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TABLE OF CONTENTS INTRODUCTION I. THE AIMS OF MACROPRUDENTIAL REGULATION A. COMPARING MICROPRUDENTIAL AND MACROPRUDENTIAL REGULATION B. MACROPRUDENTIAL RISKS 1. TIME-VARYING RISKS 2. CROSS-SECTIONAL RISKS a. Interconnectedness b. Correlation II. [...], According to conventional wisdom, the 2008 financial crisis fundamentally changed how policymakers approach financial regulation. Before the crisis, regulators sought to prevent individual financial institutions from collapsing, but this "microprudential" strategy proved inadequate to stop the market-wide meltdown. In response, policymakers purportedly turned to a new "macroprudential" approach that prioritizes the stability of the financial system as a whole instead of individual institutions in isolation. Regulators in the United States and abroad enthusiastically embraced macroprudential policy, implementing stress tests, capital buffers, liquidity requirements, and other supposed macroprudential tools. As the United States' top bank regulator declared in 2015, "[W]e are all macroprudentialists now." There is just one problem, though, with using the term "macroprudential" to describe modern financial regulation: it is a myth. Despite the macroprudential label, the prevailing regulatory framework is still predominantly microprudential in nature. Although some post-2008 policy innovations nudged financial oversight in a macroprudential direction, the dominant tools financial regulators use today are just supersized versions of the microprudential approaches that have existed for decades. This shortcoming has serious economic consequences. As recurring financial disruptions--including the panic following Silicon Valley Bank's failure--have vividly demonstrated, microprudential regulation is prone to overlooking interconnections and other systemic vulnerabilities. Accordingly, this Article proposes a roadmap to reorient the regulatory framework toward the macroprudential approach that the modern financial system demands.

As technological benefits in banking evolve at a breakneck speed--far more customers prefer mobile banking than in-branch transactions, for example--myriad challenges have arisen in parallel. A top priority for financial [...]

I. INTRODUCTION 830 II. BANK FRAUD STATUTE 830 A. Purpose and Scope 831 B. Elements 832 1. Knowledge 832 2. Executed or Attempted to Execute 834 3. Scheme or Artifice [...]

The Cost of financial crimes across financial institutions globally is spiraling ever higher, reaching $274.1 billion in 2022 compared to $213 billion just two years earlier, according to a recent [...]

I. INTRODUCTION 2 II. THE OFFICE OF FINANCIAL RESEARCH: FROM INCEPTION TO 2020 5 A. The Creation of the OFR 5 B. The OFR Under the Obama Administration 8 C. [...], Financial regulators need new types of expertise to address the systemic threats arising from climate change and fintech innovation. At present, climate, complexity, computer, and data science expertise are largely unrepresented in the financial regulatory agencies, but financial regulation--particularly financial stability regulation--can no longer be fully effective without them. This Article argues that the Office of Financial Research (OFR) should be built up as a hub of these types of interdisciplinary expertise. The OFR will then be equipped to monitor new types of systemic risks, research innovative solutions to those risks, and assist other financial regulatory agencies with technical expertise as the need arises. The staff and other resources of the OFR were decimated under the Trump Administration, but this affords an opportunity to the Biden Administration to rebuild the OFR--not only to fulfill the OFR's original data collection and analysis functions, but also to address the new sources of systemic risk that have emerged since it was founded in 2010. This Article, therefore, offers detailed proposals for rebuilding the OFR, giving thought to how to structure the OFR's relationships with other financial regulatory agencies, as well as its staffing, funding, and culture.

Byline: Annelise Gilbert and Brian Croce Fidelity Investments Chairman and CEO Abby Johnson sees cryptocurrency becoming an essential part of the money manager's future. Ms. Johnson talked about Fidelity's cryptocurrency [...]

In the following Q&A, Artem Korenyuk of the Depository Trust & Clearing Corporation shares his perspectives on best practices, opportunities, and regulations regarding financial institution data. Korenyuk spoke with RMA [...]

INTERNET BUSINESS NEWS-(C)1995-2022 M2 COMMUNICATIONS Behavox, which provides a suite of security products that help compliance, HR, and security teams protect their company and colleagues from bad actors, is accepting [...]

The dismantling of the Consumer Financial Protection Bureau--at least as we have come to know the agency--is now in full swing. The not-so-slow death march began when President Trump took [...]

An attempt to stop Britain sharing expats' data with Uncle Sam UNLIKE CITIZENS of almost every other country, Americans abroad do not escape the long arm of their country's tax [...]

Momentum has been on the side of marijuana legalization for some time now, with 33 states and the District of Columbia having legalized cannabis in some form. Now, there may [...]

Collaboration among financial institutions is how many banks today are enhancing their third-party risk management programs. Although collaboration is not a new concept among banks, the Office of the Comptroller [...]

For financial firms that do business in New York, the Aug. 28 deadline was an important reminder that new cyber-security demands in that state will bring waves of cost, complexity, [...]

While most of the country was riveted to the testimony of former FBI Director James Comey's testimony before the Senate Intelligence Committee in early June, members of the House of [...]

This Article examines a relatively recent addition to the institutional architecture of financial regulation in the United States: the Financial Stability Oversight Council (FSOC). In particular, it draws attention to [...]

Officials in New York are delaying the compliance dates for new cyber-security rules targeting financial institutions and have released new, more business-friendly revisions. On Dec. 28, the New York Department [...]