The financial events of the last 18 months have spawned a number of regulatory reforms of the US Financial Services Industry.  Many law journals have covered the proposed reforms.  Here are two recent journal articles of interest.

First, from the University of Chicago Law School, is “The Effect of the Consumer Financial Agency Protection Act“.

The U.S. Department of the Treasury has submitted the Consumer Financial Protection Agency Act of 2009 to Congress for the purpose of overhauling consumer financial regulation. This study has examined the likely effect of the Act on the availability of credit to American consumers. To do so we have examined the legislation in detail to assess how it would alter current consumer protection regulation, reviewed the rationales provided for the new legislation by those who designed its key features, considered why consumers borrow money and benefit from doing so, and reviewed the factors behind the expansion of credit availability over the last thirty years. Based on our analysis we have concluded that the CFPA Act of 2009 would make it harder and more expensive for consumers to borrow.

This paper focuses on the CFPA Act that the Administration introduced in July 2009. House Finance Committee Chairman Frank has proposed changes to this Act which the Treasury Secretary Geithner appears to be willing to accept. However, given that these changes could be reversed or other changes could be made as the legislation works its way through Congress, we focus on the Administration’s original bill rather than a moving target. Chairman Frank’s proposed changes do not significantly alter any of our conclusions.

Next is “The Consumer Financial Protection Agency: Love It or Hate It, U.S. Financial Regulation Needs It” (from Texas Tech Law School).

As the U.S. economy begins a tentative recovery from recession, Congress is debating financial regulatory reform legislation. Whether a stand-alone consumer financial protection agency becomes a centerpiece of the new regulatory regime or a throw-away bargaining chip remains to be seen. In any assessment of the subprime-mortgage-crisis-gone-global, with the benefit of honest hindsight, failures of consumer protection loom large.

In the wake of this crisis, just as in the aftermath of the banking collapse of the 1930s, Congress has an opportunity to restructure a broken financial regulatory system. More than band aids are required. If the reforms Congress adopts now are to secure a lengthy period of financial stability, as was the case following the New Deal era’s reenvisioning of financial regulation, consumer protection cannot continue to be marginalized. Congress could muster the leadership and political backbone to create a new, independent agency whose sole mission is to protect consumers of financial products from the abuses which contributed to the present financial crisis. The prospect of such a major shift in the allocation of regulatory authority has already raised a hue and cry from beneficiaries of the status quo in the federal regulatory agencies and the financial industry lobby.

This article analyzes The Consumer Financial Protection Agency Act of 2009, as passed by the House of Representatives. Each section of the article identifies a key point of controversy, with arguments pro and con, coming down in favor of an independent consumer financial protection agency.

Other legal commentators have discussed other aspects of the proposed regulatory agency. For example, Attorney Peterson discusses the potential for further regulatory reform of the prepaid debit card industry.

Many law schools publish both their primary “law review” publication as well as one or more secondary “law journals”.   For example, the Harvard Law Review is Harvards’ preeminent law publication.  It is published several times a year, and those law students who are on the law review board are typically the creme of the crop of the current Harvard law school class. (You can check out the Harvard law review here).

Harvard also publishes several law journals.  For example, Harvard recently announced the formation of a new law journal called the “Journal of Sports and Entertainment Law”.  Here’s the press announcement:

This fall, a group of Harvard Law School students – Ashwin Krishnan ’10, Josh Podoll ’11, andRyan Gauthier ’10 – will officially launch a new journal called the Harvard Journal of Sports and Entertainment Law.

There is “a lot more awareness and student involvement in sports and entertainment law at the law school,” said Krishnan, who worked this past summer with Mike Zarren ’04, assistant executive director of basketball operations and associate counsel for the Boston Celtics.

For its first year, the journal will remain an online-only publication. Krishnan, who will serve as editor-in-chief, said he hopes to publish four to five articles by academics in the field of sports and entertainment law, as well as four to five student authored case comments. Krishnan expects that the journal’s first issue will be published this spring.

(Quote from: Harvard Law School).

Most law schools publish one or more law journals in addition to their flagship law review publication.  This allows students and faculty to promote research in specific topical areas, and also allows students to gain experience in writing, editing and publishing journal articles.