{"id":2,"date":"2023-09-28T17:09:32","date_gmt":"2023-09-28T17:09:32","guid":{"rendered":"https:\/\/projects.law.harvard.edu\/financialregulation\/?page_id=2"},"modified":"2026-07-30T17:56:58","modified_gmt":"2026-07-30T17:56:58","slug":"sample-page","status":"publish","type":"page","link":"https:\/\/projects.law.harvard.edu\/financialregulation\/","title":{"rendered":"Home"},"content":{"rendered":"\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:30%\">\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"261\" height=\"349\" src=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/4th-edition.jpg\" alt=\"\" class=\"wp-image-248\" style=\"width:184px;height:auto\" srcset=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/4th-edition.jpg 261w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/4th-edition-224x300.jpg 224w\" sizes=\"auto, (max-width: 261px) 100vw, 261px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:75%\">\n<p class=\"wp-block-paragraph\">This site presents free supplemental materials for&nbsp;<a href=\"https:\/\/faculty.westacademic.com\/Book\/Detail?id=350200\">Jackson &amp; Tahyar, Financial Regulation: Law and Policy<\/a>&nbsp;(Foundation Press, 4th ed., 2025). These materials are organized by chapter and cover important developments since the fourth edition went to press at the start of the third quarter of 2025.&nbsp; In addition, the supplement includes a module on digital assets.&nbsp; In some cases, we also include older documents that instructors may wish to emphasize in their courses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a complement to the text, the authors have produced a series of case studies designed to introduce students to the kinds of legal problems involving financial regulation that lawyers at private firms or in government service actually face in practice. Many of these case involving financial technology appear in <a href=\"https:\/\/projects.law.harvard.edu\/fintechlaw\/\">Jackson &amp; Tayhar, Fintech Law: The Case Studies (2020)<\/a>; others are available at &nbsp;<a href=\"https:\/\/casestudies.law.harvard.edu\/howell-e-jackson\/\">https:\/\/casestudies.law.harvard.edu\/howell-e-jackson\/<\/a>.&nbsp; All are available free of charge.&nbsp; The most recent case studies, exploring Pakistan\u2019s placement on the Financial Action Task Force Grey List, is included below under Chapter 7.3, which deals with the regulation of illicit finance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you have suggestions about additional materials that should be posted here or included in the third edition, please contact Howell Jackson at&nbsp;<a href=\"https:\/\/projects.iq.harvard.edu\/financialregulation\/mailto:hjackson@law.harvard.edu\">hjackson@law.harvard.edu<\/a>&nbsp;and Meg Tahyar at&nbsp;<a href=\"https:\/\/projects.iq.harvard.edu\/financialregulation\/mailto:margaret.tahyar@davispolk.com\">margaret.tahyar@davispolk.com<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Good luck.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center has-large-font-size\"><strong>Supplemental Materials for the 4<sup>th<\/sup> Edition<\/strong><\/h2>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-medium-font-size wp-elements-1 wp-block-paragraph\"><strong>PART I. INTRODUCTION TO FINANCIAL REGULATION<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>1.1. Finance Today<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>1.2. The History of U.S. Financial Regulation: A Thematic Overview<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.supremecourt.gov\/opinions\/25pdf\/25a312_5468.pdf\"><em>Trump v. Cook<\/em>, No. 25A312, (Supreme Court)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.supremecourt.gov\/opinions\/25pdf\/25-332_qn12.pdf\"><em>Trump v. Slaughter<\/em>, No. 25-332, (Supreme Court)<\/a> <\/li>\n\n\n\n<li><a href=\"https:\/\/www.gtlaw.com\/en\/insights\/2025\/4\/cfpb-memo-details-less-oversight-on-fintechs-shift-to-state-led-enforcement#main-content\">Greenberg Traurig, \u201cCFPB Memo Details Less Oversight on Fintechs Shift to State-Led Enforcement\u201d (April 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cooley.com\/news\/insight\/2025\/2025-04-23-slimmed-down-cfpb-to-focus-on-bank-oversight-concrete-consumer-harm\">Cooley, \u201cSlimmed-Down CFPB to Focus on Bank Oversight, Concrete Consumer Harm\u201d (April 23, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>1.3. Regulatory Frameworks<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Additional materials related to the regulatory framework are available in the <em>Digital Assets Module<\/em> as well as in section 4.1., <em>Introduction to the Regulation of Securities Firms.<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/peirce-remarks-regulatory-transparency-project-conference\">Hester M. Peirce, \u201cOn the Spot: Remarks at \u201cRegulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?\u201d\u201d (Jun. 14, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-remarks-regulation-crypto-assets-031726\">Paul S. Atkins, Regulation Crypto Assets: A Token Safe Harbor, (Mar. 17, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>1.4. Regulatory Perimeter<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-2\"><span style=\"text-decoration: underline\">Interchange Fees &amp; Regulation of Usury<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.consumerfinancemonitor.com\/wp-content\/uploads\/sites\/14\/2026\/06\/OCC-Amicus-Brief.pdf\">OCC, Amicus Brief (June 4, 2026)<\/a> (amicus brief supporting plaintiffs\u2019 challenge to Colorado\u2019s opt-out law)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinancemonitor.com\/wp-content\/uploads\/sites\/14\/2026\/06\/FDIC-Amicus-Brief.pdf\">FDIC, Amicus Brief (June 4, 2026)<\/a> (FDIC\u2019s amicus brief supporting plaintiffs\u2019 challenge to Colorado\u2019s opt-out law)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinancemonitor.com\/2026\/06\/10\/prominent-consumer-credit-scholars-and-center-for-individual-freedom-file-amicus-brief-supporting-plaintiffs-in-colorado-opt-out-appeal\/\">Ballard Spahr, \u201cProminent Consumer Credit Scholars and Center for Individual Freedom File Amicus Brief Supporting Plaintiffs in Colorado Opt-out Appeal,\u201d (June 10, 2026)<\/a> (discussing amicus briefs in challenges to interest-rate caps to loans made by out-of-state, state-chartered banks)<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-3\"><span style=\"text-decoration: underline\">Preemption<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.occ.treas.gov\/news-issuances\/news-releases\/2026\/nr-occ-2026-32a.pdf\">OCC, \u201cNational Bank Non-Interest Charges and Fees,\u201d Interim Final Rule (effective June 30, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.treas.gov\/news-issuances\/news-releases\/2026\/nr-occ-2026-32b.pdf\">OCC, \u201cPreempting the Illinois Interchange Fee Prohibition Act,\u201d Interim Final Order (effective June 30, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/capitolnewsillinois.com\/wp-content\/uploads\/2026\/06\/2026-06-01-KENDALL-OPINION.pdf\">Chief Judge Virginia M. Kendall, \u201cMemorandum Opinion &amp; Order &#8211; Illinois Bankers Association v. Kwame Raoul,\u201d (June 1, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>1.5 A Tour of Financial Statements<\/strong><\/h5>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART II. INSURED DEPOSITORY INSTITUTIONS<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading has-medium-font-size\"><strong>2.1. The Impact of Charter Choice<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-4\"><span style=\"text-decoration: underline\">Innovations in Charter Choice<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sidley.com\/en\/insights\/newsupdates\/2026\/01\/the-state-of-play-in-banking-and-digital-assets-welcome-developments-from-the-banking-agencies\">Sidley, \u201cThe State of Play in banking and Digital Assets: Welcome Developments from the Banking Agencies,\u201d (January 9, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-5\"><span style=\"text-decoration: underline\">Competitive Equality<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sidley.com\/en\/insights\/newsupdates\/2026\/01\/the-state-of-play-in-banking-and-digital-assets-welcome-developments-from-the-banking-agencies\">Sidley, \u201cThe State of Play in banking and Digital Assets: Welcome Developments from the Banking Agencies,\u201d (January 9, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.csbs.org\/sites\/default\/files\/other-files\/CSBS%20Comment%20Letter_OCC%20Trust%20Charter%20NPR.pdf\">CSBC, \u201cNational Bank Chartering,\u201d Comment Letter (February 11, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-6\"><span style=\"text-decoration: underline\">Industrial Loan Companies<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.mayerbrown.com\/en\/insights\/publications\/2025\/07\/us-fdic-requests-comment-on-industrial-loan-company-framework\">Mayer Brown, \u201cUS FDIC Requests Comment on Industrial Loan Company Framework,\u201d (July 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.goodwinlaw.com\/en\/insights\/publications\/2026\/06\/insights-technology-fs-fdic-approves-deposit-insurance-applications-ilcs-specialty-business-models\">Goodwin, \u201cFDIC Approves Deposit Insurance Applications for ILCs Proposing Specialty Business Models,\u201d (June 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2.2. Activities Restrictions and the Business of Banking<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/dmsweb.ad.dpw.com\/work\/link\/d\/AMERICASADMIN!53092471.1\">Federal Register, \u201cOCC Expansion of Trust Bank Powers,\u201d Volume 91, Number 40, 12 CFR Part 5, (March 2, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/occ-clarifies-scope-activities-permissible-national-trust-banks\">Davis Polk, \u201cOCC Clarifies Scope of Activities Permissible for National Trust Banks,\u201d (March 5, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6276878\">Awrey, Dan, \u201cBanking, Technology, and Instability,\u201d <em>European Corporate Governance Institute &#8211; Law Working Paper No. 901\/2026<\/em> (February 24, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2.3. Portfolio Diversification and Affiliate Transactions<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/dmsweb.ad.dpw.com\/work\/web\/dialogs\/link\/d\/AMERICASADMIN!53092473.1\">Board of Governors of the Federal Reserve System, \u201cOrder Approving Request by Morgan Stanley Bank,\u201d (March 5, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/barr-statement-20260326.htm\">Board of Governors of the Federal Reserve System, \u201cStatement on Request from Morgan Stanley by Governor Michael S. Barr,\u201d (March 26, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/jefferson-statement-20260326.htm\">Board of Governors of the Federal Reserve System, \u201cStatement on Request from Morgan Stanley by Vice Chair Philip N. Jefferson,\u201d (March 26, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/cook-statement-20260326.htm\">Board of Governors of the Federal Reserve System, \u201cStatement on Request from Morgan Stanley by Governor Lisa D. Cook,\u201d (March 26, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/2026.05.20%20Letter%20to%20Financial%20Regulators%20re%20Morgan%20Stanley%2023A.pdf\">Committee on Banking, Housing, and Urban Affairs, Elizabeth Warren, Letter to Michelle Bowman, Jonathan Gould, &amp; Travis Hill Regarding Morgan Stanley Exemption (May 20, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6345199\">Kress, Jeremy C. &amp; Jeffery Y. Zhang, \u201cEnforcing the Community Reinvestment Act,\u201d <em>Washington University Law Review<\/em> (forthcoming)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarship.law.tamu.edu\/lawreview\/vol13\/iss4\/3\/\">Hill, Julie Anderson, \u201cGovernmental Debanking,\u201d <em>Texas A&amp;M Law Review <\/em>(May 20, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2025\/07\/18\/2025-13559\/community-reinvestment-act-regulations\">OCC, Fed &amp; FDIC, \u201cCommunity Reinvestment Act Regulations,\u201d Notice of Proposed Rulemaking to Rescind the 2023 CRA Final Rule and Reinstate the 1995 Framework (July 16, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2.4. Deposit Insurance<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fdic.gov\/center-financial-research\/staff-studies-may-2026.pdf\">FDIC, \u201cDissecting Depositor Flight: An Analysis of the Spring 2023 Bank Failures,\u201d (May 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarship.law.marquette.edu\/mulr\/vol109\/iss2\/4\/\">Phillips, Todd, \u201cRegulation by Deposit Insurance,\u201d <em>Marquette Law Review<\/em>, Vol. 109 Iss. 2 (2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/nyulawreview.org\/issues\/volume-100-number-2\/why-have-uninsured-depositors-become-de-facto-insured\/\">Ohlrogge, Michael, \u201cWhy Have Uninsured Depositors Become De Facto Insured?,\u201d <em>New<\/em> <em>York Law Review<\/em>, Vol. 100 No. 2 (May 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/journals.law.harvard.edu\/hblr\/wp-content\/uploads\/sites\/87\/2025\/11\/05_HLB_15_3_Ashar757-768-1.pdf\">Ashar, Raj, \u201cSmall Banks, Smaller Safety Nets,\u201d <em>Harvard Business Law Review<\/em> (2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.americanbanker.com\/news\/house-gives-deposit-insurance-reform-another-try\">American Banker, \u201cHouse Gives Deposit Insurance Reform Another Try,\u201d (2026) (describing the Community Bank Deposit Access Act (H.R. 5317) and \u201ctargeted coverage\u201d proposals)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2.5. Capital Regulation: An Introduction<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2.6. Capital Regulation: Pre-Financial Crisis to Basel II<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>2.7. Capital Regulation: Basel III and Beyond<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/bowman20260312a.htm\">Bowman, Michelle W., \u201cCapital Rules for the Real Economy,\u201d (March 12, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.debevoise.com\/-\/media\/files\/insights\/publications\/2026\/03\/federal-banking-agencies-basel-iii-endgame-mullig.pdf\">Debevoise &amp; Plimpton, \u201cFederal Banking Agencies\u2019 Basel III Endgame Mulligan,\u201d (March 20, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/bcreg20260319a.htm\">FDIC, Fed, &amp; OCC, \u201cAgencies request comment on proposals to modernize the regulatory capital framework and maintain the strength of the banking system,\u201d Joint Press Release (March 19, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/27\/2026-05961\/regulatory-capital-rule-regulation-q-risk-based-capital-surcharges-for-global-systemically-important\">&nbsp;FDIC, Fed, &amp; OCC, \u201cRegulatory Capital Rule (Regulation Q): Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),\u201d (March 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/27\/2026-05959\/regulatory-capital-rule-category-i-and-ii-banking-organizations-banking-organizations-with\">FDIC, Fed, &amp; OCC, \u201cRegulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations With Significant Trading Activity, and Optional Adoption for Other Banking Organizations,\u201d (March 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/27\/2026-05960\/regulatory-capital-rules-regulatory-capital-and-standardized-approach-for-risk-weighted-assets\">FDIC, Fed, &amp; OCC, Regulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-Weighted Assets, (March 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.debevoise.com\/-\/media\/files\/insights\/publications\/2026\/03\/federal-banking-agencies-basel-iii-endgame-mullig.pdf\">Kress, Jeremy, \u201cRe: Regulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations,\u201d Comment Letter (June 18, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2025\/12\/01\/2025-21626\/regulatory-capital-rule-modifications-to-the-enhanced-supplementary-leverage-ratio-standards-for-us\">Federal Reserve, FDIC &amp; OCC, \u201cRegulatory 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,\u201d Final Rule (proposed June 25, 2025; effective April 1, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/bcreg20251024a.htm\">Federal Reserve Board, \u201cRequests Comment on Proposals to Enhance the Transparency and Public Accountability of Its Annual Stress Test,\u201d (Oct. 24, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5696183\">Choi, Albert, Jacob Gerszten &amp; Jeffery Y. Zhang, \u201cLimits of Contingent Convertible Bonds: Evidence from the Credit Suisse Collapse,\u201d (July 14, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART III. INSURANCE<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>3.1. Introduction to Insurance Regulation<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sb0493\">U.S. Department of Treasury, \u201cU.S. Department of the Treasury Hosts Convening with State Insurance Commissioners on Private Credit and the Insurance Sector,\u201d Press Release, (May 7, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cliffordchance.com\/insights\/resources\/blogs\/insurance-insights\/2026\/03\/the-naics-evolving-response-to-private-equity-in-insurance.html\">Clifford Chance, \u201cThe NAIC\u2019s Evolving Response to Private Equity in Insurance,\u201d (March 2026) (discussing NAIC Actuarial Guideline 55 (Aug. 2025) and FSOC scrutiny of offshore and affiliated reinsurance)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=7152239\" data-type=\"link\" data-id=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=7152239\">Andrew Granato, \u201cPrivate Credit&#8217;s State Backstop: How Private Equity Socializes Risk Through Insurers\u201d<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-3.2-3rd-edition.pdf\">Chapter 3.2 The Protection of Consumers in Insurance Regulation (from the 3<\/a><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-3.2-3rd-edition.pdf\">rd<\/a> <a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-3.2-3rd-edition.pdf\">Edition)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-3.3-3rd-edition.pdf\">Chapter 3.3 The Role of Federal Government in Insurance Regulation (from the 3<\/a><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-3.3-3rd-edition.pdf\">rd<\/a>&nbsp;<a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-3.3-3rd-edition.pdf\">edition)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART IV. SECURITIES FIRMS AND CAPITAL MARKETS<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>4.1. Introduction to the Regulation of Securities Firms<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Many of the jurisdictional issues addressed here\u2014related to the boundaries of the regulatory perimeter\u2014also appear in the Digital Assets context.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/files\/rules\/interp\/2026\/33-11412.pdf\">SEC, CFTC, \u201cApplication of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets,\u201d Final Rule (March 17, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/sec-begins-clarify-application-federal-securities-laws-crypto\">Davis Polk, \u201cSEC Begins to Clarify Application of Federal Securities Laws to Crypto,\u201d (March 24, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>4.2. Securities Firms and the Retail Investor<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-7\"><span style=\"text-decoration: underline\">Gen Z Retail Investing<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.weforum.org\/stories\/financial-and-monetary-systems\/gen-z-financial-investment-trust\/\">World Economic Forum, \u201cHow trust drives Gen Z\u2019s different approach to investing,\u201d(January 14, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-8\"><span style=\"text-decoration: underline\">Mandatory Securities Arbitration<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2025\/12\/the-informed-board\/could-mandatory-arbitration-spell-the-end-of-securities-class-actions\">Skadden, \u201cCould Mandatory Arbitration Spell the End of Securities Class Actions?,\u201d (December 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-9\"><span style=\"text-decoration: underline\">Disgorgement<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.supremecourt.gov\/opinions\/25pdf\/25-466_5i26.pdf\"><em>Sripetch V. SEC<\/em>, No. 25-466, (Supreme Court)<\/a>&nbsp; (see also sources cited for Chapter 8.3)<\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-10\"><span style=\"text-decoration: underline\">CLARITY Act and State Preemption<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.nasaa.org\/wp-content\/uploads\/2026\/02\/NASAA-Urges-Congress-to-Make-Targeted-Improvements-to-the-Federal-Market-Structure-Proposals-2.23.26-F.pdf\">North American Securities Administrators Association, \u201cNASAA Urges Congress to Preserve Essential Regulatory Jurisdiction and Make Targeted Improvements to Preserve Cooperative Federalism and State Authority in Federal Market Structure Proposals,\u201d (February 23, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>4.3. Securities Firms in Corporate Transactions<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.ijset.in\/wp-content\/uploads\/1764146428_ICSEMT.V13_issue_6_117.pdf\">Dr. Rashi Malik, Shreya Sehgal, Kashwin, Aakash, \u201cThe Impact of AI-Driven Algorithmic Trading on Market Efficiency and Volatility: Evidence from Global Financial Markets,\u201d (November 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6940658\">Henry T.C. Hu, Strategy\u2019s Bitcoin Treasury Model, Journal of Corporation Law, Vol. 51, No. 4 (2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>4.4. Exchanges and Trading<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.gtlaw.com\/en\/insights\/2025\/7\/the-texas-stock-exchange-a-new-era-for-public-markets-in-the-lone-star-state\">Greenburg Traurig, \u201cThe Texas Stock Exchange: A New Era for Public Markets in the Lone Star State,\u201d (July 22, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2025\/04\/working-through-the-riddles-of-tokenized-securities-client-alert\">Skadden, \u201cWorking Through the Riddles of Tokenized Securities,\u201d (April 14, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nortonrosefulbright.com\/en\/knowledge\/publications\/f587fc3c\/sec-issues-guidance-on-tokenized-securities\">Norton Rose Fulbright, \u201cSEC Issues Guidance on Tokenized Securities,\u201d (February 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2026-54-sec-proposes-rescission-regulation-nms-rules-611-610e\">SEC, \u201cSEC Proposes Rescission of Regulation NMS Rules 611 and 610(e),\u201d (June 11, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART V. CONSUMER PROTECTION AND THE CFPB<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>5.1. The Consumer Financial Protection Bureau<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.gov.ca.gov\/2026\/05\/12\/governor-newsom-appoints-former-federal-regulator-rohit-chopra-to-head-new-business-and-consumer-services-agency-amid-trump-era-rollbacks\/\">CA Governor, \u201cGovernor Newsom appoints former federal regulator Rohit Chopra to head new Business and Consumer Services Agency amid Trump-era rollbacks,\u201d (May 12, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinancemonitor.com\/2026\/03\/02\/d-c-circuit-hears-en-banc-argument-in-national-treasury-employees-union-v-vought-a-defining-case-for-the-cfpbs-future\/\">Ballard Spahr, \u201cD.C. Circuit Hears En Banc Argument in National Treasury Employees Union v. Vought: A Defining Case for the CFPB\u2019s Future,\u201d (March 2, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinancemonitor.com\/2026\/04\/08\/cfpb-workforce-restructuring-plan-new-cfpb-motion-details-sweeping-proposed-reductions-in-staff-across-all-divisions-while-injunction-remains-in-place\/\">Ballard Spahr, \u201cCFPB Workforce Restructuring Plan: New CFPB Motion Details Sweeping Proposed Reductions in Staff Across All Divisions While Injunction Remains in Place,\u201d (April 8, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinancialserviceslawmonitor.com\/2026\/04\/cfpb-restructuring-accelerates-lease-termination-and-litigation-attorney-hiring-amid-proposed-deep-staff-cuts\/\">Troutman Pepper Locke, \u201cCFPB Restructuring Accelerates: Lease Termination and Litigation Attorney Hiring Amid Proposed Deep Staff Cuts,\u201d (April 27, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>5.2. Mortgages<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/May\/Second-Circuit-Holds-Mortgage-Escrow-Interest-Laws-Preempted\">Sullivan &amp; Cromwell, \u201cSecond Circuit Holds State Mortgage-Escrow Interest Laws Are Preempted by Federal Law,\u201d (May 7, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>5.3. Consumer Financial Products and Services<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/econres\/notes\/feds-notes\/buy-now-pay-later-beyond-pay-in-4-a-comprehensive-product-overview-20260605.html\">Federal Reserve, \u201c\u201cBuy Now, Pay Later\u201d Beyond \u201cPay in 4\u201d, A Comprehensive Product Overview,\u201d (June 5, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/gooden.house.gov\/press-releases?ID=A2EF9AEA-507B-45F6-86A1-2A0574B9D680\">Lance Gooden, \u201cGooden Reintroduces Trump-Endorsed Credit Card Competition Act,\u201d (January 13, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2026\/02\/education-department-proposes-rise-committee-rules\">Holland &amp; Knight, \u201cEducation Department Proposes RISE Committee Rules on Loan Limits and Repayment Plans,\u201d (February 5, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.goodwinlaw.com\/en\/insights\/publications\/2026\/03\/insights-finance-cfs-yir-student-lending\">Goodwin, \u201cChapter 10: Student Lending,\u201d in <em>Consumer Financial Services: 2025 Year in Review<\/em> (March 31, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.jdsupra.com\/legalnews\/trump-s-proposed-10-credit-card-3590873\/\">Ballard Spahr, \u201cTrump\u2019s proposed 10% credit card interest cap: Key considerations,\u201d (January 14, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/rules-policy\/final-rules\/small-business-lending-under-the-equal-credit-opportunity-act-regulation-b\/\">CFPB, \u201cSmall Business Lending Under the Equal Credit Opportunity Act (Regulation B),\u201d Final Rule (May 1, 2026) (revising and narrowing the Section 1071 small-business lending-data rule; compliance January 1, 2028)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>5.4. Comparing Consumer Protection Models Across Sectors<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6256378\">Nikita Aggarwal, \u201cLobbying for Data: The Political Economy of Open Banking Regulation,\u201d (18 February 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART VI. FINANCIAL CONGLOMERATES<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>6.1. Regulation of Holding Companies<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>6.2. Regulation of Bank Market Structure and Consolidation<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-11\"><a>Bank M&amp;A<\/a><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bain.com\/insights\/banking-m-and-a-report-2026\/\">Bain &amp; Company, \u201cBanking M&amp;A\u2019s Modernization Moment: A double Helix of Scale and Scope,\u201d (January 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2026\/2026-insights\/sector-spotlights\/the-long-anticipated-wave-of-bank-consolidation\">Skadden, \u201cThe Long-Anticipated Wave of Bank Consolidation Starts to Break,\u201d (January 13, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/corpgov.law.harvard.edu\/2026\/04\/24\/financial-institutions-ma-key-trends-and-outlook-2\/\">Wachtell, \u201cFinancial Institutions M&amp;A Key Trends and Outlook,\u201d <em>Harvard Law School Forum on Corporate Governance<\/em> (April 24, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5121787\">Jou, Jeffery, Teng Wang &amp; Jeffery Y. Zhang, \u201cBank Fragility After Mergers,\u201d (May 24, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/bulletins\/2025\/bulletin-2025-9.html\">OCC, \u201cBusiness Combinations Under the Bank Merger Act: Rescission,\u201d Interim Final Rule, Bulletin 2025-9 (May 2025) (rescinding the 2024 merger rule and policy statement and restoring expedited review)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dwt.com\/blogs\/financial-services-law-advisor\/2025\/07\/fdic-2024-bank-merger-policy-rescinded\">Davis Wright Tremaine, \u201cFDIC Finalizes Return to Long-standing Bank Merger Policy,\u201d (July 2025) (FDIC rescission of its 2024 Statement of Policy, effective Aug. 4, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>6.3. Regulating Systemic Risk<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/news-releases\/2026\/nr-occ-2026-19a.pdf\">OCC, \u201cFull Remarks of Jonathan V. Gould,\u201d <em>Financial Stability Oversight Council<\/em> (March 25, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dmsweb.ad.dpw.com\/work\/web\/dialogs\/link\/d\/AMERICASADMIN!53092480.1\">Sullivan &amp; Cromwell, \u201cFinancial Stability Oversight Council Proposed Changes to Nonbank SIFI Designation Guidance,\u201d (April 8, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-12\"><span style=\"text-decoration: underline\">Tailoring<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/bowman20250606a.htm\">Michelle W. Bowman, \u201cTaking a Fresh Look at Supervision and Regulation,\u201d <em>Federal Reserve<\/em> (June 6, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/files\/bowman20260219a.pdf\">Michelle W. Bowman, \u201cOpening Remarks,\u201d <em>2026 Banking Outlook Conference the Next Horizon in Banking <\/em>(February 19, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/bpi-response-to-vice-chair-bowmans-speech-on-bank-supervision\/\">Bank Policy Institute, \u201cBPI Response to Vice Chair Bowman\u2019s Speech on Bank Supervision,\u201d (June 6, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-13\"><span style=\"text-decoration: underline\">Climate Risk Pullback<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC_20240920_Minutes.pdf\">FSOC, \u201cMinutes of the Financial Stability Oversight Council,\u201d (September 20, 2024)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2026-49-sec-proposes-rescission-climate-related-disclosure-rules\">SEC, \u201cSEC Proposes Rescission of Climate-Related Disclosure Rules,\u201d (May 29, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-14\">Other Systemic Risk Literature<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/lawreview.uchicago.edu\/sites\/default\/files\/2025-02\/05_Skinner_SYMP_Final.pdf\">Skinner, Christina Parajon, \u201cFinancial Stability and Bank Agency Discretion,\u201d <em>University<\/em> <em>of Chicago Law Review<\/em>, Vol. 92 Iss. 2 (2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5317971\">Gorton, Gary B. &amp; Jeffery Y. Zhang, \u201cWhy Financial Crises Recur,\u201d <em>American Law and Economics Review<\/em> (forthcoming)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>6.4. Foreign Banks in the United States and U.S. Banks Abroad<\/strong><\/h5>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART VII. PAYMENT SYSTEMS<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>7.1. Introduction to Payment Systems<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-15\"><span style=\"text-decoration: underline\">Introduction to Payments<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.atlantafed.org\/research-and-data\/publications\/take-on-payments\/2026\/04\/07\/new-fed-data-number-and-value-of-payments-for-largest-dis-2015-to-2022\">Federal Reserve Bank of Atlanta, \u201cNew Fed Data: Number and Value of Payments for Largest Dis 2015 to 2022,\u201d (April 7, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-16\"><span style=\"text-decoration: underline\">Real-Time Retail Payments<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.frbservices.org\/resources\/financial-services\/fednow\/volume-value-stats\">Federal Reserve Banks, \u201cFedNow<sup>\u00ae<\/sup>&nbsp;Service Volume and Value Statistics,\u201d (Last updated July 6, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/explore.fednow.org\/resources\/fednow-infographic-year-in-review.pdf\">Federal Reserve Banks, \u201c2025 FedNow\u00ae Service Year in Review,\u201d (January 15, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.redcompasslabs.com\/insights\/5-challenges-us-banks-instant-payments-send\/\">RedCompass Labs, \u201c5 Reasons US Banks aren\u2019t Sending Instant Payments (yet),\u201d (2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/04\/10\/2026-06996\/collection-of-checks-and-other-items-by-federal-reserve-banks-and-funds-transfers-through-the\">Federal Reserve System, \u201cCollection of Checks and Other Items by Federal Reserve Banks and Funds Transfers Through the Fedwire Funds Service and the FedNow Service; Regulation J,\u201d (April 10, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/April\/Federal-Reserve-Proposes-Expansion-Would-Permit-Use-FedNow-Cross-Border-Payments\">Sullivan &amp; Cromwell, \u201cFederal Reserve Proposes Expansion that Would Permit Use of FedNow for Cross-Border Payments,\u201d (April 9, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-17\"><span style=\"text-decoration: underline\">Regulating Payment Card Interchange Fees<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/capitolnewsillinois.com\/wp-content\/uploads\/2026\/06\/2026-06-01-KENDALL-OPINION.pdf\"><em>Illinois Bankers Association v. Raoul<\/em>, No. 124-cv-07307, Memorandum and Order (N.D. Ill. June 1, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.justice.gov\/atr\/media\/1407066\/dl?inline\"><em>United States of America v. Visa, Inc.<\/em>, No. 124-cv-07214, Memorandum and Order,<em> &nbsp;<\/em>(S.D.N.Y. June 23, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/USCOURTS-nyed-1_05-md-01720\/pdf\/USCOURTS-nyed-1_05-md-01720-22.pdf\"><em>In re Payment Card Interchange Fee And Merchant Discount Antitrust Litigation<\/em>, No. 105-md-01720-BMC-JAM, Memorandum and Order (E.D.N.Y. June 9, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>7.2. Examining Critical Issues in Payment Systems<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-18\"><span style=\"text-decoration: underline\">GENIUS Act &amp; Stablecoin<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2025-07\/client-update-genius-act-is-enacted_2.pdf\">Davis Polk, \u201cGENIUS Act is enacted,\u201d (July 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookings.edu\/articles\/next-steps-for-genius-payment-stablecoins\/\">Brookings, \u201cNext steps for GENIUS payment stablecoins,\u201d (March 3, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.chapman.com\/publication-genius-act-rulemaking-tracker\">Chapman, \u201cGENIUS Act Rulemaking and Reporting Tracker,\u201d (Last Updated June 22, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cahill.com\/publications\/client-alerts\/2026-05-05-five-rulemakings-in-ten-weeks-inside-the-genius-act-implementation-sprint\">Cahill Gordon, \u201cFive Rulemakings in Ten Weeks: Inside the GENIUS Act Implementation Spirit,\u201d (May 5, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-19\"><span style=\"text-decoration: underline\">Innovation in US Retail Payments<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/05\/22\/2026-10399\/integrating-financial-technology-innovation-into-regulatory-frameworks\">Exec. Order No. 14405, \u201cIntegrating Financial Technology Innovation Into Regulatory Frameworks,\u201d of May 19, 2026, 91 Fed. Reg. 14,405 (May 22, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.whitehouse.gov\/fact-sheets\/2026\/05\/fact-sheet-president-donald-j-trump-integrates-financial-technology-innovation-into-regulatory-frameworks\/\">The White House, \u201cFact Sheet President Donald J. Trump Integrates Financial Technology Innovation into Regulatory Frameworks,\u201d (May 19, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-20\"><span style=\"text-decoration: underline\">Payment Accounts<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2026-05-26\/pdf\/2026-10375.pdf\">Federal Reserve Governors, \u201cProposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests,\u201d 91 Fed. Reg. 30627 (May 26, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20260520a.htm\">Federal Reserve Governors, \u201cFederal Reserve Board requests public comment on a proposal to establish a \u201cpayment account,\u201d which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments,\u201d (May 20, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/other20260520a1.pdf\">Federal Reserve Governors, \u201cBoard memo: Request for Comment on Proposed Establishment of a Payment Account,\u201d (May 7, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/barr-statement-20260520.htm\">Federal Reserve Governors, \u201cStatement on Payment Account Proposal by Governor Michael S. Barr,\u201d (May 20, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2026-05\/client-update-white-house-and-federal-reserve-propose-payment-system-access-changes.pdf\">Davis Polk, \u201cWhite House and Federal Reserve propose payment system access changes for fintech and crypto firms,\u201d (May 29, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-21\"><span style=\"text-decoration: underline\">Master Account Access<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/law.justia.com\/cases\/federal\/appellate-courts\/ca2\/25-1144\/25-1144-2026-05-13.html\"><em>&nbsp;Banco San Juan Internacional, Inc. v. The Federal Reserve Bank of New York<\/em> No. 25-1144-cv, Memorandum Opinion (2d Cir. May 13, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cases.justia.com\/federal\/appellate-courts\/ca10\/24-8024\/24-8024-2025-10-31.pdf?ts=1761928397\"><em>Custodia Bank v. Federal Reserve Board of Governors<\/em>, No. 24-8024, Memorandum Opinion (10th Cir. October 31, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/March\/Federal-Reserve-Bank-Kansas-City-Approves-Limited-Purpose-Account-Kraken-Financial\">Sullivan &amp; Cromwell, \u201cFederal Reserve Bank of Kansas City Approves Limited Purpose Account for Payward Financial d\/b\/a Kraken Financial,\u201d (March 4, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-22\"><span style=\"text-decoration: underline\">Innovative Bank Charters<\/span><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color has-medium-font-size wp-elements-23\"><span style=\"text-decoration: underline\">National Trust Banks<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/news-releases\/2025\/nr-occ-2025-125.html\">OCC, \u201cOCC Announces Conditional Approvals for Five National Trust Bank Charter Applications,\u201d (December 12, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-24\"><span style=\"text-decoration: underline\">MALPBs<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.eversheds-sutherland.com\/en\/united-states\/insights\/the-georgia-malpb-a-strategic-alternative-to-traditional-sponsor-banks-for-merchant-card\">Eversheds Sutherland, \u201cThe Georgia MALPB: A Strategic Alternative to Traditional Sponsor Banks for Merchant Card Processing Services,\u201d (August 1, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-25\"><span style=\"text-decoration: underline\">California\u2019s Digital Financial Assets Law<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.womblebonddickinson.com\/us\/insights\/alerts\/californias-new-digital-financial-assets-law-requires-application-cryptocurrency\">Womble Bond Dickinson, \u201cCalifornia\u2019s New Digital Financial Assets Law Requires Application for Cryptocurrency Licenses to be Submitted by July 1, 2026,\u201d (April 14, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-26\"><span style=\"text-decoration: underline\">Additional academic work and industry commentary of interest:<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6438962\">Odinet, Christopher K., Tosato, Andrea, Yadav, Yesha, \u201cThe Moneyness of Stablecoins,\u201d <em>Yale Law Journal<\/em> (March 18, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bing.com\/ck\/a?!&amp;&amp;p=b869cdf7b75775115fe364d29e8fd21ba36beecd2cde364d96b33803f1666071JmltdHM9MTc4MDg3NjgwMA&amp;ptn=3&amp;ver=2&amp;hsh=4&amp;fclid=08958ee3-4ed9-6b29-349d-998b4f9a6af8&amp;psq=David+Krause%2c+Beyond+the+GENIUS+Act%3a+Regulatory+Gaps+and+Operational+Challenges+in+Stablecoin+Adoption%2c&amp;u=a1aHR0cHM6Ly9yZXBvc2l0b3J5Lmxhdy5taWFtaS5lZHUvdW1sci92b2w4MC9pc3MyLzUv\">Krause, David, \u201cBeyond the GENIUS Act: Regulatory Gaps and Operational Challenges in Stablecoin Adoption,\u201d <em>University of Miami Law Review<\/em> (January 21, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.freshfields.com\/en\/our-thinking\/blogs\/a-fresh-take\/knocking-at-the-feds-door-recent-executive-order-and-regulatory-proposals-signa-102n0qo\">Freshfields, \u201cKnocking at the Fed\u2019s Door: Recent Executive Order and Regulatory Proposals Signal Broader Payment Systems Access for Fintechs and Payment Companies,\u201d (June 1, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4951523\">Awrey, Dan, Joshua Macey &amp; Jeffery Y. Zhang, \u201cPayment Network Governance,\u201d <em>Boston College Law Review<\/em> (forthcoming)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-27\"><span style=\"text-decoration: underline\">CBDCs (housing bill)<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.atlanticcouncil.org\/blogs\/econographics\/what-to-watch-as-china-prepares-its-digital-yuan-for-prime-time\/\">Atlantic Council, \u201cWhat to watch as China prepares its digital yuan for prime time,\u201d (January 15, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ecb.europa.eu\/press\/key\/date\/2026\/html\/ecb.sp260601~38dffe5ec5.en.html\">Schnabel, Isabel, \u201cFrom money market funds to stablecoins: lessons for central banks,\u201d <em>European Central Bank<\/em> (June 1, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>7.3. Illicit Finance, Wholesale Payments, and Dollar Dominance<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-28\"><span style=\"text-decoration: underline\">Preventing Illicit Use of Payment Systems<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fincen.gov\/news\/news-releases\/fincen-proposes-rule-fundamentally-reform-financial-institution-programs\">Treasury Department, \u201cFinCEN Proposes Rule to Fundamentally Reform Financial Institution Programs Designed to Fight Illicit Finance,\u201d (April 7, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/proposed-aml-cft-program-rules-provide-new-framework-aml-cft-supervision-and\">Davis Polk, \u201cProposed AMLCFT program rules provide new framework for AMLCFT supervision and enforcement,\u201d (April 16, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-29\"><span style=\"text-decoration: underline\">AML\/CFT &amp; GENIUS<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/04\/10\/2026-06963\/permitted-payment-stablecoin-issuer-anti-money-launderingcountering-the-financing-of-terrorism\">Department of the Treasury, \u201cPermitted Payment Stablecoin Issuer Anti-Money Laundering\/Countering the Financing of Terrorism Program and Sanctions Compliance Program Requirements,\u201d Fed. Reg. 91 FR 18582 (April 10, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2026-04\/ofac-and-fincen-release-proposed-rule-to-implement-the-genius-act.pdf\">Davis Polk, \u201cOFAC and FinCEN release proposed rule,\u201d (April 21, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/246\/GENIUS-Act-Illicit-Finance-Innovation-Congressional-Report-March-2026.pdf\">Treasury Department, \u201cReport to Congress From the Secretary of the Treasury on Innovative Technologies to Counter Illicit Finance Involving Digital Assets,\u201d (March 6, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.stblaw.com\/about-us\/publications\/view\/2025\/03\/31\/trump-administration-scales-back-beneficial-ownership-reporting-requirements-under-the-corporate-transparency-act\">Simpson Thatcher, \u201cTrump Administration Scales Back Beneficial Ownership Reporting,\u201d (March 31, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-30\"><span style=\"text-decoration: underline\">Theory \/ Discussion<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6868863\">Jiang, Jiaying, \u201cCrypto Money Laundering,\u201d <em>Berkeley Technology Law Journal <\/em>(February 01, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/law.stanford.edu\/publications\/financial-statecraft\/\">Steele, Graham S., \u201cFinancial Statecraft,\u201d Stanford Journal of Law, Economics &amp; Business (May 10, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-31\"><span style=\"text-decoration: underline\">Immigration<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/05\/22\/2026-10400\/restoring-integrity-to-americas-financial-system\">Exec. Order No. 14,406, \u201cExecutive Order on Restoring Integrity to America&#8217;s Financial System,\u201d of May 19 2026, 91 Fed. Reg. 30,479 (published on May 22, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2026-05\/executive-order-signals-forthcoming-changes-to-fincens-cip-and-cdd-rules.pdf\">Davis Polk, \u201cExecutive Order signals forthcoming changes to FinCEN\u2019s CIP and CDD Rules,\u201d (May 22, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-32\"><span style=\"text-decoration: underline\">New Case Studies on Financial Action Task Force (FATF)<\/span><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp; Teaching notes for these case studies is available by emailing the HLS Case Studies team at <a href=\"mailto:hlscasestudies@law.harvard.edu\">hlscasestudies@law.harvard.edu<\/a>.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/casestudies.law.harvard.edu\/pakistan-and-the-fatf-grey-list-part-a\/\">Pakistan and the FATF Grey List \u2013 Part A<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/casestudies.law.harvard.edu\/pakistan-and-the-fatf-grey-list-part-b\/\">Pakistan and the FATF Grey List \u2013 Part B<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/casestudies.law.harvard.edu\/pakistan-and-the-fatf-grey-list-part-c\/\">Pakistan and the FATF Grey List \u2013 Part C<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART VIII. CORPORATE GOVERNANCE, SUPERVISION, AND ENFORCEMENT<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>8.1. Corporate Governance<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/incentive-compensation-financial-institutions-reproposal\">Davis Polk, \u201cIncentive Compensation for Financial Institutions: Reproposal,\u201d (May 2, 2016)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5124669\">Logue, Kyle D., W. Robert Thomas &amp; Jeffery Y. Zhang, \u201cSanctioning Negligent Bankers,\u201d <em>Stanford Law Review<\/em> (2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>8.2. Supervision<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/May\/Federal-Reserve-Revises-Statement-Supervisory-Operating-Principles\">Sullivan &amp; Cromwell, \u201cFederal Reserve Revises Statement of Supervisory Operating Principles,\u201d (May 1, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/board\/npr-unsafe-or-unsound-practices-matters-requiring-attention.pdf\">OCC, \u201cTreasury, FDIC, Unsafe or Unsound Practices, Matters Requiring Attention,\u201d (October 30, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2025\/October\/FDIC-OCC-Issue-Proposal-Define-Unsafe-Unsound-Practice-Limit-MRAs\">Sullivan &amp; Cromwell, \u201cFDIC and OCC Issue Proposal to Define \u2018Unsafe or Unsound Practice\u2019 and Constrain Issuance of Matters Requiring Attention,\u201d (October 14, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/supervisionreg\/files\/statement-of-supervisory-operating-principles-20260430.pdf\">Board of Governors of the Federal Reserve System, \u201cUpdated Statement of Supervisory Operating Principles,\u201d (April 21, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2026-05\/ffiec-proposes-revisions-to-the-camels-rating-system.pdf\">Davis Polk &amp; Wardwell, \u201cFFIEC proposes revisions to the CAMELS rating system,\u201d (May 26, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/bowman-statement-20250710.htm\">Board of Governors of the Federal Reserve System, \u201cStatement on Large Financial Institution Rating Framework Proposal by Vice Chair for Supervision Michelle W. Bowman,\u201d (July 10, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5511299\">Conti-Brown, Peter, Patrick M. Corrigan &amp; Jeffery Y. Zhang, \u201cIs Confidential Supervisory Information Material to Investors? Evaluating the Conflict between Banking and Securities Law,\u201d (September 22, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/board\/memorandum-disclosure-information.pdf\">FDIC, \u201cNotice of Proposed Rulemaking: Disclosure of Information,\u201d (June 23, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/board\/notice-proposed-rulemaking-disclosure-information.pdf\">FDIC, \u201cNotice of Proposed Rulemaking: Disclosure of Information,\u201d (June 25, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2026-07\/fdic-proposes-major-revamp-of-csi-regulations-updated.pdf\">Davis Polk, \u201cFDIC Proposes Major Revamp of CSI Regulations,\u201d (July 6, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/08\/guaranteeing-fair-banking-for-all-americans\/\">The White House, \u201cGuaranteeing Fair Banking for All Americans,\u201d Executive Order (Aug. 7, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/04\/10\/2026-06947\/prohibition-on-the-use-of-reputation-risk-by-regulators\">OCC &amp; FDIC, \u201cProhibition on the Use of Reputation Risk by Regulators,\u201d Final Rule (Apr. 2026) (removing reputational risk from bank supervision, implementing the Aug. 2025 Executive Order)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2025\/August\/Federal-Reserve-Board-Announces-Sunset-Novel-Activities-Supervision-Program\">Sullivan &amp; Cromwell, \u201cFederal Reserve Board Announces Sunset of Novel Activities Supervision Program,\u201d (Aug. 2025) (rescinding SR 23-7 and returning crypto and fintech oversight to the normal supervisory process)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.treas.gov\/news-issuances\/bulletins\/2026\/bulletin-2026-13.html\">OCC, \u201cModel Risk Management: Revised Guidance,\u201d Bulletin 2026-13 (Apr. 2026) (interagency update to the 2011 model-risk guidance; generative-AI request for information to follow)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ssrn.com\/abstract=7174098\">Tarullo, Daniel K., Is Bank Supervision Fit For Purpose? (July 01, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>8.3. Enforcement<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-remarks-sec-speaks-031926-prepared-remarks-sec-speaks\">Atkins, Paul S., \u201cPrepared Remarks Before SEC Speaks,\u201d (March 19, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2026-20-secs-division-enforcement-announces-updates-enforcement-manual\">SEC, \u201cSEC\u2019s Division of Enforcement Announces Updates to Enforcement Manual,\u201d (February 24, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/March\/SEC-Revises-Enforcement-Manual-Strengthen-Controls\">Sullivan &amp; Cromwell, \u201cSEC Division of Enforcement Issues Comprehensive Update to Its Enforcement Manual,\u201d (March 2, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.supremecourt.gov\/opinions\/25pdf\/25-466_5i26.pdf\"><em>Sripetch V. SEC<\/em>, No. 25-466, (Supreme Court)<\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/www.nortonrosefulbright.com\/en-us\/knowledge\/publications\/6cc9ea28\/sec-disgorgement-after-sripetch-what-defendants-need-to-know\">Norton Rose Fulbright, \u201cSEC disgorgement after Sripetch: What defendants need to know,\u201d (June 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.paulweiss.com\/insights\/client-memos\/supreme-court-decides-sec-may-obtain-disgorgement-without-showing-investor-loss\">Paul Weiss, \u201cSupreme Court Decides SEC May Obtain Disgorgement Without Showing Investor Loss,\u201d (June 5, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART IX. LENDER OF LAST RESORT AND RESOLUTION<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>9.1. Lender of Last Resort<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=7004639\">Mengyi Wang, The Federal Reserve as the World\u2019s Unofficial Central Bank (July 13, 2026) (forthcoming <em>Cornell Law Review<\/em>)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>9.2. Traditional Toolkit for Bank Failures<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>9.3. After the Crisis: From Orderly Liquidation to Bail-In<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/rules-regulations\/no-action-interpretive-exemptive-letters\/division-corporation-finance-no-action\/bankofengland-04102026\">SEC, \u201cResponse of the Office of Chief Counsel, Division of Corporation Finance Re: Bank of England,\u201d (April 10, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-statement-regarding-staff-no-action-letter-bank-england-041026\">Atkins, Paul S., \u201cStatement Regarding Staff No-Action Letter to Bank of England,\u201d (April 10, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/sec-staff-provides-no-action-relief-uk-bank-bail-chairman-anticipates\">Davis Polk, \u201cSEC staff provides no-action relief for UK bank bail-in, Chairman anticipates broader rulemaking,\u201d (April 15, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/board\/memorandum-resolution-submissions-required-covered-insured-depository-institutions.pdf\">FDIC, \u201cNotice of Proposed Rulemaking: Resolution Submissions Required for Covered Insured Depository Institutions,\u201d Memorandum (June 25, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/board\/notice-proposed-rulemaking-resolution-submissions-required-covered-insured-depository\">FDIC, \u201cNotice of Proposed Rulemaking: Resolution Submissions Required for Covered Insured Depository Institutions,\u201d (June 25, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/board\/memorandum-assessments-thresholds-rate-schedules-and-adjustments.pdf\">FDIC, \u201cNotice of Proposed Rulemaking: Assessments Thresholds, Rate Schedules, and Adjustments,\u201d Memorandum (June 25, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/financial-institution-letters\/2026\/notice-proposed-rulemaking-assessments-thresholds-rate\">FDIC, \u201cNotice of Proposed Rulemaking: Assessments Thresholds, Rate Schedules, and Adjustments,\u201d (June 25, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2026-06\/fdic-proposes-overhaul-of-idi-resolution-planning-rule_final-edits.pdf\">Davis Polk, \u201cFDIC proposes overhaul of IDI resolution planning rule,\u201d (June 30, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/speeches\/2026\/update-reforms-regulatory-toolkit\">Hill, Travis, \u201cAn Update on Reforms to the Regulatory Toolkit,\u201d American Bankers Association Washington Summit (March 11, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5451794\">Zhang, Jeffery Y., \u201cToo Scared to Use: Living Wills and Orderly Liquidation of Too-Big-to-Fail Financial Institutions,\u201d <em>Iowa Law Review<\/em> (forthcoming)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4703200\">Choi, Albert &amp; Jeffery Y. Zhang, \u201cCreditors, Shareholders, and Losers In Between: A Failed Regulatory Experiment,\u201d <em>Cornell Law Review<\/em> (2025)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color has-medium-font-size wp-elements-33 wp-block-paragraph\">PART X. MUTUAL FUNDS AND OTHER INVESTMENT VEHICLES<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>10.1. Introduction to Asset Management and Its Regulation<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-34\"><span style=\"text-decoration: underline\">ESG Disclosure Rule Rollback<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/foleyhoag.com\/news-and-insights\/blogs\/energy-and-climate-counsel\/2026\/may\/sec-proposes-full-rescission-of-climate-related-disclosure-rules\/\">Foley Hoag, \u201cSEC Proposes Full Rescission of Climate-Related Disclosure Rules,\u201d (June 1, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2026-49-sec-proposes-rescission-climate-related-disclosure-rules\">SEC, \u201cSEC Proposes Rescission of Climate-Related Disclosure Rules,\u201d (May 29, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-35\"><span style=\"text-decoration: underline\">Shadow Investment Companies<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/journals.library.columbia.edu\/index.php\/CBLR\/article\/view\/14667\/8024\">Birdthistle, William, Gabriel Rauterberg &amp; Jeffery Y. Zhang, \u201cShadow Investment Companies,\u201d <em>Columbia Business Law Review<\/em> (March 1, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-36\"><span style=\"text-decoration: underline\">Institutional Investors as Shareholders<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/cf_dev\/AbsByAuth.cfm?per_id=1766333\">Natalya Shnitser, Shadow Shareholders: The Emergence of Collective Investment Trusts as Institutional Owners (Apr. 27, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>10.2. Mutual Funds: Fiduciary Duties and Structural Restraints<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.supremecourt.gov\/opinions\/25pdf\/24-345_i42k.pdf\"><em>FS Credit Opportunities Corp V. Saba Capital Master Fund, Ltd<\/em>., No. 24-345 (Supreme Court)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2026\/07\/exploring-the-significant-ramifications-of-the-supreme-courts-fs-credit-ruling\">Skadden, \u201cExploring the Significant Ramifications of the Supreme Court\u2019s FS Credit Ruling,\u201d (July 2, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>10.3. Mutual Funds: Disclosure and Its Limitations<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.morganlewis.com\/pubs\/2026\/02\/sec-staff-publishes-additional-names-rule-faqs-sec-proposes-n-port-amendments\">Morgan Lewis, SEC Staff Publishes Additional Names Rule FAQs, SEC Proposes N-PORT Amendments (February 27, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>10.4. The Regulation of Retirement Savings<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-37\"><span style=\"text-decoration: underline\">Private Equity and Pension Plans<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2026-03-31\/pdf\/2026-06178.pdf\">Department of Labor, \u201cFiduciary Duties in Selecting Designated Investment Alternatives,\u201d Proposed Regulation (March 31, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ici.org\/system\/files\/2026-06\/26-cl-selection-designated-investment-alternatives-proposed-rule.pdf?_gl=1*1bn5e9z*_ga*MTE1ODYyNzY4OS4xNzgwNTkyNDA5*_ga_JBL1N005XX*czE3ODA1OTI0MDkkbzEkZzEkdDE3ODA1OTI0MjAkajQ5JGwwJGgw\">Investment Company Institute, \u201cLetter from the Investment Company Institute to the Department of Labor regarding Fiduciary Duties in Selecting Designated Investment Alternatives: RIN 1210-AC38,\u201d (June 1, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/fm.cnbc.com\/applications\/cnbc.com\/resources\/editorialfiles\/2026\/01\/12\/warrenletter.pdf\">CBS News, \u201cElizabeth Warren letter to SEC regarding 401(k) crypto assets,\u201d (Jan. 12, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-38\"><span style=\"text-decoration: underline\">Trump Accounts<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.c-span.org\/program\/public-affairs-event\/national-economic-council-director-and-sencruz-on-economic-growth\/678481\">CSPAN, \u201cNational Economic Council Director and Sen. Cruz on Economic Growth,\u201d (May 4, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-39\"><span style=\"text-decoration: underline\">Anderson v. Intel<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sidley.com\/en\/insights\/newsupdates\/2026\/01\/anderson-v-intel-us-supreme-court-grants-certiorari-implications-for-erisa-excessive-fee-litigation\">Sidley Austin, \u201cAnderson v. Intel \u2013 U.S. Supreme Court Grants Certiorari: Implications for ERISA \u201cExcessive Fee\u201d Litigation,\u201d (Jan. 26, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.supremecourt.gov\/DocketPDF\/25\/25-498\/407704\/20260430152230753_merits%20amicus%20brief%20-%20Anderson%20v.%20Intel%20-%20No.%2025-498.pdf\">Frederick, David C., et al. as Amici Curiae supporting Petitioners, <em>Anderson v. Intel<\/em>, No. 25-498 (April 30, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>10.5. The Regulation of Hedge Funds and Other Private Funds<\/strong><\/h5>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-40\"><span style=\"text-decoration: underline\">Trump Administration\u2019s Push for Ritual Access to Private Equity<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/08\/democratizing-access-to-alternative-assets-for-401k-investors\/\">Executive Order 14330, \u201cDemocratizing Access to Alternative Assets for 401(K) Investor,\u201d (August 7, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/uyeda-remarks-florida-bar-022425\">Uyeda, Mark, \u201cRemarks at the Florida Bar\u2019s 41st Annual Federal Securities Institute and M&amp;A Conference,\u201d (February 24, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cnbc.com\/2025\/07\/23\/house-bill-accredited-investor-sec-test.html?msockid=15acf2f74d90635a0f35e59b4cd362e5\">CNBC, \u201cHouse votes to expand accredited investor opportunity with SEC test,\u201d (July 23, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ropesgray.com\/en\/insights\/alerts\/2025\/08\/sec-issues-new-guidance-for-registered-closed-end-funds-investing-in-private-funds\">Ropes &amp; Gray, \u201cSEC Issues New Guidance for Registered Closed-End Funds Investing in Private Funds,\u201d (August 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-remarks-im-private-markets-roundtable-030426\">Atkins, Paul S., \u201cOpening Remarks at Private Markets Roundtable,\u201d (April 3, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-41\"><span style=\"text-decoration: underline\">Challenges to Private Capital<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5381902\">Bates, Ben, \u201cRetail Access to Private Markets: What Are the Risks?,\u201d (February 19, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6157128\">Clayton, William, de Fontenay, Elisabeth, \u201cPrivate Equity for All: The Paradoxical Push to Democratize Private Markets,\u201d <em>BYU Law<\/em>, No. 26-02 (June 2, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/econres\/notes\/feds-notes\/private-credit-characteristics-and-risks-20240223.html\">Federal Reserve, \u201cPrivate Credit: Characteristics and Risks,\u201d FEDS Notes (February 23, 2024)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.theguardian.com\/business\/2026\/apr\/02\/blue-owl-capital-private-credit-investment-limits-withdrawals\">The Guardian, \u201cBlue Owl Capital limits withdrawals after investors try to redeem $5.4bn | Funding for Lending,\u201d (April 2, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART XI. DERIVATIVES AND RATE MARKETS<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>11.1. Overview of Derivatives<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/1.next.westlaw.com\/Document\/I7ea662e04e5b11f19bdcd38b08cd9e81\/View\/FullText.html?transitionType=Default&amp;contextData=(oc.Default)\">Kalshiex LLC v. Schuler, No. 26.3196, 2026 WL 1295806 (6<sup>th<\/sup> Cir. April 24, 2026)<\/a> (finding no preemption of Ohio state gambling laws by the CEA)<\/li>\n\n\n\n<li><a href=\"https:\/\/www2.ca3.uscourts.gov\/opinarch\/251922p.pdf\"><em>KalshiEX, LLC v. Flaherty, <\/em>172 F.4th 220 (3d Cir. 2026)<\/a> (holding the CEA preempts New Jersey state gambling laws)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/media\/13261\/amicusbrief_02172026\/download\">CFTC, Amicus Brief of Commodity Futures Trading Commission in Support of Appellant and in Support of Reversal (February 17, 2026)<\/a>(filed in <em>North American Derivatives Exchange, Inc. et al v. The State of Nevada on relation of the Nevada Gaming Control Board et al<\/em>.)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.nortonrosefulbright.com\/en\/knowledge\/publications\/ad8a494a\/prediction-markets-at-a-crossroads-preemption-enforcement-and-rulemaking\">Norton Rose Fulbright, \u201cPrediction markets at a crossroads: Preemption, enforcement and rulemaking,\u201d (April 2026) <\/a>&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/businesslawreview.uchicago.edu\/sites\/default\/files\/2025-01\/Beylin.pdf\">Beylin, Ilya, \u201cEvent Contracts Are a Step Too Far for Derivatives Regulation,\u201d <em>University of Chicago Business Law Review<\/em> (January 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5617110\">Ashar, Raj, \u201cInsider Trading in the Era of Prediction Markets,\u201d <em>Virginia Law &amp; Business Review<\/em> (June 28, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/9236-26\">CFTC, \u201cCFTC Joins Gemini Trust Company LLC in Motion for Relief from Judgment,\u201d (May 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2026-06-03\/pdf\/2026-11020.pdf?utm_campaign=subscription+mailing+list&amp;utm_medium=email&amp;utm_source=federalregister.gov\">CFTC, \u201cPolicy Statement Concerning the Listing of Perpetual Contracts,\u201d (May 29, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/PressRoom\/SpeechesTestimony\/opaselig2\">CFTC, \u201cChairman Michael S. Selig Remarks at FIA Global Cleared Markets Conference,\u201d (March 9, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/news.harvard.edu\/gazette\/story\/2026\/05\/would-it-be-fair-if-you-could-bet-on-date-of-your-college-reunion\/\">The Harvard Gazette, \u201cWould it be fair if you could bet on date of your college reunion?,\u201d (May 19, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">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:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-11.2-3rd-edition.pdf\">Chapter 11.2 \u2013 Derivatives: Market Infrastructure (from the 3<\/a><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-11.2-3rd-edition.pdf\">rd<\/a> <a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-11.2-3rd-edition.pdf\">edition)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-11.3-3rd-edition.pdf\">Chapter 11.3 \u2013 Derivatives: Business Conduct and Market Integrity (from the 3<\/a><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-11.3-3rd-edition.pdf\">rd<\/a> <a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Chapter-11.3-3rd-edition.pdf\">edition)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>PART XII. SHADOW BANKING<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>12.1. Securitization<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5930356\">Cherneko, Sergey, Scharfstein, David S., \u201cPrivate Credit and Financial Stability,\u201d <em>SSRN<\/em> (March 24, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/fbtgibbons.com\/shadow-banking-and-private-credit-what-it-is-why-its-used-and-why-its-in-the-news\/\">FBT GIBBONS, \u201cShadow Banking and Private Credit: What It Is, Why It\u2019s Used, and Why It\u2019s in the News,\u201d (March 10, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sifma.org\/research\/statistics\/us-asset-backed-securities-statistics\">SIFMA, \u201cUS Asset Backed Securities Statistics,\u201d (July 7, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sifma.org\/research\/statistics\/us-fixed-income-securities-statistics\">SIFMA, \u201cUS Fixed Income Securities Statistics,\u201d (July 7, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>12.2. Mortgage Markets and the Government-Sponsored Enterprises<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5605390\">Wachter, Susan M., Golding, Edward, \u201cResolving the Contested Future of the GSEs: The Stakes are High,\u201d <em>The Wharton School Research Paper<\/em> (October 15, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.urban.org\/sites\/default\/files\/2025-11\/Value_FHLBank_System_to_Bank_Liquidity_and_Stability.pdf\">Choi, Jung Hyun et al. \u201cThe Value of the FHLBank System to Bank Liquidity and Stability,\u201d <em>Urban<\/em> <em>Institute<\/em> (November 12, 2025)<\/a>,<\/li>\n\n\n\n<li><a href=\"https:\/\/www.urban.org\/sites\/default\/files\/2026-01\/Final_The_Value_of_the_FHLBank_System_to_Promote_Lending_0.pdf\">Choi, Jung Hyun et al. \u201cThe Value of the FHLBank System to Promote Housing and Community Development Lending,\u201d <em>Urban Institute<\/em> (January 13, 2026)<\/a>,<\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookings.edu\/articles\/reform-the-federal-home-loan-banks-to-finance-the-housing-america-needs\/\">Klein, Aaron, Hughes, Chris, \u201cReform the Federal Home Loan Banks to finance the housing America Needs,\u201d <em>Brookings Institute<\/em> (April 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.npr.org\/2026\/02\/03\/nx-s1-5615175\/fannie-freddie-housing-pulte-trump-donors\">Arnold, Chris, Neuman, Scott, \u201cPrivatizing Fannie Mae is risky. Would it be a win for taxpayers or Trump&#8217;s donors?,\u201d <em>NPR<\/em> (February 3, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>12.3. Money Market Funds<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=5937314\">Cong, Lin William et al., \u201cTokenized Stocks,\u201d <em>SSRN<\/em> (January 4, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/am.jpmorgan.com\/content\/dam\/jpm-am-aem\/emea\/regional\/en\/insights\/portfolio-insights\/gl-tokenization-whitepaper.pdf\">JP Morgan Asset Management, \u201cTokenization of Money Markets,\u201d (2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6408858\">Krause, David, \u201cPrivate Credit Stress and Tokenized Lending: Contagion Risks Between Traditional Funds and Blockchain-Based Credit Markets,\u201d <em>SSRN<\/em> (March 13, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ici.org\/research\/stats\/mmf\">Investment Company Institute, \u201cRelease: Money Market Fund Assets,\u201d (May 28, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/files\/investment\/mmf-statistics-04-2026.pdf\">SEC Division of Investment Management, \u201cMoney Market Fund Statistics for Period ending April 2026,\u201d (April 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/access.heinonline.com\/HOL\/Page?handle=hein.journals\/cathu74&amp;id=201&amp;collection=journals&amp;index=\">Cohen, Stephen T., McComb, Austin G., \u201cMoney Market Funds: Comparison of Regulations in the United States and European Union,\u201d <em>Catholic University Law<\/em> <em>Review<\/em> (2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>12.4. Short-Term Wholesale Funding<\/strong><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/27\/2026-05961\/regulatory-capital-rule-regulation-q-risk-based-capital-surcharges-for-global-systemically-important\">Federal Reserve, \u201cRegulatory Capital Rule: Risk-Based Capital Surcharges for Global Systemically Important Bank Holding Companies; Systemic Risk Report (FR Y-15),\u201d notice of proposed rulemaking (March 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/27\/2026-05959\/regulatory-capital-rule-category-i-and-ii-banking-organizations-banking-organizations-with\">Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation, \u201cRegulatory Capital Rule: Category I and II Banking Organizations, Banking Organizations with Significant Trading Activity, and Optional Adoption for Other Banking Organizations,\u201d notice of proposed rulemaking (March 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2026\/03\/27\/2026-05960\/regulatory-capital-rules-regulatory-capital-and-standardized-approach-for-risk-weighted-assets\">Comptroller of the Currency, Federal Reserve, Federal Deposit Insurance Corporation, \u201cRegulatory Capital Rules: Regulatory Capital and Standardized Approach for Risk-weighted Assets,\u201d notice of proposed rulemaking (March 27, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2026\/06\/us-banking-agencies-propose-new-rules-to-reduce-regulatory\">Holland and Knight, \u201cU.S. Banking Agencies Propose New Rules to Reduce Regulatory Capital Requirements for Banks,\u201d (June 16, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/access.heinonline.com\/HOL\/Page?handle=hein.journals\/stflr77&amp;id=568&amp;collection=journals&amp;index=\">Rauterberg, Gabriel V. &amp; Jeffery Y. Zhang, \u201cShadow Banking and Securities Law,\u201d <em>Stanford Law Review<\/em> (March 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>DIGITAL ASSETS MODULE<\/strong><\/p>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-42\"><span style=\"text-decoration: underline\">GENIUS Act &amp; Stablecoins<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.congress.gov\/bill\/119th-congress\/senate-bill\/1582\/text\">Public Law No: 119-27, \u201c\u201cGuiding and Establishing National Innovation for U.S. Stablecoins Act\u201d or the \u201cGENIUS Act\u201d,\u201d (July 18, 2025).<\/a> <\/li>\n\n\n\n<li><a href=\"https:\/\/www.wilmerhale.com\/en\/insights\/client-alerts\/20250718-what-the-genius-act-means-for-payment-stablecoin-issuers-banks-and-custodians\">WilmerHale, \u201cWhat the GENIUS Act Means for Payment Stablecoin Issuers, Banks, and Custodians,\u201d (July 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/genius-act-enacted\">Davis Polk, \u201cGENIUS Act is enacted,\u201d (July 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookings.edu\/articles\/next-steps-for-genius-payment-stablecoins\/\">Brookings, \u201cNext steps for GENIUS payment stablecoins,\u201d (March 3, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-43\"><span style=\"text-decoration: underline\">GENIUS Act Rulemakings<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/bulletins\/2026\/bulletin-2026-3.html\" data-type=\"link\" data-id=\"https:\/\/www.occ.gov\/news-issuances\/bulletins\/2026\/bulletin-2026-3.html\">OCC, \u201cGENIUS Act Regulations: Notice of Proposed Rulemaking,\u201d (February 25, 2026)<\/a>.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/financial-institution-letters\/2026\/notice-proposed-rulemaking-establish-genius-act\" data-type=\"link\" data-id=\"https:\/\/www.fdic.gov\/news\/financial-institution-letters\/2026\/notice-proposed-rulemaking-establish-genius-act\">FDIC, \u201cNotice of Proposed Rulemaking to Establish GENIUS Act Requirements and Standards for FDIC-Supervised Permitted Payment Stablecoin Issuers and Insured Depository Institutions,\u201d (April 7, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/NPRM-GENIUS4c-Principles.pdf\" data-type=\"link\" data-id=\"https:\/\/home.treasury.gov\/system\/files\/136\/NPRM-GENIUS4c-Principles.pdf\">U.S. Department of Treasury, \u201cNotice of Proposed Rulemaking: GENIUS Act Broad-Based Principles for Determining Whether a State-level Regulatory Regime Is Substantially Similar to the Federal Regulatory Framework,\u201d (April 1, 2026).<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.chapman.com\/publication-genius-act-rulemaking-tracker\">Chapman, \u201cGENIUS Act Rulemaking and Reporting Tracker,\u201d (Last Updated June 22, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cahill.com\/publications\/client-alerts\/2026-05-05-five-rulemakings-in-ten-weeks-inside-the-genius-act-implementation-sprint\">Cahill Gordon, \u201cFive Rulemakings in Ten Weeks: Inside the GENIUS Act Implementation Spirit,\u201d (May 5, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/April\/GENIUS-Act-Implementation\">Sullivan &amp; Cromwell, \u201cGENIUS Act Implementation,\u201d (April 10, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-44\"><span style=\"text-decoration: underline\">Stablecoin Yield Debate<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.congress.gov\/crs-product\/IF13174?__cf_chl_f_tk=lyCuOQnkRhF1CXA39TOxSKcG1ur9N0ldya5NoLYYO68-1783332847-1.0.1.1-6YeO2XGIUZkSlWdtcW3aFIDHACH9CrdNKxBb_ZkA_hQ\">Labonte, Tierno, \u201cThe Stablecoin Yield Debate,\u201d <em>CRS Product (Library of Congress)<\/em> (June 3, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/research\/2026\/04\/effects-of-stablecoin-yield-prohibition-on-bank-lending\/\">The White House, \u201cEffects of Stablecoin Yield Prohibition on Bank Lending,\u201d (April 8, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/wp-content\/uploads\/2026\/05\/Yield-Bearing-Stablecoins-Can-Destroy-Deposits.pdf\">Bank Policy Institute, \u201cYield-Bearing Stablecoins Can Destroy Deposits,\u201d (May 8, 2026)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading has-black-color has-text-color has-link-color wp-elements-45\"><span style=\"text-decoration: underline\">Clarity Act and Digital Asset Market Structure<\/span><\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2026\/March\/SEC-Clarifies-Application-Securities-Laws-Crypto-Assets\">Sullivan &amp; Cromwell, \u201cSEC and CFTC Issue Interpretation Regarding the Application of Federal Securities Laws to Crypto Assets,\u201d (March 19, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/files\/rules\/interp\/2026\/33-11412.pdf\">Securities and Exchange Commission Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets<\/a>, (March 17, 2026)<\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6022954\">Krause, David, \u201cThe Path to Digital Asset Reform: Reconciling the CLARITY Act and the Responsible Financial Innovation Act,\u201d <em>SSRN<\/em> (Jan 05, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-remarks-regulation-crypto-assets-031726\">Atkins, Paul, \u201cRegulation Crypto Assets: A Token Safe Harbor,\u201d (March 17, 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=6758382\">Goforth, Carol, \u201cCrypto Regulation Shouldn\u2019t be Cryptic: The Continuing Need for Legislative Clarification,\u201d <em>UNH Law Review<\/em> (May 2026)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/stanford-jblp.pubpub.org\/pub\/genius-dilemma\/release\/1\">Seth Oranburg, \u201cThe GENIUS Dilemma: Innovation versus Antifraud in Stablecoin Regulation,\u201d <em>Stanford Journal of Blockchain &amp; Policy <\/em>(2026)<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This site presents free supplemental materials for&nbsp;Jackson &amp; Tahyar, Financial Regulation: Law and Policy&nbsp;(Foundation Press, 4th ed., 2025). These materials are organized by chapter and cover important developments since the fourth edition went to press at the start of the third quarter of 2025.&nbsp; In addition, the supplement includes a module on digital assets.&nbsp; In [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"class_list":["post-2","page","type-page","status-publish","hentry"],"featured_image_src":null,"featured_image_src_square":null,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/pages\/2","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/comments?post=2"}],"version-history":[{"count":0,"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/pages\/2\/revisions"}],"wp:attachment":[{"href":"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-json\/wp\/v2\/media?parent=2"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}