FinTech: The Big Buzz in Law, Regulation, and Business

By: Doriyon Glass*| Staff Writer

https://www.sec.gov/spotlight/fintech

The FinTech panel from JBIPL’s 2017 Symposium consisted of four impressive panelists, two of which, the moderator noted, are national experts on the law relating to FinTech.  The discussion answered the question of what is FinTech and some of the controversies and concerns relating to FinTech. Put simply, FinTech is the automation of finance.  The panelists elaborated on this through three dimensions of FinTech: (1) The cognitive business, self-learning algorithms, (2) the Blockchain infrastructure, and (3)  how all of these different technology developments come together. Continue reading »

FinTech Spotlight Interview: Erin Fonté

By: Maria Pigna*| Staff Writer

https://www.sec.gov/spotlight/fintech

“Technology is value neutral, and it’s all about how it’s used.” FinTech panelist and Texas attorney, Erin Fonté, expressed her insight on the growing age of technology and its impact in the legal arena.  The Stanford Law 2002 graduate always knew she wanted to focus on technology, along with her interest for policy and regulations.  Fonté has based her practice on helping clients with general banking questions and online/mobile fintech startups, not to mention helping retail clients like Whataburger with their innovative app to introduce mobile payment and loyalty/rewards features.  Fonté’s work has her constantly learning about technological developments like block chain technology to keep up with the quickly-changing and evolving banking and financial technology space. Continue reading »

Banking In-House Counsel Panel talk about how Dodd-Frank has changed their jobs for the better and the worse

By: Jacky Brammer*| Staff Writer 

https://www.sec.gov/spotlight/implementation-of-dodd-frank-act.shtml

On Friday, February 10, Wake Forest School of Law hosted the Journal of Intellectual Property and Business Law’s Symposium on Banking Law: Current and Future Issues. One of the several panel discussions was entitled, “Life of an In-House Counsel.”

The Panel’s discussion largely centered on the effects of the Dodd-Frank Act and other regulations on their day-in, day-out jobs and lives. All involved generally viewed the Dodd-Frank act as cumbersome and superfluous. One panelist noted that the legislation includes provisions that merely codified existing practices but required hundreds of pages of additional paperwork and red tape that clients likely would not read because it already existed in other forms and formats. While the panelist noted that a positive impact of Dodd-Frank was that it led to more transparency and more information, he was not confident that all the additional information was necessary or helpful. Continue reading »

JBIPL SYMPOSIUM SPOTLIGHT INTERVIEW: PROF. ARTHUR WILMARTH

By: Zack Young*| Staff Writer 

https://www.law.gwu.edu/sites/www.law.gwu.edu/files/styles/person_main_image/public/image/arthur_wilmarth.jpg?itok=kZa4Q-YG

On February 10, 2017, the Wake Forest Journal of Business and Intellectual Property Law (“JBIPL”) hosted its Spring Symposium: Banking Law: Current and Future Issues. JBIPL’s Zack Young had the opportunity to sit down with Arthur Wilmarth, a Professor of Law at George Washington University Law School and one of the panelists on the Community Banking Panel, to discuss some of his insights on community banking and banking law in general. Continue reading »

Panel on Consumer Protection: The Future under the Trump Administration

By: Charity Barger*| Staff Writer

https://www.consumerfinance.gov/static/nemo/_/img/logo.8bb2ca7afdb4.svg

The last panel of the Symposium focused on consumer protection.  The panelists spoke generally about consumer protection, referring often to Dodd Frank, an Act responsible for creating more stringent rules on consumer protection. The panelists also spoke about the role of the Consumer Finance Protection Bureau (CFPB) and pointed out that the CFPB has three powers: rulemaking, supervision, and enforcement.  The Bureau was described as being staffed by highly professional and energetic people, who are very committed to consumer protection. Continue reading »

The Survival of Community Banking

By: Katherine Escalante*| Staff Writer 

https://www.fdic.gov/news/conferences/communitybanking/2016/images/cbi-small.jpg

The panelists on the Community Banking panel focused on the survival of Community Banking. The panelists discussed the Community Banking model and its viability by examining how technological advancements are affecting this model.  More specifically the panel touched on issues such as the importance of community banks, the burdens placed on them, and the complex relationship with FinTech. Continue reading »

Life of an In-House Counsel. . . In a Heavily Regulated Field

By: Brandy Nickoloff*| Staff Writer 

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The panel for the “Life of an In-House Counsel” session at this year’s Banking Law Symposium featured practitioners from Bank of America and Wells Fargo. The panelists wanted the session to be interactive and encouraged the audience to ask questions throughout. That tactic did allow for the other attorneys in the room not only to ask questions but to offer sympathy for the role the panelists have daily. In their role as in-house attorneys, truly they have become counselors on how to comply with the law rather than advocating for their institutions’ interest regarding the law. As one panelist put it, sometimes the job requires convincing your client to “just get to the business of complying.” This angle comes about because clients do not understand the different rules or regulating bodies. Requirements vary from one department of the bank to the next. For example, one panelist who works within the cyber security and information security side of banking finds regulations stemming from The Department of Homeland Security and the FBI as a priority over common banking regulators. Continue reading »

Overview Cybersecurity Panel – JBIPL 2017 Symposium

By: Libby Casale*| Staff Writer 

https://pixabay.com/p-265130/?no_redirect

Cybersecurity is an evolving and growing field, and one full of unknowns.  Panelists discussed cybersecurity, cyber incidents, and cybersecurity breaches at the Cyber Security Panel during the 2017 JBIPL Banking Law: Current and Future Issues Symposium.

For breaches, it is often not a question of whether, but when, a breach will happen. Breaches can take multiple forms.  They may be caused by hactivists, state sponsored theft, cyberterrorism, or could also be caused by malicious insiders.  Additionally, breaches could be caused by something as simple as a self-populating email header or by sending your files to an unintended recipient. Continue reading »

JBIPL’s 2017 Spring Symposium Hones in on a Moving Target – Banking Law: Current and Future Issues

By: Cara Van Dorn*| Staff Writer

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The Wake Forest Journal of Business and Intellectual Property Law (JBIPL) is excited to host its Spring 2017 Symposium, Banking Law: Current & Future Issues, on Friday, February 10, 2017.  The Symposium includes five panels of prominent attorneys and professors to share their experiences and expertise on some of the most pressing legal issues currently impacting the banking community.  The morning kicks off with panel discussions focusing on cutting edge topics, such as cyber security and the quickly-evolving “FinTech” (financial technology) industry.  The lunchtime panel centers on life as in-house counsel at nation-wide financial institutions.  The afternoon includes a panel on the regulatory issues faced by community banks and the Symposium concludes with a hot button subject: consumer protection in the financial industry.  The final panel is not to be missed, as the new administration and a conservative Congress begin their quest to dismantle the controversial Consumer Financial Protection Bureau and rollback key provisions of the Dodd-Frank Act. Continue reading »

FinTech Disruptor, Blockchain, Makes Its First Splash on Wall Street

By: Thomas Gaffney*| Staff Writer

https://upload.wikimedia.org/wikipedia/en/5/50/Blockchain.info_logo_2014-01-27.png

On Monday January 9th,  the Depository Trust and Clearing Corporation (DTCC), which plays a major role in recording and reporting nearly every stock and bond trade in the United States, announced that it is replacing one of its central databases with a new blockchain style software inspired by the technology underlying the cryptocurrency Bitcoin.  Bitcoin is the World’s most popular cryptocurrency and was the originator of the new financial technology disruptor Blockchain.  The concept of Blockchain is essentially a “revolutionary approach to the age-old problem of trust.”  Blockchain is a decentralized network that produces a public ledger by recording transactions conducted on the network which are then verified by third parties. Because of its design, Blockchain cannot be changed or modified unilaterally, and therefore any changes made to the ledger need to be accepted by the entire network making it more reliable and secure than contemporary methods.
Continue reading »