFT supervision and enforcement,” (April 16, 2026)

AML/CFT & GENIUS

• Department of the Treasury, “Permitted Payment Stablecoin Issuer Anti-Money Laundering/Countering the Financing of Terrorism Program and Sanctions Compliance Program Requirements,” Fed. Reg. 91 FR 18582 (April 10, 2026)
• Davis Polk, “OFAC and FinCEN release proposed rule,” (April 21, 2026)
• Treasury Department, “Report to Congress From the Secretary of the Treasury on Innovative Technologies to Counter Illicit Finance Involving Digital Assets,” (March 6, 2026)
• Simpson Thatcher, “Trump Administration Scales Back Beneficial Ownership Reporting,” (March 31, 2025)

Theory / Discussion

• Jiang, Jiaying, “Crypto Money Laundering,” Berkeley Technology Law Journal (February 01, 2025)
• Steele, Graham S., “Financial Statecraft,” Stanford Journal of Law, Economics & Business (May 10, 2026)

Immigration

• Exec. Order No. 14,406, “Executive Order on Restoring Integrity to America’s Financial System,” of May 19 2026, 91 Fed. Reg. 30,479 (published on May 22, 2026)
• Davis Polk, “Executive Order signals forthcoming changes to FinCEN’s CIP and CDD Rules,” (May 22, 2026)

New Case Studies on Financial Action Task Force (FATF)

In September 2025, we completed work on a set of case studies on Pakistan and the FATF Grey List. These materials relate to materials covered in Chapter 7.3 on AML/CFT issues and also explore the work of an important but little studied regulatory network.  Teaching notes for these case studies is available by emailing the HLS Case Studies team at hlscasestudies@law.harvard.edu.

• Pakistan and the FATF Grey List – Part A
• Pakistan and the FATF Grey List – Part B
• Pakistan and the FATF Grey List – Part C

PART VIII. CORPORATE GOVERNANCE, SUPERVISION, AND ENFORCEMENT

8.1. Corporate Governance

• Davis Polk, “Incentive Compensation for Financial Institutions: Reproposal,” (May 2, 2016)
• Logue, Kyle D., W. Robert Thomas & Jeffery Y. Zhang, “Sanctioning Negligent Bankers,” Stanford Law Review (2026)

8.2. Supervision

• Sullivan & Cromwell, “Federal Reserve Revises Statement of Supervisory Operating Principles,” (May 1, 2026)
• OCC, “Treasury, FDIC, Unsafe or Unsound Practices, Matters Requiring Attention,” (October 30, 2025)
• Sullivan & Cromwell, “FDIC and OCC Issue Proposal to Define ‘Unsafe or Unsound Practice’ and Constrain Issuance of Matters Requiring Attention,” (October 14, 2025)
• Board of Governors of the Federal Reserve System, “Updated Statement of Supervisory Operating Principles,” (April 21, 2026)
• Davis Polk & Wardwell, “FFIEC proposes revisions to the CAMELS rating system,” (May 26, 2026)
• Board of Governors of the Federal Reserve System, “Statement on Large Financial Institution Rating Framework Proposal by Vice Chair for Supervision Michelle W. Bowman,” (July 10, 2025)
• Conti-Brown, Peter, Patrick M. Corrigan & Jeffery Y. Zhang, “Is Confidential Supervisory Information Material to Investors? Evaluating the Conflict between Banking and Securities Law,” (September 22, 2025)
• FDIC, “Notice of Proposed Rulemaking: Disclosure of Information,” (June 23, 2026)
• FDIC, “Notice of Proposed Rulemaking: Disclosure of Information,” (June 25, 2026)
• Davis Polk, “FDIC Proposes Major Revamp of CSI Regulations,” (July 6, 2026)
• The White House, “Guaranteeing Fair Banking for All Americans,” Executive Order (Aug. 7, 2025)
• OCC & FDIC, “Prohibition on the Use of Reputation Risk by Regulators,” Final Rule (Apr. 2026) (removing reputational risk from bank supervision, implementing the Aug. 2025 Executive Order)
• Sullivan & Cromwell, “Federal Reserve Board Announces Sunset of Novel Activities Supervision Program,” (Aug. 2025) (rescinding SR 23-7 and returning crypto and fintech oversight to the normal supervisory process)
• OCC, “Model Risk Management: Revised Guidance,” Bulletin 2026-13 (Apr. 2026) (interagency update to the 2011 model-risk guidance; generative-AI request for information to follow)
• Tarullo, Daniel K., Is Bank Supervision Fit For Purpose? (July 01, 2026)

8.3. Enforcement

• Atkins, Paul S., “Prepared Remarks Before SEC Speaks,” (March 19, 2026)
• SEC, “SEC’s Division of Enforcement Announces Updates to Enforcement Manual,” (February 24, 2026)
• Sullivan & Cromwell, “SEC Division of Enforcement Issues Comprehensive Update to Its Enforcement Manual,” (March 2, 2026)
• Sripetch V. SEC, No. 25-466, (Supreme Court) 
• Norton Rose Fulbright, “SEC disgorgement after Sripetch: What defendants need to know,” (June 2026)
• Paul Weiss, “Supreme Court Decides SEC May Obtain Disgorgement Without Showing Investor Loss,” (June 5, 2026)

PART IX. LENDER OF LAST RESORT AND RESOLUTION

9.1. Lender of Last Resort

• Mengyi Wang, The Federal Reserve as the World’s Unofficial Central Bank (July 13, 2026) (forthcoming Cornell Law Review)

9.2. Traditional Toolkit for Bank Failures

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

• SEC, “Response of the Office of Chief Counsel, Division of Corporation Finance Re: Bank of England,” (April 10, 2026)
• Atkins, Paul S., “Statement Regarding Staff No-Action Letter to Bank of England,” (April 10, 2026)
• Davis Polk, “SEC staff provides no-action relief for UK bank bail-in, Chairman anticipates broader rulemaking,” (April 15, 2026)
• FDIC, “Notice of Proposed Rulemaking: Resolution Submissions Required for Covered Insured Depository Institutions,” Memorandum (June 25, 2026)
• FDIC, “Notice of Proposed Rulemaking: Resolution Submissions Required for Covered Insured Depository Institutions,” (June 25, 2026)
• FDIC, “Notice of Proposed Rulemaking: Assessments Thresholds, Rate Schedules, and Adjustments,” Memorandum (June 25, 2026)
• FDIC, “Notice of Proposed Rulemaking: Assessments Thresholds, Rate Schedules, and Adjustments,” (June 25, 2026)
• Davis Polk, “FDIC proposes overhaul of IDI resolution planning rule,” (June 30, 2026)
• Hill, Travis, “An Update on Reforms to the Regulatory Toolkit,” American Bankers Association Washington Summit (March 11, 2026)
• Zhang, Jeffery Y., “Too Scared to Use: Living Wills and Orderly Liquidation of Too-Big-to-Fail Financial Institutions,” Iowa Law Review (forthcoming)
• Choi, Albert & Jeffery Y. Zhang, “Creditors, Shareholders, and Losers In Between: A Failed Regulatory Experiment,” Cornell Law Review (2025)

PART X. MUTUAL FUNDS AND OTHER INVESTMENT VEHICLES

10.1. Introduction to Asset Management and Its Regulation

ESG Disclosure Rule Rollback

• Foley Hoag, “SEC Proposes Full Rescission of Climate-Related Disclosure Rules,” (June 1, 2026)
• SEC, “SEC Proposes Rescission of Climate-Related Disclosure Rules,” (May 29, 2026)

Shadow Investment Companies

• Birdthistle, William, Gabriel Rauterberg & Jeffery Y. Zhang, “Shadow Investment Companies,” Columbia Business Law Review (March 1, 2026)

Institutional Investors as Shareholders

• Natalya Shnitser, Shadow Shareholders: The Emergence of Collective Investment Trusts as Institutional Owners (Apr. 27, 2026)

10.2. Mutual Funds: Fiduciary Duties and Structural Restraints

• FS Credit Opportunities Corp V. Saba Capital Master Fund, Ltd., No. 24-345 (Supreme Court)
• Skadden, “Exploring the Significant Ramifications of the Supreme Court’s FS Credit Ruling,” (July 2, 2026)

10.3. Mutual Funds: Disclosure and Its Limitations

• Morgan Lewis, SEC Staff Publishes Additional Names Rule FAQs, SEC Proposes N-PORT Amendments (February 27, 2026)

10.4. The Regulation of Retirement Savings

Private Equity and Pension Plans

• Department of Labor, “Fiduciary Duties in Selecting Designated Investment Alternatives,” Proposed Regulation (March 31, 2026)
• Investment Company Institute, “Letter from the Investment Company Institute to the Department of Labor regarding Fiduciary Duties in Selecting Designated Investment Alternatives: RIN 1210-AC38,” (June 1, 2026)
• CBS News, “Elizabeth Warren letter to SEC regarding 401(k) crypto assets,” (Jan. 12, 2026)

Trump Accounts

• CSPAN, “National Economic Council Director and Sen. Cruz on Economic Growth,” (May 4, 2026)

Anderson v. Intel

• Sidley Austin, “Anderson v. Intel – U.S. Supreme Court Grants Certiorari: Implications for ERISA “Excessive Fee” Litigation,” (Jan. 26, 2026)

• Frederick, David C., et al. as Amici Curiae supporting Petitioners, Anderson v. Intel, No. 25-498 (April 30, 2026)

10.5. The Regulation of Hedge Funds and Other Private Funds

Trump Administration’s Push for Ritual Access to Private Equity

• Executive Order 14330, “Democratizing Access to Alternative Assets for 401(K) Investor,” (August 7, 2025)
• Uyeda, Mark, “Remarks at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference,” (February 24, 2025)
• CNBC, “House votes to expand accredited investor opportunity with SEC test,” (July 23, 2025)
• Ropes & Gray, “SEC Issues New Guidance for Registered Closed-End Funds Investing in Private Funds,” (August 18, 2025)
• Atkins, Paul S., “Opening Remarks at Private Markets Roundtable,” (April 3, 2026)

Challenges to Private Capital

• Bates, Ben, “Retail Access to Private Markets: What Are the Risks?,” (February 19, 2026)
• Clayton, William, de Fontenay, Elisabeth, “Private Equity for All: The Paradoxical Push to Democratize Private Markets,” BYU Law, No. 26-02 (June 2, 2026)
• Federal Reserve, “Private Credit: Characteristics and Risks,” FEDS Notes (February 23, 2024)
• The Guardian, “Blue Owl Capital limits withdrawals after investors try to redeem $5.4bn | Funding for Lending,” (April 2, 2026)

PART XI. DERIVATIVES AND RATE MARKETS

11.1. Overview of Derivatives

• Kalshiex LLC v. Schuler, No. 26.3196, 2026 WL 1295806 (6^th Cir. April 24, 2026) (finding no preemption of Ohio state gambling laws by the CEA)
• KalshiEX, LLC v. Flaherty, 172 F.4th 220 (3d Cir. 2026) (holding the CEA preempts New Jersey state gambling laws)
• CFTC, Amicus Brief of Commodity Futures Trading Commission in Support of Appellant and in Support of Reversal (February 17, 2026)(filed in North American Derivatives Exchange, Inc. et al v. The State of Nevada on relation of the Nevada Gaming Control Board et al.)
• Norton Rose Fulbright, “Prediction markets at a crossroads: Preemption, enforcement and rulemaking,” (April 2026)  
• Beylin, Ilya, “Event Contracts Are a Step Too Far for Derivatives Regulation,” University of Chicago Business Law Review (January 2025)
• Ashar, Raj, “Insider Trading in the Era of Prediction Markets,” Virginia Law & Business Review (June 28, 2026)
• CFTC, “CFTC Joins Gemini Trust Company LLC in Motion for Relief from Judgment,” (May 27, 2026)
• CFTC, “Policy Statement Concerning the Listing of Perpetual Contracts,” (May 29, 2026)
• CFTC, “Chairman Michael S. Selig Remarks at FIA Global Cleared Markets Conference,” (March 9, 2026)
• The Harvard Gazette, “Would it be fair if you could bet on date of your college reunion?,” (May 19, 2026)

For the 4th edition, we did not update the second and third chapters from Part XI. We are, however, making these chapters from the 3rd edition available for instructors and students using the 4th edition:

• Chapter 11.2 – Derivatives: Market Infrastructure (from the 3rd edition)
• Chapter 11.3 – Derivatives: Business Conduct and Market Integrity (from the 3rd edition)

PART XII. SHADOW BANKING

12.1. Securitization

• Cherneko, Sergey, Scharfstein, David S., “Private Credit and Financial Stability,” SSRN (March 24, 2026)
• FBT GIBBONS, “Shadow Banking and Private Credit: What It Is, Why It’s Used, and Why It’s in the News,” (March 10, 2026)
• SIFMA, “US Asset Backed Securities Statistics,” (July 7, 2026)
• SIFMA, “US Fixed Income Securities Statistics,” (July 7, 2026)

12.2. Mortgage Markets and the Government-Sponsored Enterprises

• Wachter, Susan M., Golding, Edward, “Resolving the Contested Future of the GSEs: The Stakes are High,” The Wharton School Research Paper (October 15, 2025)
• Choi, Jung Hyun et al. “The Value of the FHLBank System to Bank Liquidity and Stability,” Urban Institute (November 12, 2025),
• Choi, Jung Hyun et al. “The Value of the FHLBank System to Promote Housing and Community Development Lending,” Urban Institute (January 13, 2026),
• Klein, Aaron, Hughes, Chris, “Reform the Federal Home Loan Banks to finance the housing America Needs,” Brookings Institute (April 27, 2026)
• Arnold, Chris, Neuman, Scott, “Privatizing Fannie Mae is risky. Would it be a win for taxpayers or Trump’s donors?,” NPR (February 3, 2026)

12.3. Money Market Funds

• Cong, Lin William et al., “Tokenized Stocks,” SSRN (January 4, 2026)
• JP Morgan Asset Management, “Tokenization of Money Markets,” (2026)
• Krause, David, “Private Credit Stress and Tokenized Lending: Contagion Risks Between Traditional Funds and Blockchain-Based Credit Markets,” SSRN (March 13, 2026)
• Investment Company Institute, “Release: Money Market Fund Assets,” (May 28, 2026)
• SEC Division of Investment Management, “Money Market Fund Statistics for Period ending April 2026,” (April 2026)
• Cohen, Stephen T., McComb, Austin G., “Money Market Funds: Comparison of Regulations in the United States and European Union,” Catholic University Law Review (2025)

12.4. Short-Term Wholesale Funding

• Federal Reserve, “Regulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),” notice of proposed rulemaking (March 27, 2026)
• Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation, “Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations,” notice of proposed rulemaking (March 27, 2026)
• Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation, “Regulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-weighted Assets,” notice of proposed rulemaking (March 27, 2026)
• Holland and Knight, “U.S. Banking Agencies Propose New Rules to Reduce Regulatory Capital Requirements for Banks,” (June 16, 2026)

• Rauterberg, Gabriel V. & Jeffery Y. Zhang, “Shadow Banking and Securities Law,” Stanford Law Review (March 2025)

DIGITAL ASSETS MODULE

GENIUS Act & Stablecoins

• Public Law No: 119-27, ““Guiding and Establishing National Innovation for U.S. Stablecoins Act” or the “GENIUS Act”,” (July 18, 2025).
• WilmerHale, “What the GENIUS Act Means for Payment Stablecoin Issuers, Banks, and Custodians,” (July 18, 2025)
• Davis Polk, “GENIUS Act is enacted,” (July 18, 2025)
• Brookings, “Next steps for GENIUS payment stablecoins,” (March 3, 2026)

GENIUS Act Rulemakings

• OCC, “GENIUS Act Regulations: Notice of Proposed Rulemaking,” (February 25, 2026).
• FDIC, “Notice of Proposed Rulemaking to Establish GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions,” (April 7, 2026)
• U.S. Department of Treasury, “Notice of Proposed Rulemaking: GENIUS Act Broad-Based Principles for Determining Whether a State-level Regulatory Regime Is Substantially Similar to the Federal Regulatory Framework,” (April 1, 2026).
• Chapman, “GENIUS Act Rulemaking and Reporting Tracker,” (Last Updated June 22, 2026)
• Cahill Gordon, “Five Rulemakings in Ten Weeks: Inside the GENIUS Act Implementation Spirit,” (May 5, 2026)
• Sullivan & Cromwell, “GENIUS Act Implementation,” (April 10, 2026)

Stablecoin Yield Debate

• Labonte, Tierno, “The Stablecoin Yield Debate,” CRS Product (Library of Congress) (June 3, 2026)
• The White House, “Effects of Stablecoin Yield Prohibition on Bank Lending,” (April 8, 2026)
• Bank Policy Institute, “Yield-Bearing Stablecoins Can Destroy Deposits,” (May 8, 2026)

Clarity Act and Digital Asset Market Structure

• Sullivan & Cromwell, “SEC and CFTC Issue Interpretation Regarding the Application of Federal Securities Laws to Crypto Assets,” (March 19, 2026)
• Securities and Exchange Commission Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets, (March 17, 2026)
• Krause, David, “The Path to Digital Asset Reform: Reconciling the CLARITY Act and the Responsible Financial Innovation Act,” SSRN (Jan 05, 2026)
• Atkins, Paul, “Regulation Crypto Assets: A Token Safe Harbor,” (March 17, 2026)
• Goforth, Carol, “Crypto Regulation Shouldn’t be Cryptic: The Continuing Need for Legislative Clarification,” UNH Law Review (May 2026)
• Seth Oranburg, “The GENIUS Dilemma: Innovation versus Antifraud in Stablecoin Regulation,” Stanford Journal of Blockchain & Policy (2026)