The ABCs of Banking Law. The Center held its first

“ABCs of Banking Law” program on Wednesday,

March 28 in Charlotte at the offices of Moore & Van

Allen. This program focuses on the basics of banking

law and is intended for new lawyers, seasoned lawyers

wishing to brush up, and for those who work with

bank clients and would like to learn more about bank

regulation. The faculty was composed of Karol

Sparks, Barack Ferrazzano; Lissa Broome, UNC

School of Law; John Douglas, Davis Polk & Ward-

well LLP; Gene Katz, Wells Fargo; Scott Cammarn,

Cadwalader, Wickersham & Taft; and Lawrence Bax-

ter, Duke Law School. Twenty-eight students attend-

ed.

The 2013 version of The ABCs will take place March

20, 2013, at Alston + Bird in Charlotte. The program

will precede the Banking Institute, which will be held

March 21-22, 2013.

The Political Economy of Bank Regulation. On

February 7-8, 2013, at The George Washington Uni-

versity Law School, the Center will co-host an academ-

ic conference, “The Political Economy of Financial

Regulation,” with The George Washington University

Law School, The University of Connecticut School of

Law, and the Institute for Law and Economic Policy.

This conference brings together legal scholars, regula-

tors, judges, practitioners, economists, political theo-

rists, and other social scientists to discuss the role of

the political process in financial services regulation and

the role of money in both.

Confirmed keynote speakers are Simon Johnson,

MIT Sloan Management and Michael Barr, Michigan.

The distinguished panelists include the New York Times

columnist Robert Frank from Cornell University;

Harvey Goldschmid, Columbia Law School; Robert

Jenkins, Bank of England; Tim Noah, The New Re-

public; Michael Taylor, Financial Stability Board; and

Michael Waldman, New York University School of

Law.

A complete schedule and registration information may

be found at the Center’s website. There is no fee to

register, but space is limited. Program sponsors are

guaranteed admission and are invited to the speaker’s

dinner at which the Hon. Stanley Sporkin will deliver

after-dinner remarks. Please contact Lissa Broome for

more information about becoming a sponsor. The

Banking Journal will publish a special issue with papers

from this conference in fall 2013. To order a copy,

email ncbank@unc.edu .

Beischer Challenge Complete!

Center for Banking and Finance 2011-12 Newsletter

New Programs

Scott Cammarn addresses the inaugural class

2011 Lecture - The Costs and Benefits of Big

Banks

Generous gifts from The Clearing House enable the

Center for Banking and Finance to host a lecture se-

ries in New York City. The second lecture in the

series was held November 8, 2011, “A Spirited Con-

versation Assessing the Costs and Benefits of Big

Banks.” The panelists were John C. Dugan, Cov-

ington & Burling (former Comptroller of the Curren-

cy); Ingo Walter, NYU Stern School of Business;

Arthur E. Wilmarth, George Washington University

School of Law; and Phillip Swagel, University of

Maryland School of Public Policy. Paul Saltzman,

the President of The Clearing House Association,

and Lissa Broome served as moderators.

The debate took place at the New York Palace in

New York City. The event brought together law

school alumni and faculty, The Clearing House board

of advisors and senior leadership, national banking

regulators, and prominent banking lawyers. The edit-

ed transcript of the debate was published in Volume

16 of the North Carolina Banking Institute journal.

2012 Lecture - Domestic Bank Reg-

ulation in a Global Environment

The third event in the New York Lec-

ture Series will be held November 14,

2012, “Domestic Bank Regulation in a

Global Environment-A Comparative

Dialogue.” The discussion will focus

on how domestic financial institutions

are impacted by the work of interna-

tional standard setters like the Basel

Committee of the Bank for Interna-

tional Settlements and the Financial

Stability Board. The struggles of cross-border finan-

cial institutions with the issues raised by operations

in multiple countries while being primarily regulated

by their home state regulator will be explored. The

panelists will consider the appropriate balance be-

tween domestic regulation and global financial regu-

lation, whether there should be different frameworks

for wholly domestic institutions and those that oper-

ate globally, and how the post-crisis approaches to

home country regulation taken by the Vickers Com-

mission and the Dodd-Frank Act affect the activities

of financial institutions in host countries.

The panelists will be Chris Brummer, Georgetown

University Law Center; Robert Hockett, Cornell

Law School; Cyrus Amir-Mokri, U.S. Department

of the Treasury; and Nick O’Neil, Clifford Chance

LLP. Lissa Broome and Michael Helfer, Vice

Chairman, Citi, will moderate.

The New York Lecture Series—Sponsored by The Clearing House

Banking Institute

Jeffrey M. Lacker, the President of the Federal Reserve Bank of Richmond deliv-ered the inaugural Beischer Address on March 29, 2012, following dinner at the Banking Institute. Dr. Lacker joined the Federal Reserve Bank of Richmond in 1989 as an economist and became its president in 2004. In his remarks, “A Program for Fi-nancial Stability,” Dr. Lacker outlined a broad agenda for achieving a sustainable and effective relationship between the gov-ernment and the financial sector. The full text and a videotape of the address are available at www.richmondfed.org.

The Beischer Address is named in honor of George and Susan Beischer who matched $1 million in gifts to the Center in 2011, several months before George’s death in September 2011. The address recognizes the Beischers’ leadership in this fund-raising campaign and honors the memory of

Jeffrey M. Lacker

The 2012 Banking Institute was held on March 29-30, 2012, at The Ritz-Carlton, Charlotte, NC, and fea-

tured panel discussions on the Consumer Financial Protection Bureau; Dodd-Frank Act regulatory imple-

mentation; Basel III and capital under Dodd-Frank; the new role of community banks and thrifts; and re-

structuring commercial loans. Robert J. Johnson, Jr., General Counsel, Corporate Secretary, and Chief

Governance Counsel, BB&T gave the General Counsel’s address following Thursday’s lunch.

Margot Saunders, of counsel to the National Consumer Law Center, deliv-ered the 2012 Clifford Lecture, “Threats to Federal Safety Net Benefits in Bank Accounts,” at the 2012 Banking Institute. This annual lecture honors Professor Donald F. Clifford Jr., who served as a faculty member at Carolina law from 1964 to 2004, spe-cializing in commercial and consumer law. The Clifford Distinguished Lecture on Consumer law is a fitting tribute to Clifford’s many contributions to the profession and his vision for a more just socie-ty in which consumers are protected from unfair risks.

Beischer Address

Clifford Distinguished Lecture

Margot Saunders

2012 Dinner and Beischer Address

2011 Program - Whistleblowers

The 2011 program was held on October 14, 2011, at The Center for School Leadership and Development in Chapel Hill. The program addressed a variety of ethical issues of interest to corporate lawyers, both in-house counsel and attorneys in private practice, discussing particular issues that arise in the representation of corporations and how the attorney should proceed when he or she suspects wrongdo-ing within the corporation. The panel explained the variety of whistleblower statutes, including the relevant provisions of the Dodd-Frank Wall Street Reform and Consumer Pro-tection Act of 2010. Special attention was focused on the impact of whistleblowing provisions on corporate compli-ance programs. The program also included a networking lunch for panelists and participants.

Bernard A. Burk, UNC School of Law

David B. Fountain, Progress Energy

Matthew T. Martens, SEC

Valecia McDowell, Moore & Van Allen

Edward P. O'Keefe, Bank of America

Reid L Phillips, Brooks Pierce McLendon, Humphrey & Leonard

Dr. Elliot M Silverstein, UNC

Dr. Martha Simpson, HRC Behavioral Health & Psy-chology

Kurt E. Wolfe, McGuireWoods

Professors Hazen and Broome served as co-directors and co-moderators of this program.

2012 Program - The “New Normal”

The 2012 program, “Adjusting to the ‘New Normal’: Ethi-cal Challenges for In-house and Outside Counsel,” will be held October 26, 2012, at the Friday Center in Chapel Hill. You may register at www.law.unc.edu/cle/dankmoore/default.aspx. The program will review privileges and con-flicts, issues common for businesses, and will discuss the expectations of general counsel for outside counsel with respect to budgeting, billing, staffing, communication, and coordination. Ethical and practical issues raised by outside counsel guidelines will be considered, as well as issues asso-ciated with disaggregating legal services and outsourcing.

Panelists include:

Peter C. Buck, Robinson, Bradshaw & Hinson

Bernard A. Burk, UNC School of Law

Jana J. Litsey, Bank of America

James P. McLoughlin, Jr., Moore & Van Allen

Karen A. Popp, Sidley Austin

Sandra D. van der Vaart, LabCorp

Professors Hazen, Broome, and Burk serve as co-directors of this program.

The Consumer Law and Consumer Credit Symposium was offered at the annual Festival of Legal Learning on February 10-11, 2012, and will be offered again on February 8-9, 2013.

The 2012 symposium included 12 separate sessions on a vari-ety of consumer law and credit issues, including:

RoboCalls and Do Not Call Enforcement

Lawyers on Nonprofit Boards

Access to Justice in North Carolina

The Practical (But Mostly Impractical) Impact on Bank-ruptcy Practice

Mandatory Binding Arbitration Agreements in Consumer Contracts

Nonprofit Governing Board Members’ Fiduciary Duties and Liability

Remedies Under Consumer Protection Laws: North Car-olina

Hot Topics in Arbitration

Identity Theft, Scams and Your Community

Mental Health Issues and Bankruptcy Cases

Auto Sales and Finance in a Changing Regulatory Envi-ronment

Consumer Financial Protection Bureau: What We Have Learned

Consumer Law and Consumer Credit

Symposium at the Festival of Legal

Learning

The Dan K. Moore Program in Ethics

Practitioners in Residence

The Practitioners in Residence Program brought attor-

neys and industry professionals to the law school to

participate in classes.

Scott Cammarn, Special Counsel, Cadwalader

Wickersham & Taft (formerly with Ally Financial/

GMAC Financial Services, Lending Tree, and Bank

of America), October 12, 2011, Volcker Rule, Affil-

iate Transaction Rules.

Gene Katz, Senior Company Counsel (Regulatory

and Compliance) for Wells Fargo & Company, No-

vember 8, 2011, Supervision and Enforcement Ac-

tivities by Bank Regulators.

Career Trek

On October 20, 2011, over the University’s fall break North Carolina Banking Institute journal students had the opportunity to meet with attorneys and learn more about legal career options. The students were hosted by Wells Fargo and toured the Duke Energy Center (DEC) building with Rich Belthoff, Senior Counsel, Enter-prise Services Division, Wells Fargo. McGuire Woods graciously provided lunch for the students attending and Wells Fargo’s Carla Archie, Rebecca Henderson, Marc Iverson, and Gene Katz. At lunch, the students also met with Carter Arey, Jim Hedrick, Matthew Morrison, Meredith Sorrentio, and Scott Vaughn of McGuire Woods, who described their varied areas of practice. The Center is especially grateful to Gene Katz of Wells Fargo, and Jim Hedrick and Raj Natarajan of McGuire Woods for facilitating these visits.

“I’m honored to participate and really enjoyed meeting such a great group of students.”

“Thanks for the opportunity to speak at this event. I thought it was extremely well done and a great opportunity for the students.”

From a journal student: “I really enjoyed getting some insight into career possibilities in this area of law, and getting some encouragement from the speakers about the current job mar-ket. It was certainly worthwhile for the students.”

DEC and Wells Fargo Center, Charlotte,

NC

The Office of the Comptroller of the Currency (OCC) hosted Alex Abramovich as a full-time extern for 12

hours of academic credit for the 2011 fall semester. Adam Batenhorst and Eunice Park were full-time externs

at the SEC during the 2011 fall semester, and Danyeale Hensley was at the SEC for the 2012 spring semester.

The Law School continues to offer a one-course credit externship with the North Carolina Office of the Com-

missioner of Banks. Other one-course externships from the Spring 2012 semester included Asanka Pathiraja

at BB&T, David Herring at the Finance Division of the NC Legislature

Bill Drafting Section, Zach Marquand with the Foreclosure Unit of Legal

Aid of North Carolina, and Eric Roeling at the Self-Help Credit Union.

Externships

On May 30, 2012, the seventh annual one-day program,

“Broadening Corporate Board Diversity: Earning

a Board Seat,” was held at the Rizzo Center in Chapel

Hill. Twenty-one diverse potential board members reg-

istered for the program. The panelists discussed topics

such as skills needed and how to develop them, realistic

approaches to advancing your candidacy, diverse direc-

tors in non-diverse settings, and evaluating companies

and opportunities.

Panelists included:

Maryann Bruce - On the board of Allianz Global

Investors Fund.

Walter Davenport - On the boards of Blue Cross

Blue Shield of North Carolina, the N.C. Center for

Nonprofits, IntraHealth International, Inc., Nation-

al Association of State Boards of Accountancy, and

the United Way of the Greater Triangle.

Genevia Gee Fulbright - On the board of the

Research Triangle Chapter of the National Associa-

tion of Corporate Directors (NACD), previously

served on the boards of M&F Bancorp and its sub-

sidiary Mechanic & Farmers Bank, the YMCA

(Lakewood), and the Small Business Technology

Development Center (SBTDC).

D. Keith Pigues - On the board of the Office of

Mortgage Settlement Oversight and Prometheus

Group.

Laurie Wilder - Executive Vice President and

Managing Director of Parker Executive Search in

Atlanta.

Porsha Williams - Principal with Parker Executive

Search in Atlanta.

Corporate sponsors for the next program on May 29,

2013, are entitled to two complimentary admissions and

recognition in the program materials.

Diversity Resources

The DDI maintains a collection of resources for poten-tial directors, diversity data on NC companies, and me-dia reports on director diversity at: ddi.law.unc.edu/default.aspx Board Diversity Research

Professors Lissa Broome, Kim Krawiec, and John Con-

ley have been engaged in a study based on interviews

of corporate board members about whether and how

diversity affects board processes and corporate perfor-

mance. Professor Conley presented their most recent

paper at the University of Illinois College of Law in

March 2012, “The Danger of Difference: Tensions in

Directors’ Views of Corporate Board Diversity.”

Lissa Broome and Professor Thomas Hazen published

“Board Diversity and Proxy Disclosure,” 37 University

of Dayton Law Review 39 (2011). Professor Broome

spoke about board diversity throughout the year in

North Carolina and Washington DC.

Database of Potential Diverse Directors

Potential diverse directors should register on the DDI’s

database so that registrants’ names may be provided to

nominating committees of corporate boards, govern-

ment commissions, and non-profits when requested.

ddi.law.unc.edu/database/

Director Diversity Initiative

2012 Banking Institute Sponsors

Please see our website for a complete listing of our

distinguished Board of Advisors.

law.unc.edu/centers/banking/staff/advisors/

Spotlight on Saule Omarova

Alston & Bird, LLP Bank of America BB&T Corporation Bradley Arant Boult Cummings LLP Brooks, Pierce, McLendon, Humphrey & Leonard, LLP

Bryan Cave LLP Cadwalader Wickersham & Taft LLP Davis Polk & Wardwell LLP Dykema Gossett PLLC FHLBank Atlanta Fifth Third Bancorp Gaeta & Eveson, PA Holland & Knight LLP Hunton & Williams LLP Jones, Walker, Waechter, Poitevent, Carrère & Denègre LLP

Kane Russell Coleman & Logan PC Kilpatrick Townsend & Stockton LLP McGuireWoods Mayer, Brown LLP Moore & Van Allen, PLLC Morrison & Foerster LLP Nelson, Mullins, Riley & Scarborough LLP North Carolina Bankers Association Paul Hastings LLP Poyner Spruill LLP Raymond James & Associates RBC Bank (Georgia), N.A. Robinson, Bradshaw & Hinson, PA Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP

The Clearing House Troutman Sanders LLP Vorys, Sater, Seymour and Pease, LLP Ward and Smith, PA Wells Fargo & Company Williams Mullen Winston & Strawn LLP

Board of Advisors

Assistant Professor Saule Oma-

rova teaches Banking Law,

Global Financial Markets, Inter-

national Banking, and Corporate

Financial Institutions. She is

visiting this fall at Georgetown

University Law Center.

Her recent publications include:

Bankers, Bureaucrats, and Guardians: Toward

Tripartism in Financial Services Regulation, 37

J. Corp. L. 621 (2012).

From Gramm-Leach-Bliley to Dodd-

Frank: The Unfulfilled Promise of Section

23A of the Federal Reserve Act, 89 N.C.L. Rev.

1683 (2011).

License to Deal: Mandatory Approval of Com-

plex Financial Products, 90 Washington Uni-

versity Law Review (forthcoming 2012).

That Which We Call a Bank: Revisiting the His-

tory of Bank Holding Company Regulation in

the United States (with M. Tahyar), 31 Rev.

Banking & Fin. L. 113 (2011).

The Dodd-Frank Act: A New Deal for A New

Age?, 15 N.C. Banking Inst. 83 (2011).

The United States: ‘With Freedom and Liberty

for All’ (with Lissa Lamkin Broome, John Con-

ley, and Cynthia Williams), in Banking Systems

in the Crisis: The Faces of Liberal Capitalism,

ed. by Suzanne J. Konzelmann & Marc Fo-

vargue-Davies (Routledge, 2013), pp. 57-79.

Wall Street as Community of Fate: Toward

Financial Industry Self-Regulation, 159 U. Pa.

L. Rev. 411 (2011).

Bank Directors’ College

This program is sponsored by the Center in conjunc-

tion with the North Carolina Office of the Commis-

sioner of Banks and the FDIC. The college consists

of two, two-day sessions and has been described as

the most comprehensive educational effort of its

kind in the United States. The 2012 Directors’ Col-

lege was just completed.

The next college will take place in the summer of

2014.

North Carolina Banking Institute

Journal

Volume 16 of the North Carolina Banking Institute

journal was published in March 2012 and distributed

at the Banking Institute. Twenty-four students

served as editors or staff members.

The journal published the transcript of the debate

on the risks and benefits of big banks, which oc-

curred at the Center’s New York Lecture Series in

November 2011; an article by Margot F. Saunders

and Johnson M. Tyler on the threats to federal safe-

ty net benefits in bank accounts; and Reggie

O’Shields’ article on what comes after Fannie Mae

and Freddie Mac. In addition, there were eleven stu-

dent-written comments and notes, and a book review

contributed by Louis Massard, a 2011 UNC Law

graduate.

The entire journal may be accessed at:

www.law.unc.edu/journals/ncbank/volumes/

volume16/citation-16-nc-banking-inst-2012/

Banking Journal Scholarship

This scholarship is awarded annually to an NCBI editor based on scholastic and

writing ability, as indicated by membership on the NCBI board of editors, and fi-

nancial need. For 2011-12, the scholarship was awarded to Charles Kabugo-

Musoke, Editor–in-Chief, and Christopher T. Fowler, Publication Editor. For 2012

-13, Benjamin Weadon, Executive Editor, will receive the scholarship.

Center for Banking and Finance

About the Director

Contact Information

UNC School of Law

Center for Banking and Finance

CB #3380

Chapel Hill, NC 27599-3380

http://www.law.unc.edu/centers/

banking

cbortz@email.unc.edu

Save the Date

Mark Your Calendars Dan K. Moore Program in Ethics Chapel Hill, NC October 26, 2012 Learn more The New York City Lecture Series New York, NY November 14, 2012 (by invitation) The Political Economy of Finan-cial Regulation Washington, DC February 7-8, 2013 Festival of Legal Learning Consumer Law and Consumer Credit Symposium Chapel Hill, NC February 8-9, 2013 ABCs of Banking Law Charlotte, NC March 20, 2013 Banking Institute Charlotte, NC March 21-22, 2013 Broadening Corporate Diversity Chapel Hill, NC May 29, 2013 NC Bank Directors’ College Chapel Hill, NC June & July 2014

Lissa Lamkin Broome is the

director of the school's Center

for Banking and Finance. She

serves as faculty advisor to the

North Carolina Banking Insti-

tute Journal, and heads the

school's Director Diversity Ini-

tiative which works to increase

gender, racial, and ethnic diver-

sity on the boards of directors

of publicly traded corporations

in North Carolina and through-

out the United States.

Lissa Lamkin Broome

Wells Fargo Professor of Banking Law

The center's mission is to play a leadership role in the continual

evolution of the financial services industry by:

Studying the legal and policy issues related to banking and fi-

nance;

Advancing the teaching of banking and finance; and

Sponsoring conferences for industry professionals.

North Carolina Banking Institute journal

Fundraising

The Center welcomes your gift to support the operations of the Center.

Please contact Assistant Dean for Advancement Brandon Wright for more

information about current use or endowment gifts for the Center,

wright@email.unc.edu, 919.962.6718. You may contact Lissa Broome

about sponsorship opportunities for

The Political Economy of Financial Regulation

February 6-7, Washington, DC ($2,500)

The Banking Institute

March 21-22, Charlotte, NC ($1,500)

Broadening Corporate Board Diversity

May 29, Chapel Hill, NC ($1,000)