FOREWORD: CELEBRATING TWENTY YEARS OF THE NORTH CAROLINA BANKING INSTITUTE
The North Carolina Banking Institute (NCBI) celebrates the publication of Volume 20 and the twentieth annual North Carolina Banking Institute continuing legal education (CLE) program at which the journal is distributed each year. The founding of the journal and the Banking Institute CLE program are recounted in the Foreword to Volume 10 in 2006.1 The ten years since then have been a time of turmoil for the financial services industry. In 2006, the subprime mortgage crisis was not yet on NCBI’s radar screen. In 2007, there was discussion of regulatory guidance on nontraditional mortgage products2 and concentrations in commercial real estate lending.3 In the spring of 2008, two professional pieces addressed the subprime mortgage crisis,4 and by the spring of 2009 most of the professional and student articles focused on some aspect of the financial crisis, including perspectives on the crisis penned by five UNC School of Law faculty members.5 Volume 14, published in the spring of 2010, discussed the Troubled Asset Relief Program (TARP),6 the mortgage foreclosure crisis,7 and various regulatory responses to the financial crisis.8
The passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010 provided the opportunity for the NCBI to publish another series of UNC Law faculty perspectives in Volume 16 in March 2011.9 Most of the student pieces in that volume provided additional insight on various aspects of Dodd-Frank. The Dodd-Frank Act and its implementing regulations have continued to provide topics for subsequent volumes of the NCBI. The financial crisis also led to the publication of a second volume of the NCBI in November 2013 when many of the transcripts and papers from a conference held in February 2013 at The George Washington University Law School on “The Political Economy of Financial Regulation” were published in a special volume of the NCBI. This conference was co-sponsored by the University of North Carolina School of Law Center for Banking and Finance; The George Washington University Center for Law, Economics & Finance (C-LEAF); the Insurance Law Center at the University of Connecticut School of Law; and the Institute for Law and Economic Policy. Throughout the financial crisis and its aftermath, the NCBI and the CLE have provided an important opportunity for policymakers and practitioners to discuss and reflect on the important events of the day, including legislative and regulatory responses. We hope to be able to continue to make important contributions to the continual evolution of the financial services industry, but hope that the next ten years are less tumultuous than the last ten years.
The initial request by seven students to begin a banking journal was at first turned down by the dean at the time, Judith Wegner, in part because of concern that student interest in the journal would lag after the initial group of interested students had graduated. Over the past twenty years, however, 343 students have served the journal as staff or editors. A number of the NCBI alumni have found rewarding careers providing legal advice to the financial services industry or working directly in the industry. This year’s volume includes ten dedicated 3L editors and fifteen enthusiastic 2L staff members.
An informal survey of former journal members revealed other impacts (outside of career guidance) of journal service. These impacts included the opportunity to work with others in leading an organization, selecting and empowering the leaders of the organization for the following year, developing legal research and writing skills that are now used on a daily basis, interacting with the professionals attending the Banking Institute, and creating a network of professional contacts. And over the past twenty years, the close contact among journal members helped lead to at least two marriages: “I met my assigned editor. We later dated, fell in love, and got married. So, we owe the Banking Institute journal a lot!” From a second NCBI alum: “I talked my girlfriend into being a staffer with me. Now we are married with two kids.”
This year’s volume of the NCBI includes an article on commercial mortgage backed securitization written by Alan Kronovet, one of the founding student members of the NCBI, who now serves as Executive Vice President and Head of Commercial Mortgage Servicing for Wells Fargo, and his colleague Chris van Heerden. Alan’s career in CMBS was foreshadowed by his student note published in Volume 1, An Overview of Commercial Mortgage Backed Securitization: the Devil is in the Details.10
Also in honor of Volume 20, we asked John Douglas, an attorney at Davis, Polk & Wardwell LLP, and a founding member of the NCBI’s Board of Advisors, to write on the subject of technology and banking, the same subject on which he wrote one of the three articles he published in Volume 1.11 The issues John highlighted in 1997 included “home banking” and “electronic money” (including stored value cards, “computer/internet money,” and Mondex, an entity that issued electronic money in exchange for real money).
As a follow-up on last year’s Banking Institute CLE program where Tony Gaeta made some provocative remarks about the future of community banking at the conclusion of a panel discussion on community banks, we asked Tony to deliver his views in writing, and we invited the North Carolina Commissioner of Banks, Ray Grace, to provide a response. We know you will enjoy reading their exchange. Another controversial topic is addressed by Dennis Kelleher, the President and Chief Executive Officer of Better Markets, an organization that promotes the public interest in the U.S. and global financial markets, in his discussion of whether Dodd-Frank has been worth its costs. We anticipate that many of our readers may have different views, and we invite you to submit them to us for potential publication in next year’s journal.
Finally, we are happy to showcase a piece written by Pete Webb, a recent graduate of the UNC School of Law, on the OCC’s guidelines related to Leveraged Lending. Pete is a good example of one of the many students who has benefitted from the law school’s focus on banking and financial services even though he participated in the
North Carolina Journal of International Law & Commercial Regulation,
and did not serve on the
. Pete began his analysis of this topic in an independent study for Professor Broome, following his enrollment in her Banking Law course.
Of course, we remain very proud of the articles published by our 2L staff members. Some of them address or respond to issues also highlighted in Volume 1 of the journal. John Douglas’s previously mentioned bookend articles on technology and banking are complemented by Ariana Johnson’s piece on cybersecurity for financial institutions.12 John could not have predicted in 1997 how his discussion of electronic money would evolve over the next twenty years into Maxwell Gregson’s forthcoming note on Apple Pay and mobile payments technology.13 Some topics, however, remain evergreen in the banking industry. Volume 1 featured a student note by Karen Mower on the propriety of characterizing credit card late payment fees as interest,14 and Volume 20 features a student note by Tanisha Edwards on overdraft fee regulation.15 John Douglas also wrote in Volume 1 about proposed amendments to Regulation Y that made bank acquisitions easier to complete.16 Twenty years later Volume 20 contains a note by Dr. Kenneth Lee regarding Dodd-Frank liability concentration limits intended to inhibit acquisition activity by the largest U.S. banks.17 Volume 20 also explores other important current issues in financial regulation and provides comprehensive analysis of recent developments in the banking and finance industry.
Volume 20 is published in conjunction with the twentieth annual University of North Carolina School of Law Banking Institute, held March 31–April 1, 2016. The Banking Institute is one of the nation’s premier programs for banking attorneys and industry professionals. Hosted in the spring of each year in Charlotte, North Carolina, it is sponsored by the Center for Banking and Finance at the University of North Carolina School of Law (Center). The annual Banking Institute is preceded by a one-day program, “The ABCs of Banking Law,” for those interested in a short course overview of banking law fundamentals. Many thanks to Moore & Van Allen PLLC for hosting the 2016 program.
The NCBI participated in several programs throughout the academic year to assist students’ professional networking efforts. The NCBI editors and staff members would like to thank the attorneys who participated in NCBI’s seventh annual Career Trek. In an effort to learn more about legal careers in the financial services industry, members of the NCBI traveled to Raleigh to meet with attorneys at Wyrick Robbins Yates & Ponton LLP. Attorneys from First Citizens Bank (including Barry P. Harris IV, Executive Vice President and Chief Legal Officer), the North Carolina Office of the Commissioner of Banks, and the North Carolina Bankers Association also joined for some or all of the day’s discussion. The editors and staff members especially thank Tony Gaeta and Todd Eveson from Wyrick Robbins for planning the event and for their gracious hospitality.
To further stress the importance of building a strong professional network, attorneys from the Triangle area were invited to join members of the NCBI at the August NCBI orientation for lunch, discuss their career paths, and provide feedback on students’ resumes. Many thanks to our journal alums who joined our lunch: Cindy Collins, Robinson, Bradshaw & Hinson, PA; Drew Kifner, Kilpatrick Townsend & Stockton LLP; Jack Magee, Wyrick Robbins Yates & Ponton LLP; and Monica Tew, Morgan Stanley Wealth Management.
The Center was established in July 2000 to play a leadership role in the continual evolution of the financial industry. While the annual Banking Institute is the Center’s signature program, the Center is also involved as a sponsor or co-sponsor with a wide variety of other programs designed to provide high quality education to the banking and finance industry. This year, the Center is kicking off a Financial Services Compliance Boot Camp to be held in Charlotte August 15–17, 2016. This program is designed for financial services compliance professionals with less than five years of experience and those interested in learning more about a career in compliance, including those with J.D. degrees.
A distinguished Board of Advisors, consisting of attorneys and industry professionals, guides the activities of the NCBI and the Center. The board’s financial support has also been crucial in permitting the Center to undertake its many activities. That financial support is manifested in annual sponsorships of the Banking Institute CLE program and a recently completed major gift campaign establishing an endowment to support the Center’s activities. Funds collected from sponsors have endowed a scholarship for a journal student and a research fund that supports the Center. In addition, since 2013–14, the board has provided a second scholarship for a journal student, in an equivalent amount to the endowed scholarship, out of current sponsorship funds. The board is making an additional commitment to scholarships in honor of the twentieth anniversary of the NCBI, which will be announced at the CLE program.
The banks and firms represented on the board of advisors joined other friends in matching the $1 million dollar challenge grant of George and Sue Beischer. The conclusion of the Beischer challenge was celebrated in the spring of 2011. The $2 million pledged or given to the Center is a transformative gift providing generous support for the Center’s many activities. In honor of the Beischers’ generosity, the annual address at the Banking Institute dinner is named in their memory.
In 2015, the Center offered its first study abroad scholarship in the amount of $5,000 to assist a rising 2L UNC School of Law student to study abroad in the summer between the 1L and 2L year and focus on issues related to banking and finance. The inaugural recipient, Ford Eubanks, was subsequently selected as a staff member of the NCBI. Ford’s studies took him to the University of Augsburg in Augsburg, Germany. The Center will continue to offer this scholarship and is working to develop financial support for a rising 3L to undertake an international summer internship related to banking or finance.
At the 2015 Banking Institute, the Center honored its long-time board member Tony Gaeta with the Center’s Leadership Award. Tony joined a select group of prior award winners that includes only Marion Cowell, Jerone Herring, and Paul Polking who respectively served as general counsel for First Union Corporation, BB&T Corporation, and Bank of America Corporation; and Paul Stock, the long-time executive vice president and counsel to the North Carolina Bankers Association.
A number of members of the board of advisors have served on the board for its entire twenty-year existence. Many thanks to those steadfast members for their unwavering support: James R. Bryant, III; Marion A. Cowell, Jr.; A.P. Carlton, Jr.; James P. Carroll; H. Rodgin Cohen; Anthony Gaeta, Jr. (emeritus); Thomas L. Hazen; Jerone C. Herring (emeritus); Jerry W. Markham; and Paul J. Polking (emeritus). The Center and its Board welcome your suggestions as to how the Center may better serve the needs of the industry. Please feel free to contact Lissa Broome (email@example.com) to share your ideas or to become involved in the Center’s activities. To learn more about the Center’s programs and activities, please visit the Center’s website at http://www.law.unc.edu/centers/banking. To view the PDF versions of the Notes and Articles provided herein or past volumes published by the NCBI , please visit the Center’s website at http://www.law.unc.edu/journals/ncbank/volumes/. If you have any suggestions about topics that the students of the NCBI should write about in the future or you have an interest in having an article published in Volume 21, please email your topic ideas or article to firstname.lastname@example.org.
ERIC S. ANDERSON
North Carolina Banking Institute
LISSA L. BROOME
Wells Fargo Professor of Banking Law
Director, Center for Banking and Finance
1. Lissa Lamkin Broome, Foreword: Celebrating Ten Years of the North Carolina Banking Institute, 10 N.C. BANKING INST. I (2006).
2. Stuart M. Rigot, Student Note, Nontraditional Mortgage Products: Does Guidance Effectively Inform Borrowers of Risk?, 11 N.C. BANKING INST. 131 (2007).
3. H. Gary Pannell & Robert L. Carothers, Jr., Regulatory Guidance on Concentrations in Commercial Real Estate Lending, 11 N.C. BANKING INST. 57 (2007).
4. Frank A. Hirsch, Jr., The Evolution of a Suitability Standard in the Mortgage Lending Industry: The Subprime Meltdown Fuels the Fires of Change, 12 N.C. BANKING INST. 21 (2008); Kenneth C. Johnston, James B. Greer, Julie K. Biermacher & Joseph Hummel, The Subprime Morass: Past, Present and Future, 12 N.C. BANKING INST. 125 (2008).
5. Professors Charles E. Daye (housing), Melissa B. Jacoby (bankruptcy), Thomas Lee Hazen (derivatives), Lissa L. Broome (government investment in banks), and Saule T. Omarova (global financial crisis) all contributed their perspectives to the journal. See Perspectives on the Financial Crisis, 13 N.C. BANKING INST. 103 (2009).
6. Michael S. Melbinger, Executive Compensation and Risk: TARP Rules for Financial Institutions Trigger Broader Risk Assessment of Compensation Policies, 14 N.C. BANKING INST. 59 (2010); Andrew P. Atkins, Student Note, The AIG Bailout: Constraining the Fed’s Discretion, 14 N.C. BANKING INST. 335 (2010); Patrick D. Craig, Student Note, Citizens South: Innovative Use of TARP Funds Creates Value for Customer, Community, and the Bank, 14 N.C. BANKING INST. 361 (2010).
7. See The North Carolina Banking Institute Symposium on the Foreclosure Crisis , 14 N.C. BANKING INST. 191 (2010) (containing student notes by Kathyn Johnson, Carolyn E. Waldrep, Daniel J. Behrend, Leila A. Hicks, S. Adeline McKinney, and Marjorie B. Maynard).
8. See, e.g., Peter S. Kim, Student Note, The FDIC’s Special Assessment: Basing Deposit Insurance on Assets Instead of Deposits, 14 N.C. BANKING INST. 381 (2010).
9. Perspectives on the Dodd-Frank Wall Street Reform and Consumer Protection Act, 15 N.C. BANKING INST. 11 (2011) (containing perspectives by Professors Thomas Lee Hazen, Lissa Lamkin Broome, Saule T. Omarova, and Melissa B. Jacoby, joined by board of advisors member David Line Batty).
10. Alan Kronovet, Student Note, An Overview of Commercial Mortgage Backed Securitization: The Devil Is in the Details, 1 N.C. BANKING INST. 288 (1997).
11. John L. Douglas, Article, Technology & Banking, 1 N.C. BANKING INST. 37 (1997). John published two other articles in that inaugural edition. John L. Douglas, Article, Banking Organizations: Structural and Other Considerations Involving Non-Banking Activities, 1 N.C. BANKING INST. 59 (1997); John L. Douglas, Article, Proposed Revisions to Regulation Y, 1 N.C. BANKING INST. 103 (1997).
12. Ariana Johnson, Student Note, Cybersecurity for Financial Institutions: The Integral Role of Information Sharing in Cyber Attack Mitigation, 20 N.C. BANKING INST. 277 (2016).
13. Maxwell Gregson, Student Note, Less is NOT More: The Need for Regulation of Apple Pay, 20 N.C. BANKING INST. 311 (2016).
14. Karen Mower, Student Note, Smiley v. Citibank (South Dakota), N.A.: Banks Find “Interest” in Credit Card Late Payment Fees, 1 N.C. BANKING INST. 169 (1997).
15. Tanisha Edwards, Student Note, The Banking Shuffle: Barring Reordering Consumer Transactions and Other Recommendations, 20 N.C. BANKING INST. 253 (2016).
16. John L. Douglas, Article, Proposed Revisions to Regulation Y, 1 N.C. BANKING INST. 103 (1997).
17. S. Kenneth Lee, Student Note, Section 622 of the Dodd Frank Act: Liability Concentration Limits—With Exceptions That Defeat the Purpose, 20 N.C. BANKING INST. 339 (2016).
FOREWORD: CELEBRATING TEN YEARS OF THE NORTH CAROLINA BANKING INSTITUTE
Lissa Lamkin Broome*
In 1996, planning for the first Banking Institute continuing legal education program and the first volume of the North Carolina Banking Institute journal began at the University of North Carolina School of Law.This effort was spearheaded by a group of seven law students—David P. Broughton, Anderson D. Caperton, Rodney Eugene Davis, Jr., Alan Kronovet, Lisa Lukasic, L. Thomas McLean, Jr., and Alan M. Presel—who were determined to begin a third student-edited journal at the law school, and wished to devote that journal to the legal issues of interest to the state’s financial services industry. The dean at the time, Judith Wegner, while impressed with the students’ enthusiasm for the project, denied their request to begin a law journal because of the costs of publication and her concern that student interest in the journal would not continue after the initial group of dedicated students had graduated.
Nevertheless, the suggestion that the law school should and could provide service to the state’s financial services industry struck a chord. Dean Wegner asked Marion Cowell, the recent past president of the law school’s alumni association and general counsel of First Union Corporation, to work with me as the school’s banking law teacher, to plan a continuing legal education (CLE) program directed at the lawyers serving and supporting the financial services industry. Marion worked to form a board of advisors made up of prominent banking lawyers from throughout the state and nation. Marion’s plans to develop the Banking Institute into one of the best banking law CLEs in the country in five years, and the esteem with which he was held in the industry, excited those he contacted so that we soon had twenty-nine advisors at work planning the first Banking Institute to be held in Chapel Hill on March 20-21, 1997.1 The group of advisors included the general counsels of BB&T, Centura Banks, NationsBank, and Wachovia, in addition to Marion Cowell from First Union. The major North Carolina law firms—Brooks Pierce, Hunton & Williams, Kennedy Covington, Moore & Van Allen, Parker Poe, Petree Stockton, Robinson Bradshaw, The Sanford Law Firm, Smith Anderson, Smith Helms, and Womble Carlyle—all had representatives on the advisory board. Distinguished banking law practitioners from around the country also answered Marion’s call to serve, including Rodgin Cohen of Sullivan & Cromwell and John Douglas of Alston & Bird.
Dean Wegner told the student group that they were welcome to prepare papers on current issues that could be copied and distributed to the participants at the first Banking Institute in 1997. Frankly, she and I thought that was the last we would hear from the student group. In December of 1996, however, the students came to me and presented a proposal to have their manuscripts, which they and a staff of other students had written and edited, published in law journal format by a law journal publisher. They made a compelling case. The cost of publishing the papers in a bound journal was only slightly higher than the cost of copying all the manuscripts for distribution to the participants at the Banking Institute. Volume 1 of the North Carolina Banking Institute journal, printed by Joe Christensen, Inc., was distributed in March 1997 at the first North Carolina Banking Institute.
Volume 1 contained a preface solicited by the students and written by Governor James B. Hunt, Jr. Governor Hunt noted the prominence of North Carolina-based financial institutions in the financial services industry, and emphasized that
Technology and the twenty-first century will make new demands on us and will clearly raise new issues that we must address. What better way to meet this challenge than by forming a Banking Institute at the University of North Carolina School of Law. This will permit us to bring together our best legal and financial minds to debate the issues and craft new solutions. The Institute’s publication will provide an invaluable resource for the leaders of business and government.2
At the first Banking Institute in 1997 some of the issues alluded to by Governor Hunt were touched upon: electronic commerce, the entry of banking organizations into the insurance and securities industries, and financing through securitization of assets. Ed Crutchfield, CEO of First Union Corporation gave an address entitled Banking on the Future. Prior to the heightened attention to the issue of preemption, Neil Milner of the Conference of State Bank Supervisors spoke on the Role of the Dual Banking System. Volume 1 contained articles written by the speakers at the Institute on these topics, as well as ten student notes on a variety of subjects,3 including sophisticated treatments of originating lender bank liability to participants in the B-tranche of a leveraged loan,4 commercial mortgage backed securitization,5 and lending to health maintenance organizations and physician practice management companies.6
In the spring of 1998, after publishing Volume 2 of the North Carolina Banking Institute journal, the journal received official recognition by the faculty so that beginning with Volume 3, third-year editors were afforded academic credit for their work on the journal. A significant factor in the faculty’s decision to recognize the journal in this manner was that the students had overcome the initial objections to the journal articulated by Dean Wegner. The journal is published at no cost to the School of Law7 and student interest in the journal continued beyond the graduation of the founding members.8
In 2001, the North Carolina Banking Institute moved its annual program from Chapel Hill to Charlotte, and almost doubled its attendance in the process. The first program in Charlotte featured Hugh McColl, CEO of Bank of America, as the dinner speaker, just weeks before his retirement from Bank of America. Prominent banking leaders who have spoken at the Institute, in addition to Mr. McColl in 2001 and Mr. Crutchfield in 1997, include John Allison, CEO of BB&T (2004); Joe Reid, CEO of Capitol Bancorp Limited (2005); and Kennedy Thompson, CEO of Wachovia Corporation (2002). Regulatory leaders who have spoken at the Institute include Mark Olson (2003) and Susan Bies (2006) of the Board of Governors of the Federal Reserve System; Virgil Mattingly (1998) and Scott Alvarez (2005), General Counsel, Board of Governors of the Federal Reserve System; Donald Powell (2002) and Donna Tanoue (2000), chairmen of the Federal Deposit Insurance Corporation; Jerry Hawke as Under Secretary of Treasury for Domestic Finance (1998), as Comptroller of the Currency (2001), as partner at Arnold & Porter (2006); Eugene Ludwig (1999), former Comptroller of the Currency and then Vice Chairman, Bankers Trust; Julie Williams, First Deputy Senior Comptroller and Chief Counsel of the Office of the Comptroller of the Currency (1997, 2001, 2006); Wayne Abernathy, Assistant Secretary of the Treasury for Financial Institutions (2003); Roy Cooper, North Carolina Attorney General (2005); Richard Moore, North Carolina Treasurer (2006); and Joe Smith, North Carolina Commissioner of Banks (2005).
The Banking Institute’s success is due primarily to the involvement and hard work of its Board of Advisors.9 David Batty, Jamie Bryant, John Douglas, Pat Doyle, Tony Gaeta, Gene Katz, and Joe Smith, are just a few of the board members who have performed extraordinary service in planning panel presentations at multiple Banking Institutes. In addition to serving as coordinators for program panels at the annual Banking Institute, board members, through their banks and firms, serve as sponsors of the annual program. The sponsorship effort has been led each year by Tony Gaeta of Gaeta & Eveson, PA, in Raleigh.10 Sponsorship funds have been used to keep the registration fee for the program as low as possible, assist the journal with its initial purchase of computers, endow a research fund at the law school, and endow a scholarship awarded since 2001 to a third year student on the journal’s editorial board.11
In 2004, the Banking Institute dinner program honored Marion Cowell, Jerone Herring, and Paul Polking as the first recipients of the Center for Banking and Finance Leadership Awards for their outstanding contributions to banking law and to the banking industry, in addition to their support of and contributions to the North Carolina Banking Institute. Together, these three men, who served as the general counsels of First Union Corporation, BB&T Corporation, and Bank of America respectively, represented over ninety years of leadership and commitment to the banking community.12 All three gentlemen remain on our board of advisors. Their successor general counsels have joined our board and also embraced our mission of supporting the financial services industry and the lawyers who serve it.13
The North Carolina Banking Institute journal has also benefited from the opportunity to publish articles written by members of the board of advisors. Joe Smith, now the Commissioner of Banks of North Carolina, formerly general counsel of Centura Banks and then an attorney with Thacher Proffitt & Wood in Washington, D.C., leads the way with six publications to his credit,14 followed by David Batty of Kennedy Covington with four publications.15 It has also been heartening to publish the work of two of the journal’s alumni in their capacity as industry professionals.16
The success of the North Carolina Banking Institute and the student-published journal were recognized at the School of Law when the Center for Banking and Finance was established at the school on July 1, 2000.17 The Center, which I am privileged to direct, is the sponsor of the Banking Institute and the banking journal. The Center is dedicated to supporting the leadership role played by North Carolina-based financial institutions in the continual evolution of the financial services industry by studying the legal and policy issues related to banking and finance, advancing the teaching of banking and finance, and sponsoring conferences for industry professionals.18 The Center for Banking and Finance, the North Carolina Banking Institute, and the North Carolina Banking Institute journal have also helped to attract substantial gifts to fund the Center’s activities from the charitable foundations supported by the Wachovia Corporation and the Bank of America Corporation.19 The Center has also received grant funding from the Z. Smith Reynolds Foundation to support a project, the Director Diversity Initiative, whose focus is to increase the racial, ethnic and gender diversity of corporate boards, particularly of those companies headquartered in North Carolina.20
At the 2005 Banking Institute, we celebrated two hundred years of banking in North Carolina.21 At the 2006 Banking Institute, we honor the considerably shorter history of the North Carolina Banking Institute program and journal by thanking those law students, lawyers, and banking professionals who had a vision for the University of North Carolina School of Law to provide service to the financial services industry through an annual program and law journal devoted to banking law issues. We are all thankful for the success of these efforts and the broadening of them through the Center for Banking and Finance. We invite you to participate in our activities and to help us ensure that our contributions continue to provide a valuable service over the coming years to the financial services industry.