The Financial Crisis

The expertise and perspective of the Center for Banking and Finance has proved crucial in providing context for and aiding in understanding the financial crisis.

Resources

Update for Lissa L. Broome & Jerry W. Markham, Regulation of Bank Financial Service Activities (3rd ed. 2008)

A Citizen's Guide: North Carolina Banking, Home Loan (prepared by law librarian Donna Nixon in consultation with the Center).

Publications

Volume 13 of the North Carolina Banking Institute journal for March 2009. Volume 13 includes:

• Wall Street Meets Main Street: Understanding the Financial Crisis (by Center Research Associate Eamonn Moran)
• Perspectives on the Financial Crisis (by UNC Law faculty Lissa Broome, Charles Daye, Tom Hazen, Melissa Jacoby, and Saule Omarova)
• Loan Modifications: Turbulent Times - Troubling Topics (by Thomas Dunn)
• The Cooperative Structure of the Federal Home Loan Banks: A Model for Government Sponsored Enterprises (by Jill Spencer, Julia Brown, and Reggie O'Shields)
• Student notes on other cutting-edge topics.

Finance and Regulation Research Earns National Attention

• Saule T. Omarova & Adam Feibelman, Risks, Rules, and Institutions: A Process for Reforming Financial Regulation
• Judge Richard A. Posner praises the article
  • The Atlantic (entire article)

Programs at the University of North Carolina

• March 30-31, 2009: The UNC School of Law Banking Institute, The Westin, Charlotte, North Carolina. Featured a discussion of the financial crisis, the statutory and regulatory responses to it, the impact on transactions, mortgage modifications, bank failures, treasury funding in challenging times. See publications for more information.
• February 6-7, 2009: The Consumer Law and Consumer Credit Symposium at The Festival of Legal Learning. Two programs by UNC law faculty on Understanding the Financial Crisis - The Basics and The Government's Response. Participating law school faculty: Lissa Broome, Tom Hazen, Melissa Jacoby, and Saule Omarova. Video of the Program. *If i-Tunes, a free program, is not already loaded on your computer, you will be prompted to download -save the file, run from your desktop to install, then search iTunes store for "Understanding the Financial Crisis"
• November 19, 2008: Discussed the financial crisis at a luncheon of the UNC Board of Trustees with one faculty member from Kenan-Flagler Business School and one from the Department of Economics. Participating law school faculty: Lissa Broome and Saule Omarova.
• October 23, 2008: Organized a University-wide forum, The General Alumni Association Think Fast Forum: Financial Crisis: Issues and Options with faculty from the Kenan-Flagler Business School, the Department of Economics, and industry participation by Eugene Flood, CEO of Smith Breeden Associates, Inc. (175 in attendance). Participating law school faculty: Lissa Broome, Tom Hazen, and Don Hornstein. Links to audio and video of the program are available.
• October 6, 2008: Conducted the Financial Crisis Roundtable at UNC School of Law for faculty, staff, and students (standing-room only) to provide a brief description of our current crisis and offer the perspectives of law school faculty based on their areas of expertise. Participating law school faculty: Lissa Broome, Adam Feibelman, Tom Hazen, Don Hornstsein, Melissa Jacoby, Kim Krawiec, and Saule Omarova.

External Programs

• September 11, 2009: Proposals for the Regulation of Financial Institutions at Brooklyn Law School's Symposium: New Paradigms for Financial Regulation in the United States and the European Union. Participating law school faculty: Saule Omarova.
• January 15-16, 2009: Mealey's Litigation Conferences, "The FDIC and the New Banking Crisis: Litigation Challenges Past, Present, and Future," Washington, D.C. Participating law faculty: Lissa Broome.
• January 9, 2009: Association of American Law Schools, Section on Financial Institutions and Consumer Financial Services Luncheon. Discussion of financial crisis, San Diego, CA. Participating law faculty: Adam Feibelman.
• January 9, 2009: Association of American Law Schools, Section on Financial Institutions and Consumer Financial Services Program, "Does Modern Financial Institution Regulation Work? Reflections on Deregulation and Internationalization of Supervisory Standards," San Diego, CA. Participating law faculty: Saule Omarova.
• November 20, 2008: UNC Executive Development Symposium on The Global Financial Crisis and What It Means to Your Business with faculty from Kenan-Flagler Business School and Bill Pappas, Parker Poe. Participating law school faculty: Lissa Broome.

Print Media

• Carolina Law Magazine, Responding to Need: School Reacts to the Financial Crsis (Spring/Summer 2009)
• Numerous interviews with the print media (Tom Hazen, Lissa Broome, Saule Omarova, among others).

Radio

• December 16, 2008: Lissa Broome on Marketplace public radio on the increase in FDIC deposit insurance assessments (beginning at 4:20 in the broadcast).
• November 10, 2008: Lissa Broome on Marketplace public radio on the application of GMAC to become a bank holding company, at .

In addition, the Center has benefited this semester from the contributions of

• Sean Hagan, International Monetary Fund General Counsel as the Center for Banking and Finance Distinguished Fellow. Sean participated in Adam Feibelman's seminar on Law, Finance and Development. See related story.
• Eamonn Moran (Georgetown, J.D. 2007), Research Associate Center for Banking and Finance. Eamonn's law firm job was the victim of the financial crisis and he has graciously provided volunteer research efforts to the Center this semester. His article, Wall Street Meets Main Street: Understanding the Financial Crisis, will be published in the upcoming issue of the North Carolina Banking Institute journal.