A public banking option as a mode of regulation for household financial services in the US

2020 ◽  
Vol 43 (4) ◽  
pp. 576-607
Author(s):  
Thomas Herndon ◽  
Mark Paul
Keyword(s):  
Financial Services ◽  
The Us ◽  
Mode Of Regulation

Public-sector Contracting for Investment Services

2017 ◽  
Author(s):  
Gordon L. Clark ◽  
Ashby H. B. Monk ◽  
Gordon L. Clark ◽  
Ashby H. B. Monk
Keyword(s):  
Financial Services ◽  
Pension Fund ◽  
Institutional Design ◽  
Economic Significance ◽  
The Us ◽  
Public Pension Fund ◽  
State And Local ◽  
Administration And Supervision ◽  
Institutional Ecology ◽  
The City

In Chapter 7, the focus shifts to public agents and the process of contracting financial services and local pension funds in the US states. The costs of governing and managing this sector are addressed and an idealized model of the institutional design, administration, and supervision of the investment management process is introduced, laying out the forms and functions of pensions in relation to their beneficial purpose. In a brief overview of the US state and local PERS sector, its economic significance and distinctive institutional ecology are noted. The authors’ research demonstrates the extent to which the market for financial services in the US public pension-fund sector is Balkanized, implying significant transaction costs for both the buy and sell sides of the market, more often found at the city or metropolitan level than among funds within states or between funds of adjacent states.

scholarly journals EXPLORING RACIAL-ETHNICITY DIFFERENCES IN SERVICES USED BY GRANDPARENTS RAISING GRANDCHILDREN

2019 ◽  
Vol 3 (Supplement_1) ◽  
pp. S674-S674
Author(s):  
Tamar E Shovali ◽  
Kerstin G Emerson
Keyword(s):  
Financial Services ◽  
Service Use ◽  
Community Services ◽  
White Children ◽  
Formal Service ◽  
Service Accessibility ◽  
The Us ◽  
Formal Services ◽  
Race Ethnicity ◽  
Nationally Representative

Abstract Nearly three million grandparents in the US serve as primary caregivers for their grandchildren. Little research on formal service use and grandfamilies exists for Black and Hispanic populations. To begin to address this gap we conducted exploratory analyses using nationally representative estimates of characteristics and service accessibility of noninstitutionalized children living with grandparents from the 2013 National Survey of Children in Nonparental Care. Our goal was to understand differences in service use as a function of grandfamily race/ethnicity. We specifically explored grandparents’ formal service count, financial services received, confidence in obtaining/using community services, and level of role preparation by race/ethnicity. We calculated descriptive statistics for these service variables for grandparents raising Hispanic, White, Black, and Other identified grandchildren (N = 892). On average, there was a minimal range for the number of formal services used (M range = 5.26 – 5.84, possible = 0 – 10 higher equals more services used), reported number of financial services (M range = 0.71 - 0.78, possible = 0 – 3 higher equals more financial services received), and confidence obtaining/using services (M range = 7.4—7.9, possible = 1 – 9 higher equal more confidence). Most prepared to take on the caregiving role were grandparents of White children (55%) followed by Black (21.6%), Other (12.3%), and Hispanic (11.1%) indicating that although grandparents in this sample report being confident and able to access formal services, grandparents of White children report being feeling more prepared to take on caregiving than grandparents of Black, Hispanic, and Other combined.

The international strength of the euro will grow

2021 ◽  
Keyword(s):  
Euro Area ◽  
Financial Services ◽  
Raw Materials ◽  
Domestic Demand ◽  
Content Type ◽  
The Us ◽  
Us Dollar ◽  
Strategic Autonomy ◽  
Geopolitical Risks ◽  
The Eu

Significance The proposals identified areas where the euro could potentially become more dominant, such as the issuance of green bonds, digital currencies, and international trade in raw materials and energy. Ambitions to enhance the international leverage of the euro are being driven by the aim to strengthen EU strategic autonomy amid rising geopolitical risks. Impacts Developing its digital finance sector would be an opportunity for the EU to enhance its strategic autonomy in financial services. Challenging the US dollar would require the euro-area to rebalance its economy away from foreign to domestic demand. Member state division will prevent the economic reconfiguration the euro-area needed to make the euro a truly global currency.

The SEC turns up the heat on private equity expense allocations

2016 ◽  
Vol 17 (2) ◽  
pp. 35-38
Author(s):  
Samuel Lieberman ◽  
John T. Araneo
Keyword(s):  
Financial Services ◽  
Private Equity ◽  
Equity Fund ◽  
Content Type ◽  
Private Equity Fund ◽  
Fund Managers ◽  
Compliance Programs ◽  
Raising Awareness ◽  
The Us ◽  
Practical Implications

Purpose To discuss the US Securities and Exchange Commission’s (“SEC’s”) increasing focus on disclosure and conflict-of-interest problems arising from how private equity fund (“PE Fund”) managers allocate expenses between management and fund investors. Design/methodology/approach This article summarizes the background of this focus on expense allocations and, drawing from the recent SEC enforcement actions focused on this issue, and identifies the types of both expenses and disclosures that have caught SEC attention. Findings After spending the first two or three years post Dodd-Frank raising awareness of these issues, the SEC has begun to impose large fines over expense-allocation conflicts and disclosure issues. Practical implications It is imperative for PE Fund managers to retain counsel to review their fund offering documents, expense allocation practices, and compliance programs to ensure consistency with the SEC’s recent decisions on these issues. Originality/value Practical guidance from experienced financial services lawyers.

scholarly journals Cooperation amidst competition: cybersecurity partnership in the US financial services sector

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Sean Atkins ◽  
Chappell Lawson
Keyword(s):  
Financial Services ◽  
Potential Model ◽  
Critical Infrastructure ◽  
Policy Framework ◽  
Current Policy ◽  
Current Form ◽  
Services Sector ◽  
Financial Services Sector ◽  
The Us ◽  
Depth Interviews

ABSTRACT The US Financial Services Sector (FSS) is commonly regarded as one of the most successful in addressing cybersecurity through public–private partnership and as a potential model for less advanced sectors. However, how well the sector has actually fared remains poorly understood. Based on publicly available material and in-depth interviews with those intimately involved in business–government collaboration on cybersecurity in the FSS, we analyze how and why collaboration evolved into its current form. We find that considerable gaps remain, which both reveal limitations in the current policy framework for the FSS and suggest lessons for other critical infrastructure sectors.

Navigating the US “Green Rush”: anti-money laundering and de-risking implications for banking cannabis-related businesses in Jamaica

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Rohan Clarke
Keyword(s):  
Money Laundering ◽  
Financial Services ◽  
Medical Cannabis ◽  
Content Type ◽  
Drug Enforcement ◽  
The Us ◽  
Banking Relationships ◽  
The Usa ◽  
Related Drug ◽  
Us Federal Government

Purpose This paper aims to illuminate the diverging approaches to marijuana-related drug enforcement at the federal and state levels in the USA, which have facilitated a boom in the US medical cannabis industry (i.e. the “Green Rush”). It further sheds light on how the USA’ aggressive extraterritorial approach to anti-money laundering (AML) enforcement might simultaneously suppress the banking of cannabis-related businesses in Jamaica due to the lingering fear of de-risking. Design/methodology/approach An international and comparative legal and policy analysis was conducted of the nexus among shifting drug enforcement policies, AML laws and the banking of cannabis-related businesses. Findings This study found that the constitutional relationship between the US federal government and states has created a de facto comparative advantage for the US medical cannabis-related businesses that benefit from limited access to financial services. This was found to pose far-reaching implications for the banking and development of the Jamaican cannabis sector due to the dependence of the country’s financial institutions on correspondent banking relationships with the US banks that are regulated by federal AML statutes. Originality/value To the best of the author’s knowledge, this paper is the first of its kind to examine the extraterritorial regulatory risks to the banking of cannabis-related businesses in Jamaica.

SEC publishes final rules amending the rules of practice for administrative proceedings

2016 ◽  
Vol 17 (4) ◽  
pp. 54-60
Author(s):  
Joan McKown ◽  
Henry Klehm III ◽  
Harold Gordon ◽  
David Woodcock ◽  
Daniel Bradley
Keyword(s):  
Financial Services ◽  
Content Type ◽  
The Us ◽  
Administrative Proceeding ◽  
Affirmative Defenses ◽  
Administrative Proceedings ◽  
The Right ◽  
Hearsay Evidence ◽  
Practical Impact ◽  
Practical Implications

Purpose To explain and evaluate amendments to the rules of practice governing the US Securities and Exchange Commission’s (SEC’s) Administrative Proceedings that were adopted by the Commission on July 13, 2016. Design/methodology/approach Describes SEC’s increased pursuit of enforcement actions in APs, criticisms of the AP process, and corrective legislation. Describes the July 2016 amendments covering expansion of the prehearing period, allowance of depositions, timing for completion of document production in discovery phase, required disclosure of affirmative defenses, permitted dispositive motions, and admissibility of hearsay evidence. Assesses the practical impact of the amendments. Makes recommendations concerning advanced preparation for APs, depositions and witness-interview strategies, particular care concerning statements in Wells submission, availability of investigative record to defense counsel, admissibility of hearsay evidence, and defenses based on reliance on counsel. Findings The amended rules are a step in the right direction but do not fully correct the numerous and severe imbalances that exist in the Commission’s administrative enforcement process with respect to the availability of various discovery mechanisms, the timeline for trying a case, and more. Practical implications Every entity or individual that is involved in an SEC enforcement investigation, or that may become a respondent in an SEC Administrative Proceeding, should take certain practical steps such as those recommended in this article to minimize the structural disadvantages it will face and to maximize the benefits conferred by these latest amendments to the rules of practice. Originality/value Practical background and guidance from experienced enforcement, litigation, securities and financial services lawyers.

SEC targets investment adviser community

2014 ◽  
Vol 15 (1) ◽  
pp. 45-47
Author(s):  
Robert P. Bramnik ◽  
Mauro M. Wolfe
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Practical Advice ◽  
Compliance Programs ◽  
The Us ◽  
Investment Advisers

Purpose – To draw attention to the US Securities and Exchange Commission's (SEC) disciplinary focus on the investment adviser community Design/methodology/approach – Describes six recent enforcement cases for disclosure, custody, supervisory, procedural, and other rule violations and compliance failures; explains changes in registered investment adviser (RIA) exemptions following enactment of the Dodd-Frank Act; discusses recent SEC announcements concerning inspections and examinations of RIAs. Findings – The SEC's recent announcements and enforcement actions signal that all advisers (both registered investment advisers and exempt reporting advisers) may want to pay particular attention to their compliance programs and supervisory procedures. Originality/value – Practical advice from experienced financial services lawyers.

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