{"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":"2025-10-14T16:25:10","modified_gmt":"2025-10-14T16:25:10","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\">For the Fall of 2025, this site presents a limited amount of free supplemental materials for\u00a0<a href=\"https:\/\/faculty.westacademic.com\/Book\/Detail?id=334851\">Jackson &amp; Tahyar, Financial Regulation: Law and Policy<\/a>\u00a0(Foundation Press, 4th ed., 2025), as well as more extensive supplemental materials, originally posted in August 2023, for those still using the third edition of the book. One of the authors of the third edition, Michael S. Barr, a member of the Federal Reserve Board of Governors, did not participate in compiling the materials posted on this site nor in the preparation of the 4<sup>th<\/sup> edition. The supplementary materials for the 3<sup>rd<\/sup> edition will be removed in December of 2025.<\/p>\n<\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\"><strong>Supplemental Materials for the 4<sup>th<\/sup> Edition<\/strong><\/h3>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Materials on the GENIUS Act of 2025<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">In July of 2025, Congress enacted and the President signed the GENIUS Act to establish a federal framework for the regulation of stablecoins. The Act is a significant development in Financial Regulation and directly related to issues explored in Part VII \u2013 Payment Systems.<\/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\/GENIUS-Act.pdf\">The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Davis-Polk_Genius-Act-is-Enacted.pdf\">Davis Polk, Genius Act is Enacted (July 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Davis-Polk_GENIUS-Act-AMLCFT-and-Sanctions-Compliance.pdf\">Davis Polk, GENIUS Act: AML\/CFT and Sanctions Compliance (July 18, 2025)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/Boehm-Columbia-Presentation-GENIUS-Act-PH-Draft-9-26-25.pptx\">Josh Boehm, Paul Hastings, The GENIUS Act: What it says, what it doesn\u2019t say (Sept. 2025) <\/a>\u00a0<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Materials for Part III \u2013 Insurance<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For the 4<sup>th<\/sup> edition, we did not update two of the chapters from Part III. We are, however, making these chapters from the 3<sup>rd<\/sup> edition available for instructors and students using the 4<sup>th<\/sup> 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<sup>rd<\/sup> 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<sup>rd<\/sup> edition)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Materials for Part V \u2013 Consumer Protection and the CFPB<\/strong><\/h4>\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\/CFPB-Supervisory-Designation.pdf\">CFPB, Legal Standard Application to Supervisory Designation Proceedings, 90 Fed. Reg. 41,520 (Aug. 26, 2025)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Materials for Part VIII \u2013 Corporate Governance, Supervision, and Enforcement<\/strong><\/h4>\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\/OCC-and-FDIC-Proposal-to-Focus-Supervision-on-Material-Financial-Risks.pdf\">OCC and FDIC Proposal to Focus Supervision on Material Financial Risks (Oct. 7, 2025).pdf<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2025\/10\/OCC-and-FDIC-Proposal-to-Prohibit-Use-of-Reputation-Risk-by-Regulators.pdf\">OCC and FDIC Proposal to Prohibit Use of Reputation Risk by Regulators (Oct. 7, 2025).pdf<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Materials for Part XI \u2013 Derivatives and Rate Markets<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">For the 4<sup>th<\/sup> edition, we did not update two of the chapters from Part XI. We are, however, making these chapters from the 3<sup>rd<\/sup> edition available for instructors and students using the 4<sup>th<\/sup> 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<sup>rd<\/sup> 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<sup>rd<\/sup> edition)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>New Case Studies on Financial Action Task Force (FATF)<\/strong><\/h4>\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. Please request access to the Teaching Note by emailing the HLS Case Studies team at&nbsp;<a href=\"mailto:hlscasestudies@law.harvard.edu\">hlscasestudies@law.harvard.edu<\/a>.&nbsp;<\/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<h3 class=\"wp-block-heading\"><br>Barr, Jackson, &amp; Tahyar, Financial Regulation: Law and Policy Foundation Press, 3rd ed., 2021; Online Supplement &#8211; August 2023<\/h3>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" style=\"line-height:1.1\">Preface<\/h2>\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\" style=\"line-height:1.5\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:30%\">\n<figure class=\"wp-block-image aligncenter size-full is-resized has-custom-border\"><img loading=\"lazy\" decoding=\"async\" width=\"250\" height=\"351\" src=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2024\/01\/4931635.jpg\" alt=\"Financial Regulation: Law and Policy Third Edition Cover\" class=\"has-border-color has-black-border-color wp-image-193\" style=\"border-width:1px;width:243px;height:auto\" srcset=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2024\/01\/4931635.jpg 250w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2024\/01\/4931635-214x300.jpg 214w\" sizes=\"auto, (max-width: 250px) 100vw, 250px\" \/><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-top is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:80%\">\n<p class=\"has-text-align-justify wp-block-paragraph\">This site presents free supplemental materials for&nbsp;<a href=\"https:\/\/faculty.westacademic.com\/Book\/Detail?id=334851\">Barr, Jackson &amp; Tahyar, Financial Regulation: Law and Policy<\/a>&nbsp;(Foundation Press, 3d ed., 2021). One of the authors, Michael S. Barr, Vice Chair of the Federal Reserve for Supervision and member of the Federal Reserve Board of Governors, did not participate in compiling the materials posted on this site. This version of the supplement begins with modules on four areas of current interest: digital assets, climate change, racial equity and administrative law. Thereafter, these materials are organized by chapter and cover important developments since the third edition went to press at the start of the third quarter of 2021. In some cases, we also include older documents that instructors may wish to emphasize in their courses.<\/p>\n\n\n\n<p class=\"has-text-align-justify wp-block-paragraph\" style=\"line-height:1.6\">If you have suggestions about additional materials that should be posted here or included in the third edition, please contact <a href=\"mailto:hjackson@law.harvard.edu\">Howell Jackson<\/a>&nbsp;and <a href=\"mailto:margaret.tahyar@davispolk.com\">Meg Tahyar<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Good luck.<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><strong>Updated: August 2023<\/strong><\/p>\n<\/div>\n<\/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:80%\">\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading has-text-align-center\">Fintech Law: The Case Studies<\/h3>\n\n\n\n<p class=\"has-text-align-justify wp-block-paragraph\">Over the past three years, two of the authors \u2013 Howell Jackson and Meg Tahyar \u2013 have been teaching a Fintech module at Harvard Law School and have developed a series of fourteen case studies that offer students an opportunity to explore the kinds of challenges that technological developments are posing for practicing attorneys in the field of financial regulation. These case studies have now been published in an eBook,&nbsp;<a href=\"https:\/\/projects.law.harvard.edu\/fintechlaw\/\">Howell E Jackson &amp; Margaret E. Tahyar, Fintech Law: The Case Studies (July 2020)<\/a>. There is also a Teacher\u2019s Manual available to instructors upon request. Additional case studies on other topics of financial regulation are available from the Harvard Law School Library. All of these case studies are also listed below following the relevant chapters of the textbook.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:20%\">\n<figure class=\"wp-block-image aligncenter is-resized has-custom-border\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover-683x1024.png\" alt=\"Fintech Law: The Case Studies eBook cover\" class=\"has-border-color has-black-border-color wp-image-107\" style=\"border-width:1px;width:186px;height:auto\" srcset=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover-683x1024.png 683w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover-200x300.png 200w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover-768x1152.png 768w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover-1024x1536.png 1024w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover-1365x2048.png 1365w, https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/front_cover.png 1800w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><\/figure>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-default\" \/>\n\n\n\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"digital\"><span class=\"ez-toc-section\" id=\"Digital_Assets_Module\"><\/span>Digital Assets Module<span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Digital_Assets_Module\" >Digital Assets Module<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Climate_Change_Module\" >Climate Change Module<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Racial_Equity_Module\" >Racial Equity Module<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Administrative_Law_Module\" >Administrative Law Module<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_I_Introduction_to_Financial_Regulation\" >Part I. Introduction to Financial Regulation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_II_Inusred_Depository_Institutions\" >Part II. Inusred Depository Institutions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_III_Insurance\" >Part III. Insurance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_IV_Securities_Firms_and_Capital_Markets\" >Part IV. Securities Firms and Capital Markets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_V_Consumer_Protection_and_the_CFPB\" >Part V. Consumer Protection and the CFPB<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_VI_Financial_Conglomerates\" >Part VI. Financial Conglomerates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_VII_Payment_Systems\" >Part VII. Payment Systems<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_VIII_Corporate_Governance_Supervision_and_Enforcement\" >Part VIII. Corporate Governance, Supervision, and Enforcement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_IX_Lender_of_Last_Resort_and_Resolution\" >Part IX. Lender of Last Resort and Resolution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_X_Mutual_Funds_and_Other_Investment_Vehicles\" >Part X. Mutual Funds and Other Investment Vehicles<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_XI_Derivatives_and_Rate_Markets\" >Part XI. Derivatives and Rate Markets<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/#Part_XII_Shadow_Banking\" >Part XII. Shadow Banking<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n\n<p class=\"has-text-align-justify wp-block-paragraph\">The pace of digital asset regulation has accelerated dramatically since the third edition went to press in 2021. Advancements in this cutting-edge technology raise fresh legal questions that have prompted policymakers to reconsider existing regulatory frameworks. This module highlights several such developments in digital asset regulation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Stablecoins, CBDCs, and Banking Permissibility\/Approval<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Legislation<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2022-06\/crypto-bills-comparison-client-update.pdf\">Davis Polk, Client Update: Comparison of Digital Asset Legislative Proposals (June 23, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/stablecoin_trust_act.pdf\">Stablecoin Transparency of Reserves and Uniform Safe Transactions Act of 2022 Discussion Draft, S. ___, 117<sup>th<\/sup>&nbsp;Congress (Dec. 21, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA00\/20230613\/116085\/BILLS-118pih-Toprovidefortheregulation.pdf\">A Bill to Provide for the Regulation of Payment Stablecoins, and for Other Purposes, H.R. __, 118<sup>th<\/sup>&nbsp;Cong. (June 13, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2023-07\/comparison-of-representatives-mchenrys-and-waters-stablecoin-legislative-proposals.pdf\">Davis Polk, Client Update: Comparison of Representatives McHenry\u2019s and Waters\u2019 Stablecoin Legislative Proposals (July 10, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Administrative and Executive Materials<\/h4>\n\n\n\n<h5 class=\"wp-block-heading\">Office of the Comptroller of the Currency<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.occ.gov\/topics\/charters-and-licensing\/interpretations-and-actions\/2020\/int1170.pdf\">OCC Interpretive Letter No. 1170, Authority of a National Bank to Provide Cryptocurrency Custody Services for Customers (Jul. 22, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/topics\/charters-and-licensing\/interpretations-and-actions\/2020\/int1172.pdf\">OCC Interpretive Letter No. 1172, National Bank and Federal Savings Association Authority to Hold Stablecoin Reserves (Sept. 21, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/news-releases\/2021\/nr-occ-2021-2a.pdf\">OCC Interpretive Letter No. 1174, National Bank and Federal Savings Association Authority to Use Independent Node Verification Networks and Stablecoins for Payment Activities (Jan. 4, 2021<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/topics\/charters-and-licensing\/interpretations-and-actions\/2021\/int1179.pdf\">OCC Interpretive Letter No. 1179, Chief Counsel\u2019s Interpretation Clarifying: (1) Authority of a Bank to Engage in Certain Cryptocurrency Activities; and (2) Authority of the OCC to Charter a National Trust Bank (Nov. 18, 2021)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">White House<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/StableCoinReport_Nov1_508.pdf\">President\u2019s Working Group on Financial Markets, the OCC, FDIC and CFPB, Report and Recommendations on Stablecoins (Nov. 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2022\/03\/09\/executive-order-on-ensuring-responsible-development-of-digital-assets\/\">Exec. Order No. 14,067, Ensuring Responsible Development of Digital Assets of Mar. 9, 2022, 87 Fed. Reg. 14143 (published on Mar. 14, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Board of Governors of the Federal Reserve<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/money-and-payments-20220120.pdf\">Federal Reserve Board, Money and Payments: The US Dollar in the Age of Digital Transformation (Jan. 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2023\/02\/07\/2023-02192\/policy-statement-on-section-913-of-the-federal-reserve-act\">Federal Reserve Board, Policy Statement on Section 9(13) of the Federal Reserve Act, 88 Fed. Reg. 7848 (Feb. 7, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/orders20230324a1.pdf\">Federal Reserve Board, Order Denying Application for Membership of Custodia Bank, Inc., FRB Order No. 2023-02 (Jan. 27, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h5 class=\"wp-block-heading\">Joint Banking Regulators<\/h5>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fdic.gov\/news\/press-releases\/2023\/pr23002a.pdf\">Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Joint Statement on Crypto-Asset Risks to Banking Organizations (Jan. 3, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/bcreg20230223a1.pdf\">Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Joint Statement on Liquidity Risks to Banking Organizations&nbsp;Resulting from Crypto-Asset Market Vulnerabilities&nbsp;(Feb. 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">State Regulators<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.dfs.ny.gov\/industry_guidance\/industry_letters\/il20220608_issuance_stablecoins\">New York Department of Financial Services, Virtual Currency Guidance (Jun. 8, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Speeches and Statements by Regulators<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/powell20220617a.htm\">Jerome H. Powell, Speech at the International Roles of the US Dollar, a Research Conference Sponsored by the Federal Reserve Board, Washington, DC (Jun. 17, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/speeches\/2022\/spoct2022.html\">Martin J. Gruenberg, Speech at the Brookings Institution, The Prudential Regulation of Crypto-Assets (Oct. 20, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/barr20230309a.htm\">Michael S. Barr, The Federal Reserve\u2019s Approach to Supervision and Regulation of Banks\u2019 Crypto-Related Activities (March 9, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/files\/bowman20230418a.pdf\">Michelle W. Bowman, Considerations for a Central Bank Digital Currency (April 18, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/speeches\/2023\/pub-speech-2023-64.pdf\">Michael J. Hsu, Tokenization in AI and Banking: How Risk and Compliance Can Facilitate Responsible Innovation (June 16, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Statements by Congressmembers<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408737\">Letters from US House Financial Services Committee Demanding Information Regarding Efforts to De-Bank the Digital Asset Ecosystem (April 26, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/financialservices.house.gov\/calendar\/eventsingle.aspx?EventID=408790\">House Financial Services Committee, Hearing entitled \u201cPutting the \u2018Stable\u2019 in Stablecoins\u201d: How Legislation Will Help Stablecoins Achieve Their Promise (May 18, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">International Guidance<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bis.org\/about\/bisih\/topics\/cbdc.htm\">Bank for International Settlements, BIS Innovation Hub section on Central Bank Digital Currencies<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d519.pdf\">Basel Committee on Banking Supervision, Second Consultation on Prudential Treatment of Cryptoasset Exposures (Jun. 30, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.iosco.org\/library\/pubdocs\/pdf\/IOSCOPD734.pdf\">International Organization of Securities Commissions (IOSCO), Policy Recommendations for Crypto and Digital Asset Markets \u2013 Consultation Report (May 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bis.org\/publ\/arpdf\/ar2023e3.pdf#:~:text=This%20chapter%20presents%20a%20blueprint%20for%20a%20future,other%20tokenised%20claims%20on%20financial%20and%20real%20assets\">Bank for International Settlements, BIS Annual Economic Report, Blueprint for the future monetary system: improving the old, enabling the new (June 20, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fsb.org\/2023\/07\/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-global-stablecoin-arrangements-final-report\/\">FSB, High-level Recommendations for the Regulation, Supervision and Oversight of Global Stablecoin Arrangements: Final report (July 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fsb.org\/2023\/07\/high-level-recommendations-for-the-regulation-supervision-and-oversight-of-crypto-asset-activities-and-markets-final-report\/\">High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-asset Activities and Markets: Final report (July 17, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Academic, Industry, and Law Firm Commentary<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3888752\">Gary B. Gorton &amp; Jeffery Zhang, Taming Wildcat Stablecoins , U. of Chi. L. Rev.(July 19, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/hbr.org\/2021\/08\/stablecoins-and-the-future-of-money\">Christian Catalini &amp; Jai Massari, Stablecoins and the Future of Money, Harv. Bus. Rev. (Aug. 10, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4191646\">Kara J. Bruce, Christopher K. Odinet &amp; Andrea Tosato, The Private Law of Stablecoins, Ariz. St. L. J. (Aug. 22, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/custodiabank.com\/press\/statement-from-custodia-bank-on-federal-reserve-board-action\/\">Custodia Bank, Statement on Federal Reserve Board Action (Jan. 27, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4360665\">Christina Skinner, Central Bank Digital Currency as New Public Money, U. of Penn. L. Rev. (Feb. 18, 2023)&nbsp;<\/a>(for more, see&nbsp;<a href=\"https:\/\/www.bis.org\/press\/p220125.htm\">BIS Innovation Hub projects<\/a>)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Market Structure and Consumer Protection<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Legislation<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.europarl.europa.eu\/doceo\/document\/TA-9-2023-0117_EN.html#title2\">Markets in Crypto Assets Regulation, Parliament Legislative Resolution and Amending Directive (EU) (April 20, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/2023-05\/Crypto%20Bill%2010985-06-3.PDF\">New York State, Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act, LBDC No. 10985-06-3 (May 5, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/digital_002_xml.pdf\">McHenry Thompson Digital Asset Market Structure Bill Discussion Draft (June 2, 2023)<\/a>&nbsp;(for a section-by-section summary of the Discussion Draft, see&nbsp;<a href=\"https:\/\/financialservices.house.gov\/UploadedFiles\/Market_Structure_Bill_Section_by_Section.pdf\">https:\/\/financialservices.house.gov\/UploadedFiles\/Market_Structure_Bill_Section_by_Section.pdf<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-02\/key-house-republicans-unveil-crypto-market-structure-draft-bill\">Allyson Versprille, Key House Republicans Unveil Crypto Market Structure Draft Bill, Bloomberg (June 2, 2023)<\/a>&nbsp;<em>(also included in 4.1. Introduction to the Regulation of Securities Firms)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lummis.senate.gov\/wp-content\/uploads\/Lummis-Gillibrand-2023.pdf\">Lummis Gilibrand Responsible Financial Innovation Act, S. ___, 118<sup>th<\/sup>&nbsp;Congress (July 12, 2023)<\/a>&nbsp;(for a section-by-section summary of the Bill, see&nbsp;<a href=\"https:\/\/www.lummis.senate.gov\/press-releases\/lummis-gillibrand-reintroduce-comprehensive-legislation-to-create-regulatory-framework-for-crypto-assets\/\">https:\/\/www.lummis.senate.gov\/press-releases\/lummis-gillibrand-reintroduce-comprehensive-legislation-to-create-regulatory-framework-for-crypto-assets\/<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Administrative and Executive Materials<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/oca\/staff-accounting-bulletin-121\">Securities and Exchange Commission, Staff Accounting Bulletin 121, 17 CFR Part 211 (effective April 11, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2023\/03\/sec-proposes-expansion\">Skadden, SEC Proposes Expansion of Custody Rule Safeguards for Investment Advisers (March 24, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2023-05-05\/pdf\/2023-08544.pdf\">SEC, Supplemental Information and Reopening of Comment Period for Amendments Regarding the Definition of \u201cExchange\u201d, 88 Fed. Reg. 29448 (May 5, 2023)<\/a>&nbsp;(for a brief summary and background on the proposed amendments, see the SEC\u2019s Fact Sheet,&nbsp;<a href=\"https:\/\/www.sec.gov\/files\/34-97309-fact-sheet.pdf\">Reopening of the Comment Period: Proposed Amendments to Exchange Act Rule 3b-16<\/a>)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Speeches and Statements by Regulators<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418\">William Hinman, Director, Division of Corporation Finance, Digital Asset Transactions: When Howey Met Gary (Plastic), Remarks at the Yahoo Finance All Markets Summit: Crypto (June 14, 2018)<\/a><em>(also included in 4.1. Introduction to the Regulation of Securities Firms)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/public-statement\/pierce-statement-poloniex-080921\">Hester M. Peirce, SEC Commissioner, Statement in the Matter of Poloniex, LLC (Aug. 9, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/statement\/gensler-statement-ats-041423\">Gary Gensler, Chair of the Securities and Exchange Commission, Statement on Alternative Trading Systems and the Definition of an Exchange (April 14, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/PressRoom\/SpeechesTestimony\/johnsonstatement071323\">Kristin Johnson, Commissioner of the Commodity Futures Trading Commission, Statement on Taking Action to Prevent Fraud by Digital Asset Services Firms<\/a>&nbsp;(July 13, 2023)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Academic, Industry, and Law Firm Commentary<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/corpgov.law.harvard.edu\/2018\/07\/07\/metamorphosis-digital-assets-and-the-u-s-securities-laws\/\">Robert Crea, Anthony Nolan, Eden Rohrer, Harvard Law School Forum on Corporate Governance, Metamorphosis: Digital Assets and the U.S. Securities Laws (Jul. 7, 2018)<\/a>&nbsp;<em>(also included in 4.1. Introduction to the Regulation of Securities Firms)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/comments\/s7-02-22\/s70222.htm\">Comments on Amendments Regarding the Definition of \u201cExchange\u201d and Alternative Trading Systems (ATSs) that Trade US Treasury and Agency Securities, National Market System (NMS) Stocks, and Other Securities, File No. s7-02-22<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/corpgov.law.harvard.edu\/2022\/08\/01\/digital-asset-securities-regulation-a-petition-for-rulemaking-from-coinbase\/\">HLS Forum on Corporate Governance, Coinbase Petitions for Rulemaking on Digital Asset Securities Regulation (Feb. 9, 2015)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Enforcement Materials<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2022\/comp-pr2022-127.pdf\">Complaint, SEC v. Wahi, No. 2:22-cv-01009 (WD Wash. Jul. 21, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-127\">SEC, Press Release, SEC Charges Former Coinbase Manager, Two Others in Crypto Asset Insider Trading Action (Jul. 21, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/three-charged-first-ever-cryptocurrency-insider-trading-tipping-scheme\">DOJ, Press Release, Three Charged In First Ever Cryptocurrency Insider Trading Tipping Scheme (Jul. 21, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/media\/8046\/enfeisenbergcomplaint010923\/download\">Complaint, CFTC v. Eisenberg, No. 23-cv-00174 (SDNY Jan. 9, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2023\/comp-pr2023-13.pdf\">Complaint, SEC v. Eisenberg, No. 1:23-cv-503 (SDNY Jan. 20, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Regulatory Classification of Non-Stablecoin Digital Assets<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Legislation<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/digital_002_xml.pdf\">McHenry Thompson Digital Asset Market Structure Bill Discussion Draft (June 2, 2023)<\/a>&nbsp;(for a section-by-section summary of the Discussion Draft, see&nbsp;<a href=\"https:\/\/financialservices.house.gov\/UploadedFiles\/Market_Structure_Bill_Section_by_Section.pdf\">https:\/\/financialservices.house.gov\/UploadedFiles\/Market_Structure_Bill_Section_by_Section.pdf<\/a>)&nbsp;(also in the \u201cMarket Structure and Consumer Protection\u201d section)<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Administrative and Executive Materials<\/h4>\n\n\n\n<h4 class=\"wp-block-heading\">Speeches and Statements by Regulators<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/speech-hinman-061418\">William Hinman, Former SEC Director, Digital Asset Transactions: When Howey Met Gary (Plastic) (June 14, 2018)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/peirce-remarks-regulatory-transparency-project-conference\">Hester M. Peirce, SEC Commissioner, Remarks at Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation? (Jun. 14, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/lizarraga-brooklyn-law-school-20221116\">Jaime Lizarraga, Commissioner of the Securities and Exchange Commission, Speech at the Brooklyn Law School, Digital Assets: Putting Investors First (Nov. 16, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.c-span.org\/video\/?527459-1\/securities-exchange-commission-oversight-hearing\">House Financial Services Committee Hearing entitled Securities and Exchange Commission Oversight Hearing (April 18, 2023) (timestamp: 17:13 \u2013 21:15)&nbsp;<\/a>(an exchange between Gary Gensler and Chairman McHenry regarding whether Ether is a security or a commodity)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/statement\/peirce-uyeda-american-cryptofed-20230607\">Gary Gensler, Chair of the Securities and Exchange Commission, Remarks before the Piper Sandler Global Exchange Conference, We\u2019ve Seen this Story Before (June 8, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Enforcement Materials<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/litreleases\/2022\/lr25573.htm\">Litigation Release, SEC v. LBRY, Inc, No. 1:21-cv-00260-PB (DNH Nov. 7, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nhd.uscourts.gov\/sites\/default\/files\/Opinions\/2023\/23NH082.pdf#:~:text=Case%20No.%2021-cv-260-PB%20Opinion%20No.%202023%20DNH%2082,filed%20a%20motion%20to%20limit%20the%20SEC%E2%80%99s%20remedies.\">Memorandum and Order, SEC V. LBRY, Inc., No. 21-cv-260-PB (DNH July 12, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.justice.gov\/opa\/pr\/man-charged-110-million-cryptocurrency-scheme\">Department of Justice Office of Public Affairs, Press Release, Man Charged in $110 Million Cryptocurrency Scheme (Feb. 2, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2023\/comp-pr2023-25.pdf\">Complaint, SEC v. Kraken, No. 3:23-cv-00588 (N.D. Cal. Feb. 9, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ag.ny.gov\/sites\/default\/files\/2023.03.09_-_memorandum_of_law_-_people_v_mek_global_limited_and_phoenixfin_pte_ltd_dba_kucoin.pdf#:~:text=Petitioner%20seeks%20a%20summary%20grant%20of%20the%20relief,an%20accounting%2C%20restitution%2C%20disgorgement%2C%20and%20costs%20against%20KuCoin.\">Attorney General of New York v. KuCoin (N.Y. March 9, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nysb.uscourts.gov\/sites\/default\/files\/opinions\/312840_1170_opinion.pdf\">In re Voyager Digital Holdings, Inc. et al, No. 22-10943 (Bankr. SDNY March 11, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/media\/8351\/%20enfbinancecomplaint032723\/download\">Complaint, CFTC v. Binance Holdings Ltd., No. 1:23-cv-01887 (March 27, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/files\/litigation\/complaints\/2023\/comp-pr2023-101.pdf\">Complaint, SEC v. Binance Holdings Ltd., No. 1:23-cv-01599 (June 5, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2023\/comp-pr2023-102.pdf\">Complaint, SEC v. Coinbase, Inc. No. 1:23-cv-04738 (SDNY June 6, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/media\/8736\/enfookidaoorder060923\/download\">Order Granting Motion for Default Judgment, CFTC v. Ooki DAO, No. 3:22-cv-05416-WHO (N.D. Cal. June 8, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.nysd.uscourts.gov\/sites\/default\/files\/2023-07\/SEC%20vs%20Ripple%207-13-23.pdf\">Order, SEC v. Ripple, No. 1:20-cv-10832-AT-SN (SDNY July 13, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Academic, Industry, and Law Firm Commentary<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.coinbase.com\/blog\/digital-asset-policy-proposal-safeguarding-americas-financial-leadership\">Faryar Shirzad, Digital Asset Policy Proposal: Safeguarding America\u2019s Financial Leadership (Oct. 24, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=Ytaa_5liwMA\">SBF vs. Erik Voorhees: How Do We Regulate Crypto, Bankless (November 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-17\/ftx-collapse-puts-focus-on-ripple-case-for-who-should-regulate-crypto#xj4y7vzkg\">Malathi Nayak, Chris Dolmetsch &amp; Allyson Versprille, Fight to Regulate Crypto at Crossroads as Ripple Ruling Looms, Bloomberg (Jan. 17. 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.coinbase.com\/blog\/we-asked-the-sec-for-reasonable-crypto-rules-for-americans-we-got-legal\">Paul Grewal, We asked the SEC for reasonable crypto rules for Americans. We got legal threats instead., Coinbase Blog (March 22, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4405036\">Brummer, Yadav, Zaring: Regulation by Enforcement, U.S.C. L. Rev. (April 4, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/plus.pli.edu\/Details\/Details?fq=id:(384360-ATL8)\">Abigail Q. Cooper, Fiona R. Moran &amp; Robert A. Cohen, \u201cArticle 8: A Decade in Review: SEC Cryptocurrency Enforcement \u2013 Where We Have Been and Where We Are Going after FTX, Practicing Law Institute Chronical: Insights and Perspectives for the Legal Community (June 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Mitigating Illicit Finance Risks<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Legislation<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.warren.senate.gov\/download\/12\/15\/2022\/daaml-act-of-2022\">Warren Marshall Digital Asset Anti-Money Laundering Act of 2022, S. ___, 117<sup>th<\/sup>&nbsp;Congress (Dec. 14, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.gillibrand.senate.gov\/news\/press\/release\/gillibrand-lummis-warren-marshall-introduce-amendment-to-ndaa-to-prevent-use-of-crypto-assets-in-illicit-financial-transactions\/\">Warren, Marshall, Gillibrand, Lummis, Amendment to Prevent Use of Crypto Assets in Illicit Financial Transactions (July 29, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Administrative and Executive Materials<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0854\">U.S. Dept. of Treasury, Fact Sheet: Framework for International Engagement on Digital Assets (Jul. 7, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Future-of-Money-and-Payments.pdf\">U.S. Dept. of Treasury, Report, The Future of Money and Payments: Report Pursuant to Section 4(b) of Executive Order 14067 (Sept. 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/nec\/briefing-room\/2023\/01\/27\/the-administrations-roadmap-to-mitigate-cryptocurrencies-risks\/\">White House, Press Release, The Administration\u2019s Roadmap to Mitigate Cryptocurrencies\u2019 Risks (Jan. 27, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/DeFi-Risk-Full-Review.pdf\">U.S. Dept. of Treasury, Report, Illicit Finance Risk Assessment of Decentralized Finance (April 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Enforcement Materials<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0916\">U.S. Dept. of Treasury, Press Release, U.S. Treasury Sanctions Notorious Virtual Currency Mixer Tornado Cash (Aug. 8, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Other<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">International Guidance<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.oecd.org\/tax\/exchange-of-tax-information\/crypto-asset-reporting-framework-and-amendments-to-the-common-reporting-standard.pdf\">OECD, Crypto-Asset Reporting Framework and Amendments to the Common Reporting Standard (2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Academic, Industry and Law Firm Commentary<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bing.com\/ck\/a?!&amp;&amp;p=f417b6f896961dd1JmltdHM9MTY4OTI5MjgwMCZpZ3VpZD0wN2VmYjY3Ni1mNTc2LTZmN2YtMWQ3Yy1hNTZjZjQzNTZlZTUmaW5zaWQ9NTIwNw&amp;ptn=3&amp;hsh=3&amp;fclid=07efb676-f576-6f7f-1d7c-a56cf4356ee5&amp;psq=matt+levine+crypto+story&amp;u=a1aHR0cHM6Ly93d3cuYmxvb21iZXJnLmNvbS9mZWF0dXJlcy8yMDIyLXRoZS1jcnlwdG8tc3Rvcnkv&amp;ntb=1\">Matt Levine, The Only Crypto Story You Need, Bloomberg (Oct. 25, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/crypto\">Davis Polk, Crypto Regulation Hub<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cravath.com\/a\/web\/g8XjDmzDmLYXLZX5ojBha\/7H2sNa\/20230512-gfmaimpactofdlt-fullreport-final-full.pdf\">Cravath, Boston Consulting Group, Clifford Chance, AFME, ASIFMA SIFMA &amp; GFMA, Impact of Distributed Ledger Technology in Global Capital Markets (May 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"climate\"><span class=\"ez-toc-section\" id=\"Climate_Change_Module\"><\/span>Climate Change Module<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-justify wp-block-paragraph\">Financial regulators and market participants have been closely monitoring the effects of climate change on the financial industry in recent years. As a result, the rate of policy development in climate-related risk management will likely accelerate moving forward. This module presents a variety of prospective developments anticipated to have an impact on the financial services sector.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Administrative and Executive Materials<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Federal Regulators<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2021-05-25\/pdf\/2021-11168.pdf\">Exec. Order No. 14,030, Executive Order on Climate-Related Financial Risk of May 20, 2021, 86 Fed. Reg. 14,030 (published on May 25, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/perma.cc\/3YBV-U2HW\">White House, Roadmap to Build a Climate Resilient Economy (Oct. 14, 2021) (published pursuant to Exec. Order No. 14,030)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2021\/10\/14\/2021-22263\/prudence-and-loyalty-in-selecting-plan-investments-and-exercising-shareholder-rights\">Department of Labor, Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, 86 Fed. Reg. 57,272 (Oct. 14, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.treas.gov\/news-issuances\/bulletins\/2021\/bulletin-2021-62a.pdf\">OCC, Principles for Climate-Related Financial Risk Management for Large Banks (Dec. 16, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/occ.gov\/news-issuances\/news-releases\/2021\/nr-occ-2021-8a.pdf\">OCC, Final Rule: Fair Access to Financial Services, 12 CFR Part 55 (Jan. 14, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/occ.gov\/news-issuances\/news-releases\/2021\/nr-occ-2021-14.html\">OCC, News Release 2021-14, OCC Puts Hold on Fair Access Rule (Jan. 28, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2022-02-14\/pdf\/2022-02798.pdf\">Department of Labor, Request for Information on Possible Agency Actions to Protect Life Savings and Pensions from Threats of Climate-Related Financial Risk, 87 Fed. Reg. 8,289 (Feb. 14, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/04\/04\/2022-07065\/statement-of-principles-for-climate-related-financial-risk-management-for-large-financial\">FDIC, Principles for Climate-Related Risk Management for Large Financial Institutions, 87 Fed. Reg. 19,507 (Apr. 4, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/06\/17\/2022-11718\/enhanced-disclosures-by-certain-investment-advisers-and-investment-companies-about-environmental\">SEC, Enhanced Disclosures by Certain Investment Advisers and Investment Companies about Environmental, Social, and Governance Investment Practices, 87 Fed. Reg. 36,654 (May 25, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/rules\/proposed\/2022\/ia-6034.pdf\">SEC, Proposal to Amend Rule 35d-1 (the Names Rule) under the Investment Company Act of 1940 to Add Requirements for Funds Considering ESG Factors in Investment Practices (May 25, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-209#:~:text=To%20settle%20the%20charges%2C%20GSAM,to%20select%20and%20monitor%20securities.\">SEC, SEC Charges Goldman Sachs Asset Management for Failing to Follow its Policies and Procedures Involving ESG Investments (Nov. 22, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/12\/08\/2022-26648\/principles-for-climate-related-financial-risk-management-for-large-financial-institutions\">FRB, Principles for Climate-Related Financial Risk Management for Large Financial Institutions (Dec. 8, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20230117a.htm\">FRB provides additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise (Jan. 17, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">State Regulators<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.dfs.ny.gov\/industry_guidance\/industry_letters\/il20201029_climate_change_financial_risks\">Letter from the New York Department of Financial Services Concerning Climate Change and Financial Risks to the Chief Executive Officers or the Equivalents of New York State Regulated Financial Institutions (Oct. 29, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dfs.ny.gov\/industry_guidance\/industry_letters\/il20210209_cra_consideration\">Letter from the New York Department of Financial Services Concerning CRA Consideration for Activities that Contribute to Climate Mitigation and Adaptation (Feb. 9, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dfs.ny.gov\/system\/files\/documents\/2022\/12\/dfs_proposed_guidance_banking_mortgage_climate_change_202212.pdf\">New York Department of Financial Services, Proposed Guidance for New York State Regulated Banking and Mortgage Organizations Relating to Management of Material Financial Risks from Climate Change (Dec. 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.kentucky.gov\/Pages\/Activity-stream.aspx?n=KentuckyStateTreasurer&amp;prId=101\">State of&nbsp;Kentucky website, Treasurer Allison Ball Announces List of Restricted Financial Companies (Jan. 3, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.flgov.com\/2023\/01\/17\/governor-ron-desantis-further-prohibits-woke-esg-considerations-from-state-investments\/\">State of&nbsp;Florida website, Governor Ron DeSantis Further Prohibits Woke ESG Considerations from State Investments (Jan. 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/attorneygeneral.utah.gov\/attorney-general-reyes-leads-21-state-challenge-to-proxy-firms-esg-practices\/\">State of&nbsp;Utah Attorney General website, Attorney General Reyes Leads 21-State Challenge to Proxy Firms\u2019 ESG Practices (Jan. 17, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">International Regulatory Frameworks<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d532.pdf\">Basel Committee on Banking Supervision, Principles for the Effective Management and Supervision of Climate-related Financial Risks (June 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Speeches, Statements and Hearings<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/brainard20211007a.htm\">Remarks by Federal Reserve Governor Lael Brainard, Building Climate Scenario Analysis on the Foundations of Economic Research (Oct. 7, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/speeches\/2021\/pub-speech-2021-116.pdf\">Remarks by Acting Comptroller of the Currency, Michael J. Hsu, Five Climate Questions Every Bank Board Should Ask (Nov. 8, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bankofengland.co.uk\/speech\/2022\/may\/sam-woods-speech-on-the-results-of-the-climate-bes-exercise-on-financial-risks-from-climate-change\">Remarks by Deputy Governor Sam Woods at the Bank of England entitled Climate Capital, hosted by the Global Association of Risk Professionals (May 24, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/statement\/crenshaw-statement-esg-investment-practices-052522\">Commissioner Caroline A. Crenshaw, Statement on Proposed Rule Requiring Enhanced Disclosure by Certain Investment Advisers and Investment Companies on ESG Investment Practices (May 25, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/bowman20230110a.htm\">Speech by Fed Governor Michelle W. Bowman, Brief Remarks on the Economy and Bank Supervision (Jan. 10, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/subscriber.politicopro.com\/f\/?id=00000185-9be9-de44-a7bf-fbffc6450000\">Remarks by Fed Chair Jerome H. Powell, Panel on \u201cCentral Bank Independence and the Mandate\u2014Evolving Views\u201d (Jan. 10, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Other Resources<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Banking Sector Commentary<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/perma.cc\/XF5K-8EEH\">Our Commitment to Environmental Sustainability, Bank of America (last visited July 14, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/perma.cc\/66A7-CXYH\">Goldman Sachs, Goldman Sachs Environmental Policy Framework (last visited July 14, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/perma.cc\/JKD6-93ME\">Advancing Environmental Sustainability, Wells Fargo (last visited July 14, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Reports and Academic Commentary<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC-Climate-Report.pdf\">Financial Stability Oversight Council, Report on Climate Risk (Oct. 21, 2021)<\/a>&nbsp;(<em>also included in section 4.1 \u2013 Introduction to the Regulation of Securities Firms<\/em>)<\/li>\n\n\n\n<li><a href=\"https:\/\/columbialawreview.org\/wp-content\/uploads\/2021\/10\/Light-Skinner-Banks_And_Climate_Governance.pdf\">Sarah E. Light and Christina P. Skinner, Columbia Law Review, Banks and Climate Governance (Oct. 1, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/scholarship.law.vanderbilt.edu\/cgi\/viewcontent.cgi?article=4783&amp;context=vlr\">Christina P. Skinner, Vanderbilt Law Review, Central Banks and Climate Change (2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/deliverypdf.ssrn.com\/delivery.php?ID=260116123082077084077114077114068089014010017032055005018069007097031071101008094124103017054013044015041124092068028074100086011074041011058080004121064114006000067034060071110126126030065085008080126120000127126090068071072027027006011115028127123123&amp;EXT=pdf&amp;INDEX=TRUE\">Jeremy C. Kress, American Business Law Journal, Banking\u2019s Climate Conundrum (May 3, 2022)<\/a>&nbsp;(<em>also included in section 4.1 \u2013 Introduction to the Regulation of Securities Firms<\/em>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.law360.com\/banking\/articles\/1566351\/desantis-bans-fla-retirement-system-from-esg-investing\">Peter McGuire, DeSantis Bans Florida Retirement System from ESG Investing, Law360 (Jan. 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.baringa.com\/en\/insights\/climate-change-sustainability\/mid-tier-esg-benchmarking-report\/\">Melissa Klimek, Mid-tiers\u2019 slow and steady ESG strategy: where it\u2019s paid off and where banks need to speed up, Baringa Partners US (Feb. 24, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Law Firms<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/sec-proposes-climate-disclosure-regime\">Davis Polk, Client Update, SEC Proposes Climate Disclosure Regime (Mar. 22, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.kirkland.com\/publications\/kirkland-alert\/2022\/05\/issb-proposed-framework\">Kirkland &amp; Ellis, ISSB\u2019s Proposed Framework Seeks to Unify Global Sustainability Disclosure Standards (May 11, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalfinregblog.com\/2022\/12\/federal-reserve-proposes-climate-risk-guidance-for-large-financial-institutions\/\">Latham &amp; Watkins, Federal Reserve Proposes Climate Risk Guidance for Large Financial Institutions (Dec. 9, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.debevoise.com\/-\/media\/files\/pdf\/usclimateregulatoryguideforbankingorganizationsfin.pdf?rev=532e3faf007d4897b272d69b68f64423\">Debevoise &amp; Plimpton and Risk Management Association, U.S. Climate Regulatory Guide for Banking Organizations (Mar. 10, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"racial\"><span class=\"ez-toc-section\" id=\"Racial_Equity_Module\"><\/span>Racial Equity Module<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-justify wp-block-paragraph\">Over the last few years, there has been a seismic shift in the conversations surrounding racial equity. To illustrate, over 90 federal agencies, including all Cabinet-level agencies and more than 50 independent agencies, have implemented action plans related to diversity, equity and inclusion. This module covers current policy developments in the financial services sector relevant to diversity, equity, and inclusion to continue these dialogues and highlight ongoing efforts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Administrative and Executive Materials<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\">Legislation<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/2543\/all-info\">Federal Reserve Racial and Economic Equity Act, HR 2543, 117th Cong. (2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Federal Regulations or Proposals<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2021-01-25\/pdf\/2021-01753.pdf\">Exec. Order No. 13,985, Advancing Racial Equity and Support for Underserved Communities Through the Federal Government of Jan. 20, 2021, 86 Fed. Reg. 7,009 (published on Jan. 25, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/04\/14\/fact-sheet-biden-harris-administration-releases-agency-equity-action-plans-to-advance-equity-and-racial-justice-across-the-federal-government\/\">White House, FACT SHEET: Biden-\u2060Harris Administration Releases Agency Equity Action Plans to Advance Equity and Racial Justice Across the Federal Government (Apr. 14, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_equity-action-plan_2022-04.pdf\">CFPB, Equity Action Plan (Jan. 20, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Treasury-EquityActionPlan-OneYearProgress.pdf\">US Dept. of Treasury, Equity Action Plan: Progress Report (April 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/pave.hud.gov\/sites\/pave.hud.gov\/files\/documents\/PAVEActionPlan.pdf\">Interagency Task Force on Property Appraisal and Valuation Equity (PAVE), Action Plan to Advance Property Appraisal and Valuation Equity Closing the Racial Wealth Gap by Addressing Mis-valuations for Families and Communities of Color (March 2022)<\/a>&nbsp;(comprising US Dept. of Housing and Urban Development, Federal Reserve Board, CFPB, FDIC, FHFA, NCUA, OCC, White House Domestic Policy Council, among others)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/rules\/sro\/nasdaq\/2021\/34-92590.pdf\">SEC, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Approving Proposed Rule Changes, as Modified by Amendments No. 1, to Adopt Listing Rules Related to Board Diversity and to Offer Certain Listed Companies Access to a Complimentary Board Recruiting Service (Aug. 6, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/files.consumerfinance.gov\/f\/documents\/cfpb_2021-fair-lending_report_2022-05.pdf\">CFPB, Fair Lending Report of the Consumer Financial Protection Bureau, (May 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-doj-and-occ-take-action-against-trustmark-national-bank-for-deliberate-discrimination-against-black-and-hispanic-families\/\">CFPB, DOJ and OCC Take Action Against Trustmark National Bank for Deliberate Discrimination Against Black and Hispanic Families (Oct. 22, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Equitable-Housing-Finance-Plans--for-Fannie-Mae-and-Freddie-Mac.aspx\">FHFA Announcement on Equitable Housing Finance Plans for Fannie Mae and Freddie MAC (Jun. 8, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Letters<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/democrats-financialservices.house.gov\/uploadedfiles\/cmw_letter_re_pave_timeline_june_2022_final.pdf\">Letter from Chairwoman Maxine Waters to PAVE Task Force Requesting Timeline for Implementation of Administrative Appraisal Reforms (Jun. 29, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dfs.ny.gov\/industry_guidance\/industry_letters\/il20210729_diversity_equity_incl_corpgov\">Letter from the New York Department of Financial Services Concerning Diversity, Equity and Inclusion and Corporate Governance (Jul. 29, 2021)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Statement, Speeches, Hearings<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/addressing-racial-inequities-consumer-finance-markets\/\">Acting CFPB Deputy Dir. Dave Ueoji, Statement Addressing Racial Inequalities in Consumer Markets (June 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-targets-unfair-discrimination-in-consumer-finance\/\">Press Release, CFPB Targets Unfair Discrimination in Consumer Finance (May 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Other Resources<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.arnoldporter.com\/en\/perspectives\/advisories\/2022\/05\/caught-in-the-culture-wars-crossfire\">Amy Endicott et al., Arnold &amp; Porter, Caught in the Culture Wars Crossfire: Board Diversity Initiatives Under Attack (May 3, 2022)<\/a>&nbsp;(discussing amicus briefs in challenges to board diversity rules)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2022\/01\/2022-insights\/litigation\/rulings-in-2022-could-bring-clarity\">Virginia Milstead, Skadden\u2019s 2022 Insights, Rulings in 2022 Could Bring Clarity on California and Nasdaq Board Diversity Mandates (Jan. 19, 2022)<\/a>&nbsp;(discussing five pending cases that appear likely to clarify corporations\u2019 obligations to diversify their boards)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2021\/04\/insights-special-edition\/racial-equity-and-fair-lending\/\">Skadden, Insights: Special Edition, Racial Equity and Fair Lending at the Forefront of Consumer Financial Services Enforcement (Apr. 20, 2021)<\/a>\u200b\u200b\u200b\u200b\u200b\u200b\u200b<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"admin\"><span class=\"ez-toc-section\" id=\"Administrative_Law_Module\"><\/span>Administrative Law Module<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-justify wp-block-paragraph\">Over the past year, there have been significant challenges and thoughtful questions raised regarding the authority of various administrative agencies responsible for the supervision and regulation of financial institutions. This module presents the current state of these developments which are sure to have lasting impacts of the financial services sector.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Constitutionality of CFPB<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.scotusblog.com\/2023\/02\/supreme-court-will-review-constitutionality-of-consumer-watchdog-agencys-funding-cfpb\/\">SCOTUS Blog, \u201cCourt will review constitutionality of consumer-watchdog agency\u2019s funding,\u201d (February 27, 2023).<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.mcglinchey.com\/insights\/taking-the-case-scotus-to-decide-constitutionality-of-cfpb\/\">Mcglinchey, \u201cTaking the Case: SCOTUS to Decide Constitutionality of CFPB,\u201d (February 27, 2023).<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/btlaw.com\/insights\/alerts\/2023\/scotus-cert-recap-a-second-constitutional-challenge-to-the-cfpb-and-a-criminal-sentencing-question\">Barnes &amp; Thornburg, \u201cSCOTUS Cert Recap: A Second Constitutional Challenge To The CFPB, And A Criminal-Sentencing Question That Has Sharply Divided The Lower Courts,\u201d (March 6, 2023).<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Chevron Deference<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.perkinscoie.com\/en\/news-insights\/supreme-court-to-review-critical-case-on-deference-to-administrative-agencies.html\">Perkins Coie, \u201cSupreme Court to Review Critical Case on Deference to Administrative Agencies,\u201d (May 24, 2023)<\/a>&nbsp;(discussing&nbsp;<em>Loper Bright Enterprises v. Raimondo<\/em>).<\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinancemonitor.com\/2023\/07\/19\/petitioners-file-brief-urging-scotus-to-overrule-chevron\/\">Ballard Spahr, \u201cPetitioners file brief urging SCOTUS to overrule Chevron,\u201d (July 19, 2023)<\/a>&nbsp;(discussing&nbsp;<em>Loper Bright Enterprises v. Raimondo<\/em>).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">Major Questions Doctrine<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/basic-primer-major-questions-doctrine\">Davis Polk, Client Update, A Basic Primer on the Major Questions Doctrine (July 14, 2022)<\/a>.<\/li>\n\n\n\n<li><a href=\"https:\/\/www.scotusblog.com\/2023\/05\/supreme-court-will-consider-major-case-on-power-of-federal-regulatory-agencies\/\">SCOTUS Blog, \u201cSupreme Court will consider major case on power of federal regulatory agencies,\u201d (May 1, 2023)<\/a>&nbsp;(previewing&nbsp;<em>Loper Bright Enterprises v. Raimondo<\/em>).<\/li>\n\n\n\n<li><a href=\"https:\/\/www.venable.com\/insights\/publications\/2023\/05\/supreme-court-to-hear-case-that-could-overrule\">Venable, \u201cSupreme Court to Hear Case That Could Overrule Chevron and Curtail Administrative Agencies&#8217; Ability to Regulate Broadly,\u201d (May 2, 2023)<\/a>&nbsp;(discussing&nbsp;<em>Loper Bright Enterprises v. Raimondo<\/em>).<\/li>\n\n\n\n<li><a href=\"https:\/\/www.natlawreview.com\/article\/scotus-chevron-lord-voldemort-and-doctrine-shall-not-be-named\">National Law Review, \u201cSCOTUS: Chevron, Lord Voldemort, and a Doctrine That Shall Not Be Named,\u201d (May 3, 2023)<\/a>&nbsp;(discussing&nbsp;<em>Loper Bright Enterprises v. Raimondo<\/em>).<\/li>\n\n\n\n<li><a href=\"https:\/\/www.arnoldporter.com\/en\/perspectives\/advisories\/2023\/04\/supreme-court-deals-a-blow-to-sec\">Arnold &amp; Porter, \u201cSupreme Court Deals Another Blow to SEC by Allowing Collateral Attacks on Administrative Proceedings to Proceed in Federal Court,\u201d (April 25, 2023)<\/a>&nbsp;(discussing&nbsp;<em>Jarkesy v. SEC<\/em>).<\/li>\n\n\n\n<li><a href=\"https:\/\/www.hklaw.com\/en\/insights\/publications\/2023\/07\/us-supreme-court-agrees-to-hear-nondelegation-case\">Holland &amp; Knight, \u201cU.S. Supreme Court Agrees to Hear Nondelegation Case,\u201d (July 5, 2023)<\/a>&nbsp;(discussing&nbsp;<em>Jarkesy v. SEC<\/em>).<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Preemption of State Banking Laws<\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.paulweiss.com\/media\/3982690\/nylj_oct26.pdf\">Paul Weiss, \u201cFederal Preemption of State Banking Laws,\u201d (October 26, 2022).<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.jdsupra.com\/post\/documentViewerExternal.aspx?fid=bfd57ce1-25ac-481b-a50e-a43e9c14f1dd\">Ballard Spahr, \u201cSCOTUS asks for Solicitor General\u2019s views on federal preemption of state laws requiring payment of interest on mortgage escrow accounts,\u201d (March 28, 2023)<\/a>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part1\"><span class=\"ez-toc-section\" id=\"Part_I_Introduction_to_Financial_Regulation\"><\/span>Part I. Introduction to Financial Regulation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-left\">1.1. Finance Today<\/h3>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-left\">1.2. The History of U.S. Financial Regulation: A Thematic Overview<\/h3>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-left\">1.3. Regulatory Frameworks<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Additional materials related to Regulatory Framework are available in the&nbsp;<em>Digital Assets Module<\/em>&nbsp;as well as section&nbsp;4.1.&nbsp;<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.natlawreview.com\/article\/cftc-and-sec-perspectives-cryptocurrency-and-digital-assets-volume-i-jurisdictional\">K&amp;L Gates, Nat\u2019l L. Rev., CFTC and SEC Perspectives on Cryptocurrency and Digital Assets\u2014Volume I: A Jurisdictional Overview (May 6, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.kslaw.com\/news-and-insights\/congresss-crypto-crash-course\">King &amp; Spaulding: News &amp; Insights: Congress\u2019s Crypto Crash Course (May 26, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/peirce-remarks-regulatory-transparency-project-conference\">Hester M. Peirce, SEC Commissioner, Remarks at Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation? (Jun. 14, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">1.4 Regulatory Perimeter<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">1.5 A Tour of Financial Statements<\/h3>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part I<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_federal_preemption_of_state_consumer_protection_-_august_2017.pdf\">HLS Case Study &#8211; Federal Preemption of State Consumer Protection &#8211; Aug. 2017<\/a>&#8212; Case study exploring preemption after the Dodd-Frank Act; could be used as an extension of discussion in Chapter 1.4 or in connection with Part V.&nbsp;<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_unidentified_financial_institutions_-_april_2018.pdf\">HLS Case Study &#8211; Unidentified Financial Institutions &#8211; Apr. 2018&nbsp;<\/a>&#8212; Exercise on balance sheets and income statements that could be used in connection with Chapter 1.5 to explore basic concepts of accounting.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part2\"><span class=\"ez-toc-section\" id=\"Part_II_Inusred_Depository_Institutions\"><\/span>Part II. Inusred Depository Institutions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">2.1. The Impact of Charter Choice<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.law360.com\/articles\/1390723\/attachments\/0\">Lacewell v. Office of the Comptroller of the Currency, 999 F.3d 130, 134 (2d Cir. 2021)<\/a>&nbsp;(reversing\u2014on lack of standing and ripeness grounds\u2014the district court\u2019s ruling setting aside the OCC\u2019s decision to accept special-purpose national bank charter applications from non-depository fintechs nationwide)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2023\/06\/09\/2023-12340\/interagency-guidance-on-third-party-relationships-risk-management\">Federal Reserve Board, FDIC, and OCC, \u201cInteragency Guidance on Third-Party Relationships: Risk Management\u201d (June 9, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cov.com\/en\/news-and-insights\/insights\/2023\/06\/bank-agencies-3rd-party-risk-guidance-6-things-to-know\">Covington Memo, \u201cBank Agencies\u2019 3<sup>rd<\/sup>&nbsp;Party Risk Guidance: 6 Things to Know\u201d (June 16, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2021\/08\/05\/2021-16619\/national-banks-and-federal-savings-associations-as-lenders\">OCC, \u201cNational Banks and Federal Savings Associations as Lenders,\u201d Final Rule (August 5, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.congress.gov\/118\/bills\/s1323\/BILLS-118s1323is.pdf\">\u201cSAFE Banking Act of 2023,\u201d S. 1323, 118th Cong. (2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dlapiper.com\/en-us\/insights\/publications\/2022\/08\/the-safe-banking-act-and-climb-act\">DLA Piper Memo, \u201cThe SAFE Banking Act and CLIMB Act would give comfort to financial institutions that elect to provide services to marijuana-related businesses\u201d (August 8, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2.2. Activities Restrictions and the Business of Banking<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.whitecase.com\/sites\/default\/files\/2023-05\/douglas-landy-glen-cuccinello-leel-sinai-chante-eliaszadeh.pdf\">Douglas Landy et al., \u201cA New \u2018Operation Choke Point\u2019? The Quickly Changing Rules on Crypto Activities for Banks,\u201d The Banking Law Journal Vol. 140, No. 5 (May 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2.3. Portfolio Diversification and Affiliate Transactions<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">2.4. Deposit Insurance<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.fdic.gov\/analysis\/options-deposit-insurance-reforms\/report\/options-deposit-insurance-reform-full.pdf\">FDIC Report, \u201cOptions for Deposit Insurance Reform\u201d (May 1, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cadwalader.com\/fin-news\/index.php?nid=61&amp;eid=491\">Daniel Meade, Cadwalader, FDIC Proposes Special Deposit Insurance Assessment After Systemic Risk Exception (May 11, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/board-matters\/2023\/2023-05-11-notice-dis-a-mem.pdf\">FDIC, \u201cNotice of Proposed Rulemaking on Special Assessments Pursuant to Systemic Risk Determination\u201d (May 11, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/statement-of-cfpb-director-rohit-chopra-member-fdic-board-of-directors-on-the-proposed-special-deposit-insurance-assessment-on-large-banks\/\">Statement of CFPB Director Rohit Chopra, Member, FDIC Board of Directors, on the Proposed Special Deposit Insurance Assessment on Large Banks<\/a>&nbsp;(May 11, 2023)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/insights\/memo\/2023\/May\/FDIC-Proposed-Special-Assessments-for-SVB-and-Signature-Bank-Resolutions\">Sullivan &amp; Cromwell, \u201cProposed Rule Would Impose Assessments Based Solely on Estimated Uninsured Deposits as of December 31, 2022, Establish First Quarterly Assessment Period Beginning on January 1, 2024\u201d (May 12, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexology.com\/library\/detail.aspx?g=d7ddb903-249c-4863-b866-5224942be3c5\">Fried Frank, \u201cFormer FRB Vice Chair Quarles Questions Legality of Current Stress Tests\u201d (July 14, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/news.bloomberglaw.com\/banking-law\/minnesota-bankers-association-sues-fdic-over-nsf-fees-guidance\">Yun Park, Bloomberg Law, \u201cMinnesota Bankers Association Sues FDIC Over NSF Fees Guidance\u201d (July 20, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/hearings\/perspectives-on-deposit-insurance-reform-after-recent-bank-failures\">U.S. Senate, Committee on Banking, Housing, and Urban Affaris, \u201cPerspectives on Deposit Insurance Reform After Recent Bank Failures\u201d (July 20, 2023)<\/a>&nbsp;(video recording of committee hearing).<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">2.5. Capital Regulation: An Introduction<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">2.6. Capital Regulation: Pre-Financial Crisis to Basel II<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">2.7. Capital Regulation: Basel III and Beyond<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2021-06\/BCBS%20Consultation%20on%20Prudential%20Treatment%20of%20Cryptoasset%20Exposures.pdf\">Davis Polk Visual Memo, \u201cBasel Committee Consultation on Prudential Treatment of Cryptoassets\u201d (June 17, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d519.pdf\">Basel Committee on Banking Supervision, Consultative Document, \u201cPrudential treatment of cryptoasset exposures\u201d (Sept. 10, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bis.org\/bcbs\/publ\/d532.pdf\">Basel Committee on Banking Supervision, \u201cPrinciples for the effective management and supervision of climate-related financial risks,\u201d (June 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bankofengland.co.uk\/speech\/2022\/may\/sam-woods-speech-on-the-results-of-the-climate-bes-exercise-on-financial-risks-from-climate-change\">Remarks by Sam Woods at the Bank of England entitled, \u201cClimate Capital,\u201d hosted by the Global Association of Risk Professionals (May 24, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/speeches\/2023\/spjun2223.html#:~:text=In%20the%20near%20term%2C%20the%20FDIC%2C%20together%20with,best%20to%20incorporate%20the%20finalization%20of%20Basel%20III.\">FDIC, Remarks by Chairman Martin J. Gruenberg on the Basel III Endgame at the Peterson Institute for International Economics (June 22, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/barr20230710a.htm\">Federal Reserve Vice Chair for Supervision, at the Bipartisan Policy Center entitled \u201cHolistic Capital Review\u201d (July 10, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.stblaw.com\/docs\/default-source\/memos\/firmmemo_07_11_23.pdf\">Simpson Thacher Memo, \u201cFederal Reserve Vice Chair Michael Barr Outlines Forthcoming Changes to Bank Capital Requirements\u201d (July 11, 2023)<\/a>.<\/li>\n\n\n\n<li><a href=\"https:\/\/bankregblog.substack.com\/p\/the-2023-us-capital-rules-proposals\">Bank Reg Blog, The 2023 U.S. Capital Rules Proposals (July 28, 2023) (a breakdown of regulators proposals for the Basel II endgame)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part II<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/casestudies.law.harvard.edu\/the-occs-fintech-charter-testing-the-scope-of-the-occs-chartering-powers\/\">HLS Case Study \u2013 The OCC\u2019s FinTech Charter: Testing the Scope of the OCC\u2019s Chartering Powers &#8211; Aug. 2017<\/a>&nbsp;\u2013 This case study could be used in connection with Chapter 2.1 to explore the chartering authority of the OCC.&nbsp; Explores the issue from the perspective of Senate Banking Committee staff.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/fintech_charters_case_study.pdf\">HLS Case Study &#8211; Fintech Charters &#8211; May 2020<\/a>&nbsp;&#8211;&nbsp;Senate staffers examine the case for legislative changes with respect to Fintech chartering ahead of a congressional hearing.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_exercise_on_alternative_strategies_for_depository_institutions.pdf\">HLS Case Study &#8211; Exercise on Alternative Strategies for Depository Institutions<\/a>&nbsp; &#8212; Exercise could be used in connection with Chapter 2.2 to explore incentives of bank shareholders with respect to the allocation of bank assets.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/elite_refi_case_study.pdf\">HLS Case Study &#8211; Strategic Options and Legal Risks for Elite ReFi, Inc. June 2020<\/a>&nbsp;&#8211;&nbsp;A marketplace lender attempts to negotiate legal uncertainties arising out of the Madden litigation and its aftermath.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/csp061_first_national_bank_cs_final.pdf\">HLS Case Study &#8211; First National Bank of Ames Corporation &#8211; April 2022<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part3\"><span class=\"ez-toc-section\" id=\"Part_III_Insurance\"><\/span>Part III. Insurance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">3.1. Introduction to Insurance Regulation<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/deliverypdf.ssrn.com\/delivery.php?ID=120106117091000026073064092117005106053087095019051075010069116104064084086096123025120122060118005029010120008102080122101123103051037075027073002117018094109006069037089078093120117112064117067027084022069084030118069072020066112115091068098065007095&amp;EXT=pdf&amp;INDEX=TRUE\">Kenneth Abraham and Daniel Schwarcz, The Limits of Regulation by Insurance, University of Virginia School of Law, (May 25, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3.2. The Protection of Consumers in Insurance Regulation<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/newsroom.statefarm.com\/state-farm-general-insurance-company-california-new-business-update\/\">State Farm General Insurance Company: California New Business Update (May 26, 2023)&nbsp;(announcing State Farm will cease accepting new applications for homeowners and business property insurance policies in California due to growing risk of catastrophe exposure)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.insurance.ca.gov\/01-consumers\/140-catastrophes\/MandatoryOneYearMoratoriumNonRenewals.cfm\">California Department of Insurance, Mandatory One Year Moratorium on Non-Renewals (Sep. 2022)<\/a>&nbsp;(invoking authority from California Senate Bill 824 (2018) to prohibit insurance providers from cancelling or refusing to renew insurance plans for properties affected by wildfires until 12 months after the fire)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.allstateinvestors.com\/static-files\/83cf2886-4f18-4783-8ad0-4d9d35492ae0\">Allstate, Allstate Raising Insurance Prices Given Cost Inflation (Nov. 2, 2022)&nbsp;(discussing Allstate\u2019s third quarter 2022 earnings and announcing that Allstate will cease providing homeownership and condominium insurance in California)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.insurance.com\/home-and-renters-insurance\/home-insurers-leaving-florida\">Meg Duvall and Leslie Kasperowicz, The Florida property insurance crisis: Why home insurers are leaving Florida<\/a>&nbsp;(Apr. 11, 2023)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3.3. The Role of Federal Government in Insurance Regulation<\/h3>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part III<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_ames_auto_insurance_regulations_-_racial_disparity_-_august_2017.pdf\">HLS Case Study &#8211; Ames\u2019 Auto Insurance Regulations &#8211; Racial Disparity &#8211; Aug. 2017<\/a>&nbsp;&#8212; Case study could be used in connection with Chapter 3.2 to explore racial disparities in automobile insurance rates.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part4\"><span class=\"ez-toc-section\" id=\"Part_IV_Securities_Firms_and_Capital_Markets\"><\/span>Part IV. Securities Firms and Capital Markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">4.1. Introduction to the Regulation of Securities Firms<\/h3>\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\/news\/speech\/speech-hinman-061418\">William Hinman, Director, Division of Corporation Finance, Digital Asset Transactions: When Howey Met Gary (Plastic), Remarks at the Yahoo Finance All Markets Summit: Crypto (June 14, 2018)&nbsp;<em>(also included in digital assets module)<\/em><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/corpgov.law.harvard.edu\/2018\/07\/07\/metamorphosis-digital-assets-and-the-u-s-securities-laws\/\">Robert Crea, Anthony Nolan, Eden Rohrer, Harvard Law School Forum on Corporate Governance, Metamorphosis: Digital Assets and the U.S. Securities Laws (Jul. 7, 2018)<\/a>&nbsp;<em>(also included in digital assets module)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-02\/key-house-republicans-unveil-crypto-market-structure-draft-bill\">Allyson Versprille, Key House Republicans Unveil Crypto Market Structure Draft Bill, Bloomberg (June 2, 2023)<\/a>&nbsp;<em>(also included in digital assets module)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/financialservices.house.gov\/news\/documentsingle.aspx?DocumentID=408838\">Press Release, House Financial Services Committee, McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal (June 2, 2023)<\/a><a><\/a>&nbsp;<em>(also included in digital assets module)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/digital_asset_project_lifecycle.pdf\">Press Release, House Financial Services Committee, McHenry, Thompson, Hill, Johnson Release Digital Asset Market Structure Proposal: Digital Asset Lifecycle (June 2, 2023)<\/a>&nbsp;<em>(also included in digital assets module)<\/em><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4.2. Securities Firms and the Retail Investor<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-24\">SEC, Press Release, SEC Charges Robo-Adviser with Misleading Clients (Feb. 10, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/admin\/2022\/34-95087.pdf\">SEC, Administrative Proceeding, File No. 3-20897, Schwab Subsidiaries Misled Robo-Adviser Clients about Absence of Hidden Fees (Jun. 13, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ropesgray.com\/en\/newsroom\/alerts\/2022\/december\/sec-lbry-examining-the-implications-of-the-secs-latest-victory-for-crypto-and-digital-asset-markets\">Ropes &amp; Gray, SEC v. LBRY: Examining the Implications of the SEC\u2019s Latest Victory for Cryptocurrency and Digital Asset Markets (Dec. 6, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-17\/ftx-collapse-puts-focus-on-ripple-case-for-who-should-regulate-crypto\">Malathi Nayak, Chris Dolmetsch and Allyson Versprille, Fight to Regulate Crypto at Crossroads as Ripple Ruling Looms (Jan 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.reuters.com\/business\/finance\/us-sec-coinbase-binance-crackdown-puts-crypto-exchanges-notice-2023-06-08\/\">Hannah Lang, Analysis: US SEC crackdown on Coinbase, Binance puts crypto exchanges on notice, Reuters (June 8, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/finbold.com\/ripple-v-sec-case-update-as-of-june-19-2023\/\">Ana Nicenko, Ripple v. SEC case update as of June 19, 2023, Finbold (June 18, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4.3 Securities Firms in Corporate Transactions<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">4.4. Exchanges and Trading<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/rules\/sro\/nasdaq\/2021\/34-92590.pdf\">SEC, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Approving Proposed Rule Changes, as Modified by Amendments No. 1, to Adopt Listing Rules Related to Board Diversity and to Offer Certain Listed Companies Access to a Complimentary Board Recruiting Service (Aug. 6, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.arnoldporter.com\/en\/perspectives\/advisories\/2022\/05\/caught-in-the-culture-wars-crossfire\">Amy Endicott et al., Arnold &amp; Porter, Caught in the Culture Wars Crossfire: Board Diversity Initiatives Under Attack (May 3, 2022)<\/a>&nbsp;(discussing amicus briefs in challenges to board diversity rules)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.skadden.com\/insights\/publications\/2022\/01\/2022-insights\/litigation\/rulings-in-2022-could-bring-clarity\">Virginia Milstead, Skadden\u2019s 2022 Insights, Rulings in 2022 Could Bring Clarity on California and Nasdaq Board Diversity Mandates (Jan. 19, 2022)<\/a>&nbsp;(discussing five pending cases that appear likely to clarify corporations\u2019 obligations to diversify their boards)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/gensler-remarks-piper-sandler-global-exchange-conference-060822\">Remarks by SEC Chair Gary Gensler Before the Piper Sandler Conference on Market Structure and the Retail Investor, (Jun. 8, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/sec_proposes_sweeping_changes_to_market_structure.pdf\">Willkie Farr, SEC Proposes Sweeping Changes to Market Structure (Feb. 23, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part IV<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/lending_club_2008_case_study.pdf\">HLS Case Study &#8211; Lending Club &#8211; May 2020<\/a>&nbsp;&#8212; This case study could be used in connection with Chapter 4.1 to explore the definition of securities under federal securities law.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/robo-advising.pdf\">HLS Case Study \u2013 Robo-Advising April 2020<\/a>&nbsp;\u2013 This case study could be used in connection with Chapter 4.2 to explore the application of traditional broker-dealer regulation to a new robo advisers. Explores legal issues from the perspective of SEC, FINRA, and Treasury Department staff.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/market_manipulation_case_study.pdf\">HLS Case Study &#8211; Market Manipulation: Definitional Approaches &#8211; June 2020<\/a>&nbsp;&#8211; SEC staff asked to analyze the potential changes to defining manipulation in light of problems caused by algorithmic trading and to assess administrative law options for implementing such changes.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/algorithmic_trading_case_study.pdf\">HLS Case Study &#8211; Algorithmic Trading Strategies &#8211; May 2020<\/a>&nbsp;&#8211; The CFTC Division of Market Oversight examines problems associated with algorithmic trading and a possible initiative of the CFTC to require firms to disclose confidential information about their algorithms.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/digital_assets_case_study.pdf\">HLS Case Study &#8211; Regulating Crypto Assets: Securities and Commodities &#8211; April 2020<\/a>&nbsp;&#8211; An attorney working at the Bipartisan Policy Center explores the regulation of digital assets, attempting to develop a policy position with respect to SEC and CFTC jurisdiction over these products.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part5\"><span class=\"ez-toc-section\" id=\"Part_V_Consumer_Protection_and_the_CFPB\"><\/span>Part V. Consumer Protection and the CFPB<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">5.1. The Consumer Financial Protection Bureau<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Remarks by Rohit Chopra, CFPB Director,&nbsp;<a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/reining-in-repeat-offenders-2022-distinguished-lecture-on-regulation-university-of-pennsylvania-law-school\/\">Reining in Repeat Offenders Distinguished Lecture on Regulation, University of Pennsylvania Law School (Mar. 28, 2022)<\/a><\/li>\n\n\n\n<li>Press Release,&nbsp;<a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-lauches-new-effort-to-promote-competition-and-innovation-in-consumer-finance\/\">CFPB Launches New Effort to Promote Competition and Innovation in Consumer Finance (May 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ca5.uscourts.gov\/opinions\/pub\/21\/21-50826-CV0.pdf\">Community Financial Services Association of America v. CFPB, No. 21-50826, (5th Cir. 2022)<\/a>&nbsp;(holding the structure unconstitutional))<\/li>\n\n\n\n<li><a href=\"https:\/\/cases.justia.com\/federal\/appellate-courts\/ca2\/20-3471\/20-3471-2023-03-23.pdf?ts=1679583638\">CFPB v. Law Offices of Crystal Moroney, No. 20-3471 (2d. Cir. 2023)<\/a>&nbsp;(holding the CFPB\u2019s funding structure is constitutional)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.natlawreview.com\/article\/second-circuit-rules-cfpb-funding-mechanism-constitutional-deepening-split-fifth\">National Law Review, \u201cSecond Circuit Rules CFPB Funding Mechanism is Constitutional, Deepening Split with Fifth Circuit\u201d (March 30, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Chopra%20Testimony%206-13-23.pdf\">Statement of CFPB Director Rohit Chopra, Semiannual Report to Congress, Hearing before the Committee on Banking, Housing, and Urban Affairs (June 13, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5.2. Mortgages<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-doj-and-occ-take-action-against-trustmark-national-bank-for-deliberate-discrimination-against-black-and-hispanic-families\/\">CFPB, DOJ and OCC Take Action Against Trustmark National Bank for Deliberate Discrimination Against Black and Hispanic Families (Oct. 22, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/office-of-research-blog-how-are-mortgages-with-covid-related-forbearance-performing-in-2023\/\">CFPB, Office of Research blog, \u201cHow are mortgages with a COVID-related forbearance performing in 2023?\u201d (June 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/blog\/the-cfpbs-2022-fair-lending-annual-report-to-congress\/\">CFPB, \u201cThe CFPB\u2019s 2022 Fair Lending Annual Report to Congress\u201d (June 29, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5.3. Consumer Financial Products and Services<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-sanctions-edfinancial-for-lying-about-student-loan-cancellation\/\">Press Release, CFPB Sanctions Edfinancial for Lying about Student Loan Cancellation (Mar. 30, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/cfpb-invokes-dormant-authority-examine-wide-range-companies-pose-risks\">Davis Polk Client Insight, CFPB Invokes \u2018Dormant\u2019 Authority to Examine Wide Range of Companies that Pose Risks to Consumers (May 10, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/bpi-and-coalition-of-bank-and-credit-union-trades-respond-to-cfpb-request-for-information-on-fees\/\">BPI and Coalition of Bank and Credit Union Trades Respond to CFPB Request for Information on Fees (Jan. 26, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.alstonconsumerfinance.com\/cfpb-issues-special-edition-of-supervisory-highlights-focusing-on-junk-fees\/\">Alston &amp; Bird memo, \u201cCFPB Issues Special Edition of Supervisory Highlights Focusing on Junk Fees\u201d (March 24, 2023)<\/a>&nbsp;(<em>see<\/em>&nbsp;<a href=\"https:\/\/s3.amazonaws.com\/files.consumerfinance.gov\/f\/documents\/cfpb_supervisory-highlights-junk-fees-special-edition_2023-03.pdf\">CFPB Supervisory Highlights 2023<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.supremecourt.gov\/opinions\/22pdf\/22-506_nmip.pdf\">Biden v. Nebraska, No. 22-506 (U.S. 2023)&nbsp;(prohibiting President Biden\u2019s student loan forgiveness program from going into effect)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/06\/30\/fact-sheet-president-biden-announces-new-actions-to-provide-debt-relief-and-support-for-student-loan-borrowers\/\">White House Fact Sheet, \u201cPresident Biden Announces New Actions to Provide Debt Relief and Support for Student Loan Borrowers\u201d (June 30, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/sites\/default\/files\/2023-07\/open-banking-memo.pdf\">Davis Polk Client Update, \u201cSummary of developments: Dodd-Frank Act Section 1033\u201d (July 12, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">5.4. Comparing Consumer Protection Models Across Sectors<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/ots.treas.gov\/news-issuances\/bulletins\/2022\/bulletin-2022-14.html\">OCC, Community Reinvestment Act: Interagency Notice of Proposed Rulemaking to Implement the CRA (May 5, 2022)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part V<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/robo_advising_case_study.pdf\">HLS Case Study \u2013 Robo-Advising &#8211; April 2020<\/a>\u2013 This case study could be used in connection with Chapter 4.2 to explore the application of traditional broker-dealer regulation to a new robo advisers. Explores legal issues from the perspective of SEC, FINRA, and Treasury Department staff.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/employee_benefits_case_study.pdf\">HLS Case Study &#8211; Employee Benefits &#8211; Emergency Savings Account &#8211; April 2020<\/a>&nbsp;&#8211; A non-profit organization evaluates the merits of and legal considerations relevant to three different initiatives designed to encourage employers to increase the emergency savings of their employees.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/regulating_consumer_permissioned_access_to_financial_data_case_study.pdf\">HLS Case Study &#8211; Regulating Consumer Permissioned Access to Financial Data &#8211; June 2020<\/a>&nbsp;&#8211; Policy advisers to a presidential campaign consider how to address the rights of consumers to control the sharing of personal financial data with Fintech firms in the face of restrictive practices put in place by many legacy financial firms.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/cloud_act_case_study_0.pdf\">HLS Case Study &#8211; CLOUD Act Enforcement &#8211; April 2020<\/a>&nbsp;&#8211; The U.S. Justice Department looks into data privacy issues when seeking to obtain information from Fintech firms with subsidiaries operating in the European Union and covered by the General Data Protection Regulation (GDPR).<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/machine_learning_case_study.pdf\">HLS Case Study &#8211; Machine Learning in the Underwriting of Consumer Loans &#8211; March 2020<\/a>&nbsp;&#8211; The CFPB considers how fair lending laws should be applied to Fintech lenders that employ machine learning and other kinds of algorithms to make lending decisions.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part6\"><span class=\"ez-toc-section\" id=\"Part_VI_Financial_Conglomerates\"><\/span>Part VI. Financial Conglomerates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">6.1. Regulation of Holding Companies<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">6.2. Regulation of Bank Market Structure and Consolidation<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.justice.gov\/atr\/page\/file\/1330316\/download\">Submission of Wachtell, Lipton, Rosen &amp; Katz to the Antitrust Division of the Department of Justice as to Revisions to the 1995 Banking Guidelines (Oct. 15, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/presidential-actions\/2021\/07\/09\/executive-order-on-promoting-competition-in-the-american-economy\/\">Executive Order on Promoting Competition in the American Economy (July 9, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/president-biden-signs-executive-order-promoting-competition\">Davis Polk, Client Update, President Biden signs Executive Order on promoting competition (July 12, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.justice.gov\/opa\/pr\/antitrust-division-seeks-additional-public%20comments-bank-merger-competitive-analysis.\">U.S. Department of Justice, Press Release, Antitrust Division Seeks Additional Public Comments on Bank Merger Competitive Analysis (Dec. 17, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4039197\">Jeremy C. Kress, Duke Law Journal, Reviving Bank Antitrust (Feb. 20, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/board-matters\/2021\/2021-12-06-notational-fr.pdf\">FDIC, Request for Information and Comment on Rules, Regulations, Guidance, and Statements of Policy Regarding Bank Merger Transactions, 87 Fed. Reg. 18,740 (Mar. 31, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/brown_letter_on_bank_mergers_4-6-22.pdf\">Chairman of the Senate Banking, Housing, and Urban Affairs Committee Sherrod Brown, Letter to Fed Chair Powell and Acting Comptroller Hsu on Bank Mergers (Apr. 6, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.occ.gov\/news-issuances\/speeches\/2022\/pub-speech-2022-49.pdf\">Remarks by Michael J. Hsu at Brookings, Michael J. Hsu, Acting Comptroller of the Currency, Bank Mergers and Industry Resiliency (May 9, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/news.usc.edu\/206504\/silicon-valley-bank-failure-banking-system\/\">Nina Raffio, Too big to fail, too small to regulate: Silicon Valley Bank \u2013 and others, USCNews (Mar. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA20\/20230510\/115890\/HHRG-118-BA20-Wstate-MichaudT-20230510.pdf\">Testimony of Thomas Michaud before the U.S. House Financial Services Subcommittee on Financial Institutions and Monetary Policy, \u201cFederal Responses to Recent Bank Failures\u201d (May 10, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.warren.senate.gov\/oversight\/letters\/warren-questions-banking-regulators-decisions-on-sale-of-first-republic-bank-to-jpmorgan\">Elizabeth Warren, Warren Questions Banking Regulators\u2019 Decisions on Sale of First Republic Bank to JPMorgan (May 18, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.justice.gov\/opa\/speech\/assistant-attorney-general-jonathan-kanter-delivers-keynote-address-brookings-institution\">Keynote Address by AAG Jonathan Kanter at the Brookings Institution&#8217;s Center on Regulation and Markets Event, &#8220;Promoting Competition in Banking&#8221; (June 20, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.brookings.edu_wp-2Dcontent_uploads_2023_08_Talking-2Dto-2DDan-2DTarullo-2Dabout-2Dbank-2Dmergers-2Dstress-2Dtests-2Dand-2Dsupervision.pdf&amp;d=DwMGaQ&amp;c=WO-RGvefibhHBZq3fL85hQ&amp;r=-Vxw0wdYD-cbM4lSYYj8OWGdElhmv4Umjkqq6-ylCaw&amp;m=FrAbYCpbW9cBzWJn8R-rfjdjYscpdYl4xxv6JcT5Fy1l0pxzow5gEm9e3y5WgAfl&amp;s=zoKsNm1VPpthKy_P0DySdxvD3EHruXdzVGOmvb-KE5E&amp;e=\">Talking to Dan Tarullo about bank mergers, stress tests, and supervision, Brookings Institute (August 10, 2023)<\/a>&nbsp;(<em>also available in section 6.3 Financial Conglomerates: Regulating Systemic Risk and section 9.2 Traditional Toolkit for Bank Failures<\/em>)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6.3. Regulating Systemic Risk<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=3817123\">Christina Skinner, Duke Law Journal, Central Bank Activism (Apr. 1, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/03\/30\/fact-sheet-president-biden-urges-regulators-to-reverse-trump-administration-weakening-of-common-sense-safeguards-and-supervision-for-large-regional-banks\/\">White House, FACT SHEET: President Biden Urges Regulators to Reverse Trump Administration Weakening of Common-Sense Safeguards and Supervision for Large Regional Banks (Mar. 30, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/congresss-2018-regulatory-tailoring-law-did-not-preclude-the-fed-from-applying-enhanced-prudential-standards-to-silicon-valley-bank\/\">Bank Policy Institute, Congress\u2019s 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank (Apr. 4, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/svb-review-20230428.pdf\">Board of Governors of the Federal Reserve System, Review of the Federal Reserve\u2019s Supervision and Regulation of Silicon Valley (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/press-releases\/2023\/pr23033a.pdf\">Federal Deposit Insurance Corporation, FDIC\u2019s Supervision of Signature Bank (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dfs.ny.gov\/system\/files\/documents\/2023\/04\/nydfs_internal_review_rpt_signature_bank_20230428.pdf\">New York State Department of Financial Services, New York State Department of Financial Services Internal Review of the Supervision and Closure of Signature Bank (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2023\/05\/Review-of-DFPIs-Oversight-and-Regulation-of-Silicon-Valley-Bank.pdf\">California Department of Financial Protection and Innovation, Review of DFPI&#8217;s Oversight and Regulation of Silicon Valley Bank (May 8, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.fdic.gov_news_speeches_2023_spaug1423.html&amp;d=DwMGaQ&amp;c=WO-RGvefibhHBZq3fL85hQ&amp;r=-Vxw0wdYD-cbM4lSYYj8OWGdElhmv4Umjkqq6-ylCaw&amp;m=FrAbYCpbW9cBzWJn8R-rfjdjYscpdYl4xxv6JcT5Fy1l0pxzow5gEm9e3y5WgAfl&amp;s=HID5AXWltzLNtb-kaLcF7RaMrTEeaXsT1GvvwzEbb-A&amp;e=\">Remarks by Martin J. Gruenberg, Chairman, FDIC, on The Resolution of Large Regional Banks \u2014 Lessons Learned, FDIC (August 14, 2023)<\/a>&nbsp;(<em>also available in section 9.2 Traditional Toolkit for Bank Failures<\/em>)<\/li>\n\n\n\n<li><a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.brookings.edu_wp-2Dcontent_uploads_2023_08_Talking-2Dto-2DDan-2DTarullo-2Dabout-2Dbank-2Dmergers-2Dstress-2Dtests-2Dand-2Dsupervision.pdf&amp;d=DwMGaQ&amp;c=WO-RGvefibhHBZq3fL85hQ&amp;r=-Vxw0wdYD-cbM4lSYYj8OWGdElhmv4Umjkqq6-ylCaw&amp;m=FrAbYCpbW9cBzWJn8R-rfjdjYscpdYl4xxv6JcT5Fy1l0pxzow5gEm9e3y5WgAfl&amp;s=zoKsNm1VPpthKy_P0DySdxvD3EHruXdzVGOmvb-KE5E&amp;e=\">Talking to Dan Tarullo about bank mergers, stress tests, and supervision, Brookings Institute (August 10, 2023)<\/a>&nbsp;(<em>also available in section&nbsp;6.2 Regulation of Bank Market Structure and Consolidation and section&nbsp;9.2 Traditional Toolkit for Bank Failures<\/em>)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">6.4. Foreign Banks in the United States and U.S. Banks Abroad<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/deliverypdf.ssrn.com\/delivery.php?ID=813098115094005093114064025073114093024068064058019036096096068030009019112022004092025021018032000121001001084079007088030019049037039013080020110103106079121104127004069000112126010002070066122025117083000088124021075031082125090101070105023088125092&amp;EXT=pdf&amp;INDEX=TRUE\">Jeremy C. Kress, \u201cDomesticating Foreign Finance,\u201d (October 5, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4538578\">John Crawford, \u201cThe Dollar Dilemma\u201d (draft of Aug. 11, 2023)<\/a>&nbsp;<em>(also available in section 9.1&nbsp;<\/em><em>\u2013 Lender of Last Resort)<\/em><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part VI<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_wal-mart_and_banking_-_august_2017.pdf\">HLS Case Study &#8211; Wal-Mart and Banking &#8211; Aug. 2017<\/a>&nbsp;&#8212; Case study could be used in connection with Chapter 6.1 to explore the arguments for and against the separation of banking and commerce.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part7\"><span class=\"ez-toc-section\" id=\"Part_VII_Payment_Systems\"><\/span>Part VII. Payment Systems<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">7.1. Introduction to Payment Systems<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/03\/14\/2022-05471\/ensuring-responsible-development-of-digital-assets\">Exec. Order No. 14067, Ensuring Responsible Development of Digital Assets, 87 FR 14143 (Mar. 9, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/08\/19\/2022-17885\/guidelines-for-evaluating-account-and-services-requests\">Federal Reserve Board, \u201cGuidelines for Evaluating Account and Services Requests\u201d Final Guidance (August 19, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/paymentsystems\/fednow_about.htm\">Federal Reserve Board \u2013 Press Release on FedNow<sup>SM<\/sup>&nbsp;Service (Sep. 22, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/paymentsystems\/fednow_faq.htm\">Federal Reserve Board \u2013 FedNow FAQ<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/explore.fednow.org\/\">Federal Reserve Banks \u2013 FedNow Explorer<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/IN\/IN12067\">Authorization Act for Fiscal Year 2023\u201d (December 29, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.spglobal.com\/marketintelligence\/en\/news-insights\/latest-news-headlines\/fed-s-custodia-denials-send-discouraging-message-to-crypto-banks-74135866\">S&amp;P Global &#8211; Fed&#8217;s Custodia denials send discouraging message to crypto banks (Feb. 6, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/caitlin-long.com\/shame-on-washington-dc-for-shooting-a-messenger-who-warned-of-crypto-debacle\/\">Caitlin Long, CEO of Custodia Bank, Shame On Washington, DC For Shooting A Messenger Who Warned of Crypto Debacle (Feb. 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.law360.com\/articles\/1686883\">Law 360, Fed Can&#8217;t Ditch Crypto-Focused Bank&#8217;s Master Account Suit (June 8, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20230616a.htm\">Press Release, \u201cFederal Reserve Board publishes a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services\u201d (June 16, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/paymentsystems\/master-account-and-services-database-about.htm\">Federal Reserve Board, Master Accounts and Services Database<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/tellerwindow.newyorkfed.org\/2023\/06\/26\/fednow-is-coming-in-july-what-is-it-and-what-does-it-do\/\">New York Fed, FedNow Is Coming in July. What Is It, and What Does It Do? (June 26, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/openyls.law.yale.edu\/bitstream\/handle\/20.500.13051\/18296\/Julie%20Andersen%20Hill%20Opening%20a%20Federal%20Reserve%20Account.pdf?sequence=1&amp;isAllowed=y\">Julie Anderson Hill, Yale Journal of Regulation, Opening a Federal Reserve Account (2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">7.2. Examining Critical Issues in Payment Systems<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.justice.gov\/ag\/page\/file\/1535236\/download\">DOJ, The Role of Law Enforcement in Detecting, Investigating, and Prosecuting Criminal Activity Related to Digital Assets (Sep. 6, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Digital-Asset-Action-Plan.pdf\">U.S. Department of Treasury, Action Plan to Address Illicit Financing Risks of Digital Assets (Sep. 12, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/Future-of-Money-and-Payments.pdf\">US Department of Treasury, The Future of Money and Payments (Sep. 16, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC-Digital-Assets-Report-2022.pdf\">FSOC, Report on Digital Asset Financial Stability Risks and Regulation (Oct. 3, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1314\">Remarks by Under Secretary of Domestic Finance Mellie Liang During Workshop on \u201cNext Steps to the Future of Money and Payments\u201d (Mar. 1, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/DeFi-Risk-Full-Review.pdf\">U.S. Department of Treasury, Illicit Finance Risk Assessment of Decentralized Finance (Apr. 6, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part VII<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/digital_currencies_case_study.pdf\">HLS Case Study \u2013 Digital Currencies &#8211; June 2020<\/a>&nbsp;\u2013 This case study could be used in connection with Part VII to explore the issues facing the Federal Reserve Board in consider two different options for issuing a digital currency.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/mobile_payments_case_study.pdf\">HLS Case Study &#8211; Mobile Payments for the Developing World &#8211; May 2020&nbsp;<\/a>&#8211; The World Bank considers what advice they should give to developing countries interested in developing new mobile payment systems.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/aml_case_study_0.pdf\">HLS Case Study &#8211; Anti-Money Laundering and Blockchain Technology &#8211; May 2020<\/a>&nbsp;&#8211; FinCen staff consider proposals to relax regulatory requirements to allow for the use of distributed ledger technologies to reduce costs and increase efficiency of regulated firms.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part8\"><span class=\"ez-toc-section\" id=\"Part_VIII_Corporate_Governance_Supervision_and_Enforcement\"><\/span>Part VIII. Corporate Governance, Supervision, and Enforcement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">8.1. Corporate Governance<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.federalreserve.gov\/supervisionreg\/srletters\/SR2103.pdf\">Board of Governors of the Federal Reserve System, Supervisory Guidance on Board of Directors\u2019 Effectiveness (Feb. 26, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/lee-remarks-pli-corporate-governance-030422\">Allison Herren Lee, Send Lawyers, Guns and Money: (Over-) Zealous Representation by Corporate Lawyers Remarks at PLI\u2019s Corporate Governance (Mar. 4, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/tax.thomsonreuters.com\/news\/12-years-and-waiting-dodd-frank-banker-incentive-compensation-rules-remain-on-hold\/\">Soyoung Ho, 12 Years and Waiting: Dodd-Frank Banker Incentive Compensation Rules Remain on Hold, Reuters (Jul. 27, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.thecorporatecounsel.net\/blog\/2023\/03\/the-dodd-frank-act-stragglers.html\">David Lynn, The Dodd-Frank Act Stragglers, TheCorporateCounsel.net (Mar. 15, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/03\/17\/statement-from-the-president-on-holding-senior-bank-executives-accountable\/\">White House, Statement from President Joe Biden on Holding Senior Bank Executives Accountable (Mar. 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/03\/17\/fact-sheet-president-biden-urges-congressional-action-to-strengthen-accountability-for-senior-bank-executives\/\">White House, President Biden Urges Congressional Action to Strengthen Accountability for Senior Bank Executives (Mar. 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/recoup_act_one-pager.pdf?source=email\">Senate Committee on Banking, Housing, and Urban Affairs, RECOUP Act One-Pager<\/a>&nbsp;(Jun. 2023)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.debevoisefintechblog.com\/2023\/07\/07\/potential-impact-the-draft-recoup-act-could-have-on-executive-compensation-and-governance-at-banks-if-enacted\/\">Debevoise &amp; Plimpton, FinReg and FinTech Blog, Potential Impact the Draft RECOUP Act Could Have on Executive Compensation and Governance at Banks if Enacted (Jul. 7, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">8.2. Supervision<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.finra.org\/media-center\/newsreleases\/2022\/finra-issues-reminder-about-scope-chief-compliance-officer\">FINRA, FINRA Issues Reminder About the Scope of Chief Compliance Officer Supervisory Liability (Mar. 17, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/cfpb-invokes-dormant-authority-examine-wide-range-companies-pose-risks\">Davis Polk Client Insight, CFPB Invokes \u2018Dormant\u2019 Authority to Examine Wide Range of Companies that Pose Risks to Consumers (May 10, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/svb-review-20230428.pdf\">Michael S. Barr, Review of the Federal Reserve&#8217;s Supervision and Regulation of Silicon Valley Bank (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dfs.ny.gov\/system\/files\/documents\/2023\/04\/nydfs_internal_review_rpt_signature_bank_20230428.pdf\">New York Department of Financial Services, Internal Review of the Supervision and Closure of Signature Bank (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/press-releases\/2023\/pr23033a.pdf\">FDIC, FDIC&#8217;s Supervision of Signature Bank (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2023\/05\/Review-of-DFPIs-Oversight-and-Regulation-of-Silicon-Valley-Bank.pdf\">California Department of Financial Protection and Innovation, Review of DFPI\u2019s Oversight and Regulation of Silicon Valley Bank (May 8, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/docs.house.gov\/meetings\/BA\/BA20\/20230510\/115890\/HHRG-118-BA20-Wstate-TahyarM-20230510.pdf\">Statement of Margaret E. Tahyar before the U.S. House Committee on Financial Services, \u201cFederal Responses to Recent Bank Failures\u201d (May 10, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/oversight.house.gov\/wp-content\/uploads\/2023\/05\/JRN-Testimony-re-SVB-Supervision-_.pdf\">Testimony of Jeremy R. Newell before the U.S. House Oversight &amp; Accountability Committee, \u201cA Failure of Supervision: Bank Failures and the San Francisco Federal Reserve\u201d (May 24, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/bowman20230625a.htm\">Speech by Fed Governor Michelle W. Bowman, Responsive and Responsible Bank Regulation and Supervision (June 25, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">8.3. Enforcement<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/reining-in-repeat-offenders-2022-distinguished-lecture-on-regulation-university-of-pennsylvania-law-school\/\">Remarks by Rohit Chopra, CFPB Director, Reining in Repeat Offenders for the 2022 Distinguished Lecture on Regulation at the University of Pennsylvania Law School (Mar. 28, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.thinkbrg.com\/insights\/news\/cfpb-enforcement-actions-plummet-under-chopra\/\">Kate Berry, CFPB Enforcement Actions Plummet under Chopra, Berkeley Research Group (Jun. 5, 2023)<\/a>&nbsp;(citing&nbsp;<a href=\"https:\/\/ecommunication.thinkbrg.com\/61\/2667\/uploads\/brg-consumer-finance-enforcement-tracker-q1-final.pdf?intIaContactId=bZ69tmtv3GydMvOXIvTUWQ%3d%3d&amp;intExternalSystemId=1\">Consumer Finance Enforcement Tracker \u2013 Q1 2023<\/a>, May 2023)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.dlapiper.com\/en\/us\/insights\/publications\/2022\/06\/jarksey-v-sec-fifth-circuit-vacates-sec-decision\/\">DLA Piper, Jarkesy v SEC: Fifth Circuit Vacates SEC Decision \u2013 Latest Case Questioning Constitutionality of the ALJ Process (last visited Jul. 22, 2022)<\/a>&nbsp;(see also,&nbsp;<a href=\"https:\/\/www.kramerlevin.com\/en\/perspectives-search\/supreme-court-grants-certiorari-to-determine-constitutionality-of-sec-administrative-law-process.html\">Kramer Levin: U.S. Supreme Court grants cert. to determine constitutionality of SEC Administrative Law Process (July 10, 2023<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/842717\/000119312522236606\/d375124dex101.htm\">SEC, Agreement by and Between Blue Ridge Bank and The Office of the Comptroller of the Currency (Aug. 24, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/litigation\/admin\/2022\/34-95750.pdf\">SEC, In the Matter of BNY Mellon Capital Markets, LLC, Administrative Cease-and-Desist Proceedings (Sept. 13, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-206\">SEC, SEC Announces Enforcement Results for FY 2022 (Nov. 15, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/files\/2022_ow_ar.pdf\">SEC, 2022 Annual Report to Congress on the Dodd-Frank Whistleblower Program (Nov. 15, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.willkie.com\/-\/media\/files\/publications\/2023\/secenforcementmidyearreviewvigorousenforcementnoveltheoriesandenhancedremedies.pdf\">Willkie Farr &amp; Gallagher, SEC Enforcement Mid-Year Review: Vigorous Enforcement, Novel Theories, and Enhanced Remedies (May 22, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part VIII<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_wells_fargo_corporate_governance_-_october_2017.pdf\">HLS Case Study &#8211; Wells Fargo Corporate Governance &#8211; Oct. 2017<\/a>&nbsp;&#8212; Case study could be used in connection with Chapters 8.1 and 8.2 to explore the appropriateness of the Federal Reserve&#8217;s bringing formal enforcement actions against the directors of Wells Fargo.<\/li>\n\n\n\n<li><a href=\"http:\/\/casestudies.law.harvard.edu\/independent-investigations-and-reports-legal-and-ethical-constraints\/\">HLS Case Study: Independent Investigations and Reports: Legal and Ethical Considerations \u2013 September 2021<\/a>&nbsp;&#8212; This case study is designed to highlight questions of ethics and independence in the growing field of internal investigations, using recent reports of wrongdoing at Wells Fargo, Uber, and Volkswagen as guideposts.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part9\"><span class=\"ez-toc-section\" id=\"Part_IX_Lender_of_Last_Resort_and_Resolution\"><\/span>Part IX. Lender of Last Resort and Resolution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">9.1. Lender of Last Resort<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/economic-research.bnpparibas.com\/html\/en-US\/global-lender-last-resort-4\/29\/2020,38925\">BNP Paribas, The Fed: The Global Lender of Last Resort (Apr. 29, 2020)&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Comprehensive-Review-of-the-FHLBank-System.aspx\">News Release, FHFA Announces Comprehensive Review of the Federal Home Loan Bank System (Aug. 31, 2022)<\/a>&nbsp;<em>(also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.degruyter.com\/document\/doi\/10.1515\/jbwg-2022-0019\/html\">Perry Mehrling, \u201cWhere\u2019s my swap line?\u201d A Money View of International Lender of Last Resort, Economic History Yearbook (Oct. 14, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookings.edu\/2023\/03\/10\/forum-on-the-future-of-the-federal-home-loan-bank-system-highlights-from-the-brookings-and-bu-law-event\/\">Aaron Klein, Cornelius Hurley, &amp; Harrison Fregeau<strong>,&nbsp;<\/strong>Forum on the future of the Federal Home Loan Bank system: Highlights from the Brookings and BU Law event, Brookings Institution (March 10, 2023)<\/a>&nbsp;(<em>also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises<\/em>)<\/li>\n\n\n\n<li><a href=\"https:\/\/prospect.org\/economy\/2023-03-29-problem-lender-federal-home-loan-banks\/\">Kathryn Judge, The Problem Lender of Second-to-Last Resort, The American Prospect (Mar. 29, 2023)<\/a>&nbsp;<em>(also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhlbny.com\/news\/presidents-report\/2023\/pr040423\">Jos\u00e9 R. Gonz\u00e1lez, Federal Home Loan Bank of New York, President and Chief Executive Officer, Report from the President: A Stabilizing Role (Apr. 4, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.urban.org\/research\/publication\/defense-federal-home-loan-banks\">Jim Parrott &amp; Mark M. Zandi, In Defense of the Federal Home Loan Banks, Urban Institute (Apr. 10, 2023)<\/a>&nbsp;<em>(also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/IF\/IF12378\">Congressional Research Service, Bank Failures: The FDIC\u2019s Systemic Risk Exception (Apr. 11, 2023)<\/a>&nbsp;(<em>also available in section 9.2&nbsp;<\/em><em>\u2013 Traditional Toolkit for Bank Failures)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-11\/fhlbs-get-backing-from-advisers-to-biden-as-criticism-mounts\">Austin Weinstein, Federal Home Loan Banks Get Backing From Advisers to Biden as Criticism Mounts, Bloomberg (Apr. 11, 2023)<\/a>&nbsp;<em>(also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cadwalader.com\/fin-news\/index.php?nid=61&amp;eid=491\">Daniel Meade, Cadwalader, FDIC Proposes Special Deposit Insurance Assessment After Systemic Risk Exception (May 11, 2023)<\/a>&nbsp;(<em>also available in section 9.2&nbsp;<\/em><em>\u2013 Traditional Toolkit for Bank Failures)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/thehill.com\/opinion\/finance\/4017135-the-fed-not-federal-home-loan-banks-should-be-saving-failing-banks\/\">Cornelius Hurley,&nbsp;Federal Home Loan Banks should not be bailing out banks, The Hill (May 24, 2023)<\/a>&nbsp;<em>(also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/features\/2023-06-04\/us-effort-to-help-homebuyers-get-affordable-loans-mainly-benefits-banks-instead\">Heather Perlberg, A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead, Bloomberg (June 4, 2023)<\/a>&nbsp;<em>(also available in section 12.2&nbsp;<\/em><em>\u2013 Mortgage markets and government -sponsored enterprises)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4538578\">John Crawford, \u201cThe Dollar Dilemma\u201d (draft of Aug. 11, 2023)<\/a>&nbsp;<em>(also available in section 6.4&nbsp;<\/em><em>\u2013 Foreign Banks in the U.S. and U.S. Banks Abroad)<\/em><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">9.2. Traditional Toolkit for Bank Failures<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.jdsupra.com\/legalnews\/bank-failure-background-and-issues-to-8453570\/\">Casey Jennings, Seward &amp; Kissel, Bank Failure: Background and Issues to Consider (Mar. 13, 2023)<\/a>&nbsp;(<em>also available in section 6.3 \u2013 Regulating systemic risk)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/IF\/IF10055\">Congressional Research Service, Bank Failures and the FDIC (Mar. 23, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.banking.senate.gov\/imo\/media\/doc\/Gruenberg%20Testimony%203-28-23.pdf\">Senate Committee on Banking, Housing, and Urban Affairs, Recent Bank Failures and the Federal Regulatory Response, Statement of Martin J. Gruenberg, Chairman, FDIC (Mar. 28, 2023)<\/a>&nbsp;(<em>also available in section 6.3 \u2013 Regulating systemic risk)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/03\/30\/fact-sheet-president-biden-urges-regulators-to-reverse-trump-administration-weakening-of-common-sense-safeguards-and-supervision-for-large-regional-banks\/\">White House, FACT SHEET: President Biden Urges Regulators to Reverse Trump Administration Weakening of Common-Sense Safeguards and Supervision for Large Regional Banks (Mar. 30, 2023)<\/a>&nbsp;(<em>also available in section 6.3&nbsp;<\/em><em>\u2013 Regulating systemic risk)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/congresss-2018-regulatory-tailoring-law-did-not-preclude-the-fed-from-applying-enhanced-prudential-standards-to-silicon-valley-bank\/\">Bank Policy Institute, Congress\u2019s 2018 Regulatory Tailoring Law Did Not Preclude the Fed from Applying Enhanced Prudential Standards to Silicon Valley Bank (Apr. 4, 2023)<\/a>&nbsp;<em>(also available in section 6.3 \u2013 Regulating systemic risk)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/IF\/IF12378\">Congressional Research Service, Bank Failures: The FDIC\u2019s Systemic Risk Exception (Apr. 11, 2023)<\/a>&nbsp;(<em>also available in section 9.1&nbsp;<\/em><em>\u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fdic.gov\/news\/press-releases\/2023\/pr23033a.pdf\">Federal Deposit Insurance Corporation, FDIC\u2019s Supervision of Signature Bank (Apr. 28, 2023)<\/a>&nbsp;<em>(also available in section 6.3 \u2013 Regulating systemic risk)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dfs.ny.gov\/system\/files\/documents\/2023\/04\/nydfs_internal_review_rpt_signature_bank_20230428.pdf\">New York State Department of Financial Services, New York State Department of Financial Services Internal Review of the Supervision and Closure of Signature Bank (Apr. 28, 2023)<\/a>&nbsp;(<em>also available in section 6.3 \u2013Regulating systemic risk)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/svb-review-20230428.pdf\">Board of Governors of the Federal Reserve System, Review of the Federal Reserve\u2019s Supervision and Regulation of Silicon Valley (Apr. 28, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2023\/05\/Review-of-DFPIs-Oversight-and-Regulation-of-Silicon-Valley-Bank.pdf\">California Department of Financial Protection and Innovation, Review of DFPI&#8217;s Oversight and Regulation of Silicon Valley Bank (May 8, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__www.brookings.edu_articles_what-2Ddid-2Dthe-2Dfed-2Ddo-2Dafter-2Dsilicon-2Dvalley-2Dbank-2Dand-2Dsignature-2Dbank-2Dfailed_&amp;d=DwMGaQ&amp;c=WO-RGvefibhHBZq3fL85hQ&amp;r=-Vxw0wdYD-cbM4lSYYj8OWGdElhmv4Umjkqq6-ylCaw&amp;m=FrAbYCpbW9cBzWJn8R-rfjdjYscpdYl4xxv6JcT5Fy1l0pxzow5gEm9e3y5WgAfl&amp;s=6THm_lZo82QVPrFf14SQnMg7cH2i1homOQMW2Idqqc8&amp;e=\">James Lee and David Wessel, \u201cWhat did the Fed do after Silicon Valley Bank and Signature Bank failed?\u201d, Brookings Institute (March 22, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/urldefense.proofpoint.com\/v2\/url?u=https-3A__bpi.com_the-2Dfeds-2Ddiscount-2Dwindow-2Dlending_&amp;d=DwMGaQ&amp;c=WO-RGvefibhHBZq3fL85hQ&amp;r=-Vxw0wdYD-cbM4lSYYj8OWGdElhmv4Umjkqq6-ylCaw&amp;m=FrAbYCpbW9cBzWJn8R-rfjdjYscpdYl4xxv6JcT5Fy1l0pxzow5gEm9e3y5WgAfl&amp;s=I36YIT84_HjhTzJBg7qMZLExZqwjpjXL8T6rNpjJYSw&amp;e=\">Bill Nelson, \u201cThe Fed\u2019s Discount Window Lending,\u201d Bank Policy Institute (March 17, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">9.3. After the Crisis: From Orderly Liquidation to Bail-In<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.occ.treas.gov\/news-issuances\/speeches\/2022\/pub-speech-2022-33.pdf\">Remarks by Michael J. Hsu, Acting Comptroller of the Currency at the Wharton Financial Regulation Conference 2022 entitled Financial Stability and Large Bank Resolvability (Apr. 1, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/statement-of-cfpb-director-rohit-chopra-member-fdic-board-of-directors-on-the-living-wills-submitted-by-jpmorgan-chase-wells-fargo-bank-of-america-citigroup-goldman-sachs-morgan-stanley-state-street-and-bank-of-new-york-mellon\/\">Rohit Chopra, CFPB Director, Statement on&nbsp;the Living Wills Submitted by JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, State Street, and Bank of New York Mellon (Nov. 22, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/barr20221201a.htm\">Michael Barr, Federal Reserve Board Vice Chair for Supervision, Why Bank Capital Matters (Dec. 1, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.reuters.com\/markets\/why-markets-are-uproar-over-risky-bank-bond-known-at1-2023-03-24\/#:~:text=WHAT%20IS%20AN%20AT1%20BOND,into%20equity%20or%20written%20off.\">Reuters, Explainer: What are AT1 bonds and why are Credit Suisse&#8217;s wiped out? (Mar. 24, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/clsbluesky.law.columbia.edu\/2023\/04\/17\/bailout-blues-the-write-down-of-the-at1-bonds-in-the-credit-suisse-bailout\/\">Horst Eidenm\u00fcller and Javier Paz Valbuena, Bailout Blues: The Write-Down of the AT1 Bonds in the Credit Suisse Bailout, Colum. Blue Sky Blog (Apr. 17, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.debevoise.com\/-\/media\/files\/insights\/publications\/2023\/04\/26_large-bank-oversight-and-ma-ramifications.pdf?rev=d5f5c1a46fe74748b390949a7891df16\">Debevoise &amp; Plimpton, Large Bank Oversight and M&amp;A Ramifications from Recent Bank Failures (Apr. 26, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.washingtonpost.com\/business\/2023\/05\/01\/first-republic-bank-seized-jp-morgan\/\">David J. Lynch, Jeff Stein, &amp; Rachel Siegel, JPMorgan\u2019s acquisition of First Republic revives too-big-to-fail talk, Wash. Post (May 1, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part IX<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_future_of_affiliate_transaction_restrictions_and_feds_emergency_intervention_authority_-_october_2017.pdf\">HLS Case Study &#8211; Future of Affiliate Transaction Restrictions and the Federal Reserve&#8217;s Emergency Intervention Authority &#8211; Oct. 2017<\/a>&nbsp;&#8212; Case study could be used in connection with Chapter 9.3 to explore the authority of federal authorities to intervene in future financial emergencies. Also useful for exploring the authority of federal authorities to waive restrictions of sections 23A and 23B, discussed earlier in Chapter 2.3.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part10\"><span class=\"ez-toc-section\" id=\"Part_X_Mutual_Funds_and_Other_Investment_Vehicles\"><\/span>Part X. Mutual Funds and Other Investment Vehicles<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">10.1. Introduction to Asset Management and Its Regulation<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/birdthistle-remarks-ici-investment-management-conference-032822\">Remarks by William Birdthistle at the ICI Investment Management Conference (Mar. 28, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/rules\/proposed\/2022\/33-11048.pdf\">SEC, Proposed Rule: Special Purpose Acquisition Companies, Shell Companies, and Projections (Mar. 30, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/comments\/s7-13-22\/s71322-20131092-301127.pdf\">Robert J. Jackson Jr. and John Morley, Letter to the SEC on the ICA and SPACs (Jun. 13, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.icifactbook.org\/pdf\/2023-factbook.pdf\">Investment Company Institute, Investment Company Fact Book: A Review of Trends and Activities in the Investment Company Industry (2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">10.2. Mutual Funds: Fiduciary Duties and Structural Restraints<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.klgates.com\/SEC-Proposes-Swing-Pricing-and-a-Hard-Close-for-All-Mutual-Funds-11-17-2022\">K&amp;L Gates, SEC Proposes Swing Pricing and a Hard Close for all Mutual Funds (Nov. 17, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/gensler-remarks-investment-company-institute-05252023\">&#8220;Bear in the Woods&#8221; Remarks by Gary Gensler, SEC Chair, before the Investment Company Institute (May 25, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sullcrom.com\/SullivanCromwell\/_Assets\/PDFs\/Memos\/sc-publication-sec-adopts-amendments-rules-governing-money-market-funds.pdf\">Sullivan &amp; Cromwell, SEC Adopts Amendments to Rules Governing Money Market Funds (July 20, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">10.3. Mutual Funds: Disclosure and Its Limitations<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-86\">SEC Charges BNY Mellon Investment Adviser for Misstatements and Omissions Concerning ESG Considerations (May 23, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dechert.com\/knowledge\/onpoint\/2022\/6\/sec-proposes-additional-disclosures-by-certain-investment-advise.html\">Dechert, SEC Proposes Additional Disclosures by Certain Investment Advisers and Funds about ESG Investment Practices (June 1, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-129\">SEC, SEC Adopts Money Market Fund Reforms and Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers (July 12, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">10.4. The Regulation of Retirement Savings<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.yalejreg.com\/bulletin\/esg-investing-under-erisa-by-bernard-s-sharfman\/\">Bernard S. Sharfman, Yale Journal on Regulation Online, ESG Investing Under ERISA Bulletin (Nov. 2, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookings.edu\/articles\/congruent-financial-regulation\/\">Metrick, Tarullo, Acharya, Shin, Brookings Institute: Congruent Financial Regulation (March 24, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.gao.gov\/assets\/gao-22-104439.pdf\">United States Government Accountability Office, Defined Contribution Plans: 403(b) Investment Options, Fees, and Other Characteristics Varied (Mar. 4, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.dol.gov\/agencies\/ebsa\/employers-and-advisers\/plan-administration-and-compliance\/compliance-assistance-releases\/2022-01\">US Dept. of Labor, Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in \u2018Cryptocurrencies\u2019 (Mar. 10, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/crsreports.congress.gov\/product\/pdf\/IF\/IF11611\">Congressional Research Service, State-Administered IRA Programs: Overview and Considerations for Congress (Mar. 18, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bipartisanpolicy.org\/blog\/house-passes-secure-2-0-would-bolster-retirement-security-for-millions-of-americans\/\">Bipartisan Policy Center, House Passes SECURE 2.0, Would Bolster Retirement Security for Millions of Americans (Mar. 29, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/2954\/text\">Securing a Strong Retirement Act of 2022, HR 2954, 117th Cong. (Mar. 30, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.willkie.com\/-\/media\/files\/publications\/2022\/smallemployersinillinoiscaliforniaandnewyorkprepar.pdf\">Alexander Ryan and Sarah Haddy, Willkie Farr &amp; Gallagher LLP Small Employers in Illinois, California and New York: Preparing for State-Mandated Automatic IRA Programs in 2022 (May 20, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ropesgray.com\/en\/newsroom\/podcasts\/2022\/June\/Podcast-ERISA-Fiduciary-Developments-The-Grab-Bag-Episode\">Ropes &amp; Gray, ERISA 401(k)\/403(b) Fiduciary Developments: The Grab Bag Episode, Podcast (June 23, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/secure-20-act-2022-enacts-new-retirement-savings-provisions\">Davis Polk, SECURE 2.0 Act of 2022 enacts new retirement savings provisions (Feb. 3, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.wolterskluwer.com\/en\/expert-insights\/retirement-savings-plans-see-big-changes-tax-and-administrative-implications-with-secure-act-2-0\">Wolters Kluwer, SECURE 2.0: Retirement savings plan changes, drafting error, tax and administrative implications (June 2, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/cri.georgetown.edu\/states\/state-level-data-rankings\/\">Georgetown Center for Retirement Initiatives, State-by-State Analysis of the Benefits of Expanding Access to Retirement Savings (last visited July 14, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">10.5. The Regulation of Hedge Funds and Other Private Funds<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/rules\/proposed\/2022\/ia-5955.pdf\">SEC, Proposed Rule, Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews (Feb. 9, 2022)<\/a>&nbsp;(comment period has been reopened)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.sifma.org\/wp-content\/uploads\/2022\/04\/SIFMA-AMG-Private-Fund-Proposal-Comment-Letter-2022-04-251.pdf\">SIFMA AMG, Re: Proposed Rule: Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews (Apr. 25, 2022)&nbsp;<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/rules\/final\/2023\/ia-6297.pdf\">SEC, Final Rule enhancing Form PF disclosure requirements for private fund advisors (May 3, 2023<\/a>)&nbsp;(for a brief law firm summary of the final rule, see:&nbsp;<a href=\"https:\/\/www.nortonrosefulbright.com\/en-us\/knowledge\/publications\/dd814e2f\/sec-adopts-heightened-reporting-requirements-for-private-funds\">https:\/\/www.nortonrosefulbright.com\/en-us\/knowledge\/publications\/dd814e2f\/sec-adopts-heightened-reporting-requirements-for-private-funds<\/a>)<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part X<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_closed-end_fund_regulation_-_august_2017.pdf\">HLS Case Study &#8211; Closed-End Fund Regulation &#8211; Aug. 2017<\/a>&nbsp;&#8212; Case study could be used in connection with Chapter 10.3 to explore the value of disclosures with respect to closed-end funds.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/csp062_private_investment_case_study.pdf\">HLS Case Study &#8211; Investor Access to Private Inestment &#8211; Mar. 2022<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part11\"><span class=\"ez-toc-section\" id=\"Part_XI_Derivatives_and_Rate_Markets\"><\/span>Part XI. Derivatives and Rate Markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">11.1. Overview of Derivatives<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.skadden.com\/-\/media\/files\/publications\/2018\/07\/fn2_cftc_mou_informationsharing062818.pdf?la=en\">SEC and CFTC, Memorandum of Understanding Regarding Coordination in Areas of Common Regulatory Interest and Information Sharing (2018)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">11.2. Derivatives: Market Infrastructure<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.isda.org\/a\/QVtgE\/Contractual-Standards-for-Digital-Asset-Derivatives.pdf\">ISDA, Contractual Standards for Digital Asset Derivatives (Dec. 14, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.isda.org\/a\/mIxgE\/Navigating-Bankruptcy-in-Digital-Asset-Markets-Netting-and-Collateral-Enforceability.pdf\">ISDA, Navigating Bankruptcy in Digital Asset Markets: Netting and Collateral Enforceability (Jan. 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/agriculture.house.gov\/calendar\/eventsingle.aspx?EventID=7639\">Senate Committee on Agriculture Hearing Entitled The Future of Digital Assets: Providing Clarity for Digital Asset Spot Markets (June 6, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/rules\/final\/2023\/34-97656.pdf\">SEC, Final Rule: Prohibition&nbsp;Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers (June 7, 2023)<\/a>&nbsp;(for a brief description of the Final Rule, see&nbsp;<a href=\"https:\/\/www.skadden.com\/insights\/publications\/2023\/06\/sec-adopts-rules-to-prohibit-fraud-related-to-security-based-swaps\">Skadden, \u201cSEC Adopts Rules to Prohibit Fraud Related to Security-Based Swaps and Exertion of Undue Influence Over SBS Swap Dealer CCOs\u201d<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/rfcimpactaffiliations06282023.pdf\">CFTC, Request for Comment on the Impact of Affiliations on Certain CFTC-Regulated Entities (June 27, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">11.3. Derivatives: Business Conduct and Market Integrity<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.sec.gov\/news\/statement\/staff-statement-libor-transition-20211207\">SEC, Staff Statement on LIBOR Transition\u2014Key Considerations for Market Participants&nbsp;(Dec. 7, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.federalregister.gov\/documents\/2022\/01\/04\/2021-28452\/guidance-on-the-transition-from-interbank-offered-rates-to-other-reference-rates\">IRS, Guidance on the Transition From Interbank Offered Rates to Other Reference Rates 87 Fed. Reg. 166 (Jan. 4, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.congress.gov\/117\/bills\/hr2471\/BILLS-117hr2471enr.pdf\">Adjustable Interest Rate (LIBOR) Act Division U (p. 777-86) of the Consolidated Appropriations Act, 2022) (Mar. 15, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cftc.gov\/sites\/default\/files\/2022\/08\/2022-17736a.pdf\">CFTC, Final Rule Modifying the Swap Clearing Requirement In Support of the Transition from LIBOR and Other Interbank Offered Rates to Alternative Reference Rates, 87 FR 52182 (August 24, 2022)<\/a>&nbsp;(for a brief summary of the Final Rule, see&nbsp;<a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8573-22\">CFTC Press Release<\/a>)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2022-08-24\/pdf\/2022-17736.pdf\">CFTC, Final Rule, Clearing Requirement Determination Under Section 2(h) of the Commodity Exchange Act for Interest Rate Swaps to Account for the Transition from LIBOR and Other IBORS to Alternative Reference Rates, 87 Fed. Reg. 52182 (August 24, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2023-05-11\/pdf\/2023-09129.pdf\">CFPB, Facilitating the LIBOR Transition Consistent with the LIBOR Act (Regulation Z), 88 Fed. Reg. 30598 (May 11, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part XI<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/digital_assets_case_study.pdf\">HLS Case Study &#8211; Regulating Crypto Assets: Securities and Commodities &#8211; April 2020<\/a>&nbsp;&#8211;&nbsp;An attorney working at the Bipartisan Policy Center explores the regulation of digital assets, attempting to develop a policy position with respect to SEC and CFTC jurisdiction over these products.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\" \/>\n\n\n\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"part12\"><span class=\"ez-toc-section\" id=\"Part_XII_Shadow_Banking\"><\/span>Part XII. Shadow Banking<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">12.1. Securitization<\/h3>\n\n\n\n<h3 class=\"wp-block-heading\">12.2. Mortgage Markets and the Government-Sponsored Enterprises<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.americanbanker.com\/news\/fhfa-will-reexamine-role-of-federal-home-loan-banks-thompson\">FHFA, Press Release, FHFA Re-Proposes Updated Eligibility Requirements for Enterprise Single-Family Seller\/Servicers (Feb. 24, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Re-Proposes-Updated-Eligibility-Requirements-for-Enterprise-Single-Family-Seller-Servicers.aspx\">FHFA Enterprise Regulatory Capital Framework\u2013Prescribed Leverage Buffer Amount and Credit Risk Transfer Final Rule, (Feb. 25, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhfa.gov\/SupervisionRegulation\/Rules\/RuleDocuments\/Entrerprise%20Capital%20PLBA%20CRT%20Amendments%20Final%20Rule%20for%20Web.pdf\">FHFA, Resolution Planning Final Rule (May 4, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Equitable-Housing-Finance-Plans--for-Fannie-Mae-and-Freddie-Mac.aspx\">FHFA Announcement on Equitable Housing Finance Plans for Fannie Mae and Freddie Mac (Jun. 8, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.americanbanker.com\/news\/fhfa-will-reexamine-role-of-federal-home-loan-banks-thompson\">Brenden Pedersen, Am. Banker, FHFA will \u2018Reexamine\u2019 Role of Federal Home Loan Banks: Thompson (Jul. 20, 2022)<\/a>&nbsp;(discussing remarks by FHFA Director Sandra L. Thompson suggesting that the agency would soon begin a formal review of the Federal Home Loan Bank System)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Comprehensive-Review-of-the-FHLBank-System.aspx\">News Release, FHFA Announces Comprehensive Review of the Federal Home Loan Bank System (Aug. 31, 2022)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/02\/22\/fact-sheet-biden-harris-administration-announces-action-to-save-homebuyers-and-homeowners-800-per-year\/\">White House, FACT SHEET: Biden-Harris Administration Announces Action to Save Homebuyers and Homeowners $800 Per Year (Feb. 22, 2023)<\/a><em>&nbsp;(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.brookings.edu\/2023\/03\/10\/forum-on-the-future-of-the-federal-home-loan-bank-system-highlights-from-the-brookings-and-bu-law-event\/\">Aaron Klein, Cornelius Hurley, &amp; Harrison Fregeau<strong>,&nbsp;<\/strong>Forum on the future of the Federal Home Loan Bank system: Highlights from the Brookings and BU Law event, Brookings Institution (March 10, 2023)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/prospect.org\/economy\/2023-03-29-problem-lender-federal-home-loan-banks\/\">Kathryn Judge, The Problem Lender of Second-to-Last Resort, The American Prospect (Mar. 29, 2023)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fhlbny.com\/news\/presidents-report\/2023\/pr040423\">Jos\u00e9 R. Gonz\u00e1lez, Federal Home Loan Bank of New York, President and Chief Executive Officer, Report from the President: A Stabilizing Role (Apr. 4, 2023)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.urban.org\/research\/publication\/defense-federal-home-loan-banks\">Jim Parrott &amp; Mark M. Zandi, In Defense of the Federal Home Loan Banks, Urban Institute (Apr. 10, 2023)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-11\/fhlbs-get-backing-from-advisers-to-biden-as-criticism-mounts\">Austin Weinstein, Federal Home Loan Banks Get Backing From Advisers to Biden as Criticism Mounts, Bloomberg (Apr. 11, 2023)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/thehill.com\/opinion\/finance\/4017135-the-fed-not-federal-home-loan-banks-should-be-saving-failing-banks\/\">Cornelius Hurley,&nbsp;Federal Home Loan Banks should not be bailing out banks, The Hill (May 24, 2023)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/features\/2023-06-04\/us-effort-to-help-homebuyers-get-affordable-loans-mainly-benefits-banks-instead\">Heather Perlberg, A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead, Bloomberg (June 4, 2023)<\/a>&nbsp;<em>(also available in section 9.1 \u2013 Lender of last resort)<\/em><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">12.3. Money Market Funds<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/sm1219\">President\u2019s Working Group on Financial Markets Releases Report on Money Market Funds (Dec. 22, 2020)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/gensler-fsoc-money-market-funds-2021-06-11\">Gary Gensler, Chair SEC, Prepared Remarks Before the Financial Stability Oversight Council (Money Market Funds Statement) (Jun. 11, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/testimony\/gensler-2021-10-05\">Gary Gensler, Chair SEC, Testimony Before the United States House of Representatives Committee on Financial Services (Oct. 5, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.fsb.org\/2021\/10\/policy-proposals-to-enhance-money-market-fund-resilience-final-report\/\">FSB, Policy Proposals to Enhance Money Market Fund Resilience: Final Report (Oct. 11, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/fsb-final-report-money-market-fund-reform\">Davis Polk Client Insight, FSB final report on money market fund reform (Oct. 15, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.ropesgray.com\/en\/newsroom\/alerts\/2022\/January\/SEC-Proposes-Money-Market-Funds-Reforms\">Ropes &amp; Gray, SEC Proposes Money Market Funds Reforms (Jan. 10, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0587\">FSOC, Financial Stability Oversight Council Statement on Nonbank Financial Intermediation (Feb. 4, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/birdthistle-remarks-pli-investment-management-2022-072622\">William Birdthistle, SEC Director, Division of Investment Management, Remarks at PLI: Investment Management 2022 (Jul. 26, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/how-the-overnight-reverse-repurchase-agreement-facility-could-derail-the-feds-path-to-getting-smaller\/\">Bank Policy Institute, How the Overnight Reverse Repurchase Agreement Facility Could Derail the Fed\u2019s Path to Getting Smaller (Sept. 15, 2022)&nbsp;<\/a>(<em>also available in section 12.4 \u2013 Short-term wholesale funding)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2022AnnualReport.pdf\">FSOC, 2022 Financial Stability Oversight Council Annual Report (Dec. 16, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/why-is-the-federal-reserve-abetting-a-drain-of-deposits-from-banks\/\">Bank Policy Institute, Why Is the Federal Reserve Abetting a Drain of Deposits from Banks? (Mar. 29, 2023)<\/a>&nbsp;(<em>also available in section 12.3 \u2013 Short-term wholesale funding)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.axios.com\/2023\/03\/31\/fed-repo-banks\">Neil Irwin, The $2.3 trillion Fed program banks hate, Axios (Mar. 31, 2023)<\/a>&nbsp;<em>(also available in section 12.3 \u2013 Short-term wholesale funding)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/speech\/gensler-remarks-investment-company-institute-05252023\">Gary Gensler, SEC Chair, \u201cBear in the Woods\u201d Remarks before the Investment Company Institute (May 25, 2023)<\/a>&nbsp;<em>(also available in section 10.2 \u2013 Mutual Funds: Fiduciary Duties and Structural Restraints)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-129\">Press Release, SEC, SEC Adopts Money Market Fund Reforms and Amendments to Form PF Reporting Requirements for Large Liquidity Fund Advisers (Jul. 12, 2023)<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">12.4. Short-Term Wholesale Funding<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.brookings.edu\/articles\/congruent-financial-regulation\/\">Andrew Metrick, Daniel K. Tarullo, Viral Acharya, and Hyun Song Shin, Congruent financial regulation, Brookings Institution (Mar. 24, 2021)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/home.treasury.gov\/system\/files\/136\/RFI-on-Treasury-Transparency-6.23.2022.pdf\">Department of the Treasury, Notice Seeking Public Comment on Additional Transparency for Secondary Market Transactions of Treasury Securities (Jun. 23, 2022)<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/how-the-overnight-reverse-repurchase-agreement-facility-could-derail-the-feds-path-to-getting-smaller\/\">Bank Policy Institute, How the Overnight Reverse Repurchase Agreement Facility Could Derail the Fed\u2019s Path to Getting Smaller (Sept. 15, 2022)<\/a>&nbsp;(<em>also available in section 12.3 \u2013 Money market funds)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/bpi.com\/why-is-the-federal-reserve-abetting-a-drain-of-deposits-from-banks\/\">Bank Policy Institute, Why Is the Federal Reserve Abetting a Drain of Deposits from Banks? (Mar. 29, 2023)<\/a>&nbsp;(<em>also available in section 12.2 \u2013 Money market funds)<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/www.axios.com\/2023\/03\/31\/fed-repo-banks\">Neil Irwin, The $2.3 trillion Fed program banks hate, Axios (Mar. 31, 2023)<\/a>&nbsp;<em>(also available in section 12.2 \u2013 Money market funds)<\/em><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading has-text-align-center\">HLS Case Studies for Part XII<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/hls_case_study_-_asset_securitization_after_madden_-_august_2017.pdf\">HLS Case Study &#8211; Asset Securitization after Madden &#8211; Aug. 2017<\/a>&nbsp;&#8212; Case study could be used in connection with Chapter 12.1 to explore the implications of the Madden decision on asset securitization.<\/li>\n\n\n\n<li><a href=\"https:\/\/projects.law.harvard.edu\/financialregulation\/wp-content\/uploads\/sites\/11\/2023\/10\/elite_refi_case_study.pdf\">HLS Case Study on Strategic Options and Legal Risks for Elite ReFi, Inc. June 2020<\/a>&nbsp; &#8212; This case study could be used in connection with Chapter 12.1 to explore the implications of the Madden decision for peer to peer lenders and other parties.&nbsp; Approaches the issues from the perspective of a private practitioner.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>For the Fall of 2025, this site presents a limited amount of free supplemental materials for\u00a0Jackson &amp; Tahyar, Financial Regulation: Law and Policy\u00a0(Foundation Press, 4th ed., 2025), as well as more extensive supplemental materials, originally posted in August 2023, for those still using the third edition of the book. 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