@ZaringDavid

Professor at Wharton. Financial regulation, administrative law.

 Philadelphia, PA
papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=39383
Joined January 2019
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  • Followers2.4K
6Media
I've been looking at trade group practices when it comes to filing suits, after ICBA filled suit against the OCC over its digital asset trust practices. The big ones don't never file suit against the feds - 11 times since 2010, same amount as their suits v. state and local govts.
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Congress must act on relegitimizing onion futures.
Nathan Dean
@nathandeanDCOct 19
The @UChicago student protests on onion futures is attracting DC attention. Pretty cool.
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Strong disagree! nytimes.com/2026/10/18/opini…

Opinion | The Case Against Business School

Students come in with noble intentions and leave with flawed expertise.

nytimes.com
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Switzerland really wants to be a land of medium sized asset managers, and UBS is an extremely large asset manager, so maybe this divorce is inevitable, but it's a matter of standing down from the commanding heights. wsj.com/finance/banking/a-sw…

A Swiss Banking Giant Thinks the Unthinkable: Moving Out of Switzerland

The bank has received approaches from potential U.S. deal partners as it publicly spars with Swiss politicians over substantially higher capital requirements.

wsj.com
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The internet has been consulted, and I'm a 60% legal realist and 40% legal positivist, which I'm totally sure is a stable perspective. jurisprudence-quiz.netlify.a…
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Looking through the Fed's enforcement actions, it's notable that Prompt Corrective Action orders (to increase capital) amount to 2.1% of them. Congress promulgated PCA after the S&L crisis; it worried that too many insolvent institutions got regulatory forbearance. 1/2
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PCA was meant to force regulators to not do that. Slight overclaim, no denominator, etc., but it looks like the Fed resolves capital concerns still more through supervision (which we can't observe) than enforcement (which we can) - or that banks avoid getting close to it. 2/2
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I did a docket search on Westlaw, and the community bankers trade group, before the suit this month against the OCC over its trust chartering, joined three other lawsuits, the one against the fintech charter and two complaints against the NCUA that might be over the same case.
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And some of that might just be amicus participation, I'm not great at docket searches!
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The largest Native American owned bank, if you squint, was started by Kevin Stitt, the governor of Oklahoma, and an enrolled member of the Cherokee Nation, with whom he is constantly feuding. And Bank of America started in 1904 as Bank of Italy.
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This story from American Banker reveals that's the Fed's new 5-region directorate will be staffed with directors employed by the reserve banks "but [will] report directly to the Board's Deputy Director for Supervision." Financing without control, I guess. americanbanker.com/news/fed-…

Fed supervision reform funnels more authority to Washington

Federal Reserve Vice Chair for Supervision Michelle Bowman's new supervision reform plan calls for centralizing authority — and accountability — at the board level.

americanbanker.com
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I'm interested in this reorg of supervision into five regions to mirror the state bank supervisor regions by the Fed. Seems like something the reserve banks wouldn't like, though the supervisors won't move. Regional leaders paid by board or reserve banks? federalreserve.gov/newsevent…

Speech by Vice Chair for Supervision Bowman on modernizing regulation and supervision

Good morning. It is good to be here with you this morning for the Community Banking Research Conference. 1 Today I will discuss the work we have under way

federalreserve.gov
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Financial crime monitoring has essentially been number go up since 9/11. 4.1 million SARs filed last year, 2.1 million from banks, up 7% from 2024. Fair to say that there's a budding counter-reformation developing here, this time its crypto mixers. subscriber.politicopro.com/a…

POLITICO Pro: Treasury formally scraps proposals to expand oversight of crypto transactions

Crypto industry groups opposed the proposals as undue government surveillance that threatened crypto users’ privacy.

subscriber.politicopro.com
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I could see AI agents giving advice that turns regular deposits into hot money, but I think there will be real hesitancy about giving them the keys to accounts and empowering them to make the decisions. wsj.com/opinion/ai-will-be-a…

Opinion | AI Will Be a Boon for Savers

Agents will sweep idle money into top-paying accounts. That will strain banks’ liquidity.

wsj.com
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Using affiliates and subsidiaries is having a moment, what with the private equity and insurance thing, the OCC's aggressive interpretation of what you can do with a trust charter, and maybe this - though I don't think the DIF could remotely handle a GSIB failure.
Jeremy Kress@Jeremy_KressOct 2
Replying to @Jeremy_Kress
At the same time, GSIBs have been looting their bank subsidiaries - just as opponents of the rule predicted. I asked Claude to chart the banks' payout ratios. GSIBs appear to be taking capital from their bank subs and handing it to shareholders - and increasing risks to the DIF.
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My shtick on Fed enforcement is that it only really does it as a favor for someone else. I recently took a look at the data, and one notable thing is that the independent agency's enforcement actions follow the election returns. 1/3 repository.law.indiana.edu/i…

The Federal Reserve as Agent to Another Principal: Monetary Penalties 1997-2022

Enforcement is how agencies make policy, but the Federal Reserve Board, perhaps the country’s most important independent agency, and certainly its most important regulator of banks, does most of its...

repository.law.indiana.edu
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Enforcement actions are lower in republican administrations (14 in 2019, e.g.) and higher otherwise (38 actions in 2023, many fintech related), though terminations also higher when Dems hold the White House. The Bush-Obama difference may be financial crisis related, howevs. 2/3
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The Bush Fed's highest enforcement year (55 actions) was 2008, Obama 2009: 128 enforcement actions, 2010: 169 actions, 2011: 149 actions, 2012: 111 actions. Who the GC is seems to matter, and Bernanke was the enforcement actions chair (109/year avg), though the crisis obvs. 3/3
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Here's me talking about CFIUS and Nippon Steel on Korean television ... in English, I should add. I'm in the second half. Part of my international media strategy! youtube.com/watch?v=xCTgSyjy…

기술을 지키지 못하면 산업이 흔들린다…한국도 시작된 '기술 안보 전쟁'ㅣ특집 다큐 [국가안보가 된 기술]

기업의 주인은 바뀔 수 있습니다.하지만 한 번 사라진 생산 기반과 숙련된 인력은 되돌리기 어렵습니다.세계 각국은 왜...

youtube.com
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Since 1946, the NLRB is the most common independent agency to appear at the Supreme Court, and it's not particularly close. But since we don't have unions any more, that agency barely matters today. During the Roberts Court, it is tied for 17th. 1/3
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In the Roberts Era, with federal crime A Thing, DOJ is the most likely government party, appearing in 22 cases, followed by HHS (reimbursement/coverage), EPA, Interior, and VA in the top five, all executive branch. 2/3
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The SEC still the most likely independent agency, with 7 at bats in the Roberts era (T-6th), and the no longer extant indy v. exec is a tick higher than 1946-now, with 35% indy, down from 38% for the post war era. My overclaim: this is a govt benefits story, or due to NRDC. 3/3
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