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 [email protected] .
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
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,
[email protected], 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)