2014-2015 Annual Report
Mission. 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 finance, advancing the teaching of
banking and finance, and sponsoring educational conferences for industry professionals.
The Center and its Staff. The Center for Banking and Finance was established on July 1, 2000,
and has just completed its fifteenth full year of operations. The director of the Center, Professor
Lissa Broome, has a reduced teaching load. Since 2009, Conrad Bortz has provided financial
management and administrative support for the Center.
Jacqueline Carlock Ward in the Office of Continuing Legal Education provides program support
for the Dan K. Moore Program in Ethics, the Consumer Law and Consumer Credit Symposium at
the Festival of Legal Learning, the ABCs of Banking Law, and the Banking Institute. Brandon
Wright from the Office for Advancement provides assistance with fundraising and grants. Other
law school departments, including fiscal affairs, information technology, and faculty support,
provide additional help when requested. UNC Law faculty assist the Center as needed. Several
faculty work closely with the Center, including Bernie Burk, John Conley, and Tom Hazen.
Research projects of the Center are supported by student research assistants who work under the
direction of the Center’s director. For the 2014-15 academic year, the Center’s research assistant
was Rachel Brunswig (Class of 2016). Sanghoon (Kenneth) Lee (Class of 2017) provided support
in the summer of 2015. The 24 students who served as staff and editors of Volume 19 of the
banking journal also furthered the Center’s research mission.
Members of the Center’s Board of Advisors provide a great deal of assistance in the Center’s
activities.
Governance. The Center is guided by a distinguished Board of Advisors. Board members
volunteer their time to assist the Center in its many activities. The board includes senior counsel
at Bank of America, Wells Fargo & Company, BB&T, SunTrust Banks, Inc., PNC Financial
Services, Fifth Third, Credit Suisse, First-Citizens Bank & Trust, CommunityOne Bancorp, and
U.S. Bank. Other members include distinguished banking law practitioners from firms in North
Carolina and throughout the country. UNC Law Professor, Tom Hazen participates as a board
member as do the current Editor-in-Chief and the Institute Editor of the banking journal and their
immediate predecessors. The board meets two times a year -- at the conclusion of the annual
Banking Institute and again in August.
Finances. The Center receives funds from endowment income and current use gifts supporting
the Center, sponsorship gifts made in connection with the annual Banking Institute, and
registration fees for the Bank Directors’ College (on hiatus in 2013 and 2014). The Wells Fargo
professorship provides support for the Center’s director and for other aspects of the Center’s
operations. The Beischer Challenge successfully concluded on June 30, 2011.George and Susan
Beischer gave $1 million to match the gifts and pledges from many other contributors during the
challenge period. The endowment established with these gifts, valued at $1.07 million as of March
30, 2015, provides income to support the Center’s activities along with current use gifts.
The law school’s CLE office bears the full costs of the Dan K. Moore Program, the Consumer Law
and Consumer Credit Symposium at the Festival of Legal Learning, the ABCs of Banking Law,
and the Banking Institute, and receives all the program revenues. Each of these CLE programs is
planned to break even or better. The financial results from the ABCs of Banking Law and the
Banking Institute are included in this report so that the board may have sufficient information to
provide advice on registration fees and expenses associated with these programs.
The Director Diversity Initiative was initially supported by grants from the Z. Smith Reynolds
Foundation and the Fulfilling the Dream Fund: North Carolina Consortium. The Initiative is now
supported by the registration fees paid by participants in the annual training program for potential
diverse directors and program sponsors.
The Center’s revenues (from endowment income, current use gifts, and registration fees) fully
supported its programs and the direct costs of running the Center. Indirect costs associated with
the Center and not reflected in this report include a portion of the Center Director’s salary and a
portion of the salary of Jacqueline Carlock Ward and others who spend substantial time assisting
the Center. The Banking Institute and the ABCs of Banking Law generated some net revenue for
the CLE office, helping to compensate for the time Jacqueline Carlock Ward spends on the
Center’s programs.
2
Expenses
Special Funds Received FY 15
Center for Banking
82,194
SPA salaries/benefits
44,981
EPA salaries/benefits
9,058
Additional Banking Institute
Scholarship
7,206
International Scholarship
5,000
Banking Journal travel fund
4,800
Reception at Banking Institute and
UNC viewing party
4,735
New York (Clearing House) lecture,
travel and signage
2,455
Banking Journal vol. 19 &
transcripts
1,693
Banking Institute photographer
450
August Board of Advisors lunch
301
Practitioners in residence
Travel
Bank Directors’ College Receipts
Director Diversity Initiative
Receipts and Sponsorships
38,750
7,680
Banking Institute Sponsors
(scholarship and student travel)
21,930
The Clearing House gift
7,500
45
5,928
Meeting
3,947
Speaker lodging and travel
1,481
Total Expenses
46,430
1,470
Director Diversity Initiative
NCSU Diversity Forum
Registration Fees
500
88,122
Special Funds Received FY15
75,860
See pages 4-5 for other funding sources
supporting the Center
Financial Information for Related Programs
Revenue
Event
Banking Institute (CLE Office)
Expenses
Net
78,240
69,749
8,491
Dan K. Moore Program (CLE Office)
6,690
7,927
(1,237)
ABCs of Banking Law (CLE Office)
7,450
2,615
4,835
North Carolina Banking Institute Journal (Student Journal)
Net Income FYE 6/30/15
Cash Balance 6/30/15
3
4,376
39,604
Fundraising. The Beischer Challenge concluded June 30, 2011, with a $1,000,000 endowment
gift from the Beischers matching other pledges or contributions from board members, their firms
or banks, and other friends of the Center.
Prior to the onset of the Beischer Challenge, significant gifts from the Wachovia Foundation (now
Wells Fargo) and the Bank of America Foundation were placed in endowments with the proceeds
to support the Center’s Director and the Center’s activities.
Scholarship. The fourteenth annual Banking Journal Scholarship created by Banking Institute
sponsorship funds was awarded to Dylan J. Castellino, Executive Editor of Volume 19, in the
approximate amount of $7,200. Graham S. Miller, Institute Editor of Volume 19, received a
scholarship of an equal amount funded from Banking Institute sponsor funds. The fifteenth annual
endowed scholarship was awarded to Caroline E. Keen, Executive Editor of Volume 20, and the
second scholarship was awarded to Eric S. Anderson, Editor in Chief of Volume 20, each in the
approximate amount of $7,200. The board is delighted to be able to fund scholarships for two
students, one from the endowed scholarship fund and one from the annual Banking Institute
sponsorship funds. The Center also provided Ford Eubanks the inaugural Center for Banking and
Finance Study Abroad Scholarship in the amount of $5,000 to study at our exchange partner, the
University of Augsburg. This scholarship was established to help defray costs associated with a
rising 2L studying banking, finance, or business legal issues.
Funds Supporting the Center and Its Activities
Endowed
Funds
Use
Center for
Banking &
Finance
(x0119)
Wells Fargo
(formerly
Wachovia)
(x0112)
Bank of
America
(x0110)
Center for Banking and Finance ($1M
from Beischer contribution) (Support for
faculty, visiting lecturers, research and
other opportunities for the center).
Wells Fargo Chair in Banking Law (held
by Professor Lissa Broome) Salary
support, professional development, and
other Center needs.
Fund to Support the Center’s Research
Activities (Support for faculty, visiting
lecturers, research, and other
opportunities).
$886,327
$1,089,494
$56,351
$305,343
$397,776
$32,690
$160,000
$204,077
$26,884
Moore and
Van Allen
(x0152)
Center for Banking and Finance
(Support for faculty, visiting
lecturers, research and other
opportunities for the center).
Fund to Support Research Assistants,
materials, and travel for Center and
associated faculty for the Center for
Banking and Finance
Center for Banking and Finance Fund
(Discretionary support for Center
administration)
$151,000
$193,091
$15,890
$37,500
$55,008
$11,771
$90,500
$113,814
$13,892
Banking
Institute
Sponsors
(x0108)
The Clearing
House Fund
(x0175)
Amount of
Gift/Pledge
4
Mkt.
6/30/15
Expendable
6/30/15
Renger
Discretionary
(x0157)
Center for Banking and Finance
Discretionary Fund
$56,207
$68,227
$7,223
NC
Community
Bank (x0153)
Center for Banking and Finance
Discretionary Account
$13,250
$17,269
$824
Winston &
Strawn
(x0159)
Center for Banking and Finance
Support Fund
$19,068
$26,529
$1,267
Hunton &
Williams
(x0163)
Center for Banking and Finance Fund
(Support for Center administration)
$50,250
$62,783
$2,997
Womble
Carlyle Fund
(x0164)
Center for Banking and Finance Fund
(Support for Center administration)
$50,011
$60,162
$2,871
Williams
Mullen Fund
(x0166)
Center for Banking and Finance
Support Fund
$20,000
$24,395
$1,164
Cadwalader
Discretionary
Fund (x0176)
Center for Banking and Finance Fund
(Discretionary support for Center
administration)
$20,000
$23,711
$1,089
Hinson Fund
(x0186)
Center for Banking and Finance Fund
(Support for Center administration)
$21,220
$24,897
$1,023
$1,880,676 $2,361,233
$185,393
TOTALS
Current Use Gifts
Opening
balance
Used in
FY15
Avail. in
FY16
Banking Institute Sponsors
CLE (x5013)
$64,629
$4,312
$82,267
Broome Fund (x5024)
$28,015
$0
$29,023
$3,966
$2,723
$18,857
$96,610
$7,035
$130,147
Center for Banking (x5022) Current use gifts
TOTALS
5
The Center’s 2014-15 Activities
Studying Legal and Policy Issues
The Center organized and participated in a number of programs that studied the legal and policy
issues related to banking and finance. Highlights for 2014-15 included:
November 21, 2014, New York Lecture Series sponsored by The Clearing House,
“Bank Directors Panel: Heightened Expectations and Blurred Lines in a Changing
Regulatory Framework.” The panelists were Michael S. Helfer, The Ice Glen Group
LLC; Jewell D. Hoover, Hoover and Associates, LLC; Oliver Ireland, Morrison & Foerster
LLP; and Martin Pfinsgraff, Office of the Comptroller of the Currency. Lissa Broome and
Derek M. Bush, Partner, Cleary Gottlieb Steen & Hamilton LLP served as moderators.
The discussion took place at the Pierre Hotel in New York City. The law school hosted a
dinner for New York City alumni the night before the event. The Clearing House board of
advisors and senior leadership, national banking regulators, and prominent bankers and
banking lawyers were in the audience. The banking journal’s editor-in-chief and executive
editor attended the event at the Center’s expense.
Director Diversity Initiative (DDI). The DDI is focused on increasing racial, ethnic, and gender
diversity on corporate boards. Program registration fees and sponsorships provide funds to support
DDI programming.
On May 21, 2015, we held our tenth annual one-day program at the Rizzo Center in Chapel Hill,
“Broadening Corporate Board Diversity: Earning a Board Seat.” Twenty-seven diverse
potential board members attended the program. Lissa Broome moderated and the panelists were:

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



Maryann Bruce (Turnberry Advisory Group and the boards of Atlanta Life Financial
Group; MBIA, Inc.; and Herndon Capital Management)
Jim Fraser (Goodwin Executive Search)
Deborah Hylton (3C Institute and former board chair of Wells Enterprises Inc.)
Dolores Kunda (Latino Corporate Directors Association and the board of Finish Line, Inc.)
Merrill Mason (Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP and the boards
of the Council for Entrepreneurial Development; the University of North Carolina at
Chapel Hill Foundation Investment Fund, Inc.; A Ban Against Neglect, Inc.; and The Green
Chair Project, Inc.)
Trudy Smith (Executive Service Corps of the Triangle)
George Walls (Lincoln Electric Holdings and formerly PNC Financial Services Group and
Thomas Industries)
The panelists discussed topics such as skills needed for board members and how to develop them,
realistic approaches to advancing board candidacy, diverse directors in non-diverse settings,
networking, and evaluating companies and opportunities. Some comments from the program
evaluations:
“Many thanks for putting together such a great program. It was very effective and
informative.”
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“Truly pleased I came – a roadmap of what I need to know and next steps to add
experiences to be board ready”
“The panelists complimented one another very well, seamless presentations by panelists
in a way that felt like a conversation”
The registration fee was $295. A reduced fee of $195 was provided to four participants who cited
special financial hardship. We are grateful to Robinson Bradshaw & Hinson, P.A. for serving as
a sponsor of the program for $1000. We collected registration fees and sponsorships of $7,680 to
offset the $5,429 costs incurred by the program to date (travel reimbursement for one speaker still
pending). The excess revenue will help fund next year’s event and other DDI activities.
In 2007, Lissa Broome and Professor Kim Krawiec began an interview study of corporate board
members, executives, institutional shareholders, and regulators about how and whether diversity
affects board processes and corporate performance. Professor John Conley joined the study in
2008 and Guangya Liu, Ph.D., is now also part of the study. A number of articles and presentations
have resulted from this study.
Director diversity publications from 2014 included:
Kimberly D. Krawiec, John M. Conley & Lissa L. Broome, A Difficult Conversation:
Corporate Directors on Race and Gender, 26 PACE INT’L REV. 13 (2014).
Lissa Broome spoke about board diversity on several occasions during the year:
“A National Perspective: Boards of Directors,” Executive Networking Conference (ENC)
2015, Raleigh, NC, April 10, 2015.
“Making the Business Case” (moderator), 2015 Board Diversity Forum presented by the
North Carolina Department of State Treasurer, Raleigh, NC, April 7, 2015. The Center
was also a sponsor of this event.
Lissa Broome also assisted the NC Department of State Treasurer in the preparation of a request
for rulemaking to the Securities and Exchange Commission, Request for Rulemaking for an
Amendment of the Proxy Rule Regarding Board Nominee Disclosure (4-682, Apr. 28, 2015).
The Director Diversity Initiative counts at least nineteen individuals as successes, having landed a
corporate board, government commission, or nonprofit board position after attending one of the
DDI’s programs. These individuals are featured at https://ddi.law.unc.edu/successes/default.aspx.
The director successes include Andrea Bierce (Cyient, a public company in Hyderabad, India, and
USB Bank USA), Katina Dorton (BioMedomics, U.S. Ecology, Inc.), Jewell Hoover (Fifth Third
Bank and AARP), and Dexter Perry (John Rex Endowment, Inc.).
North Carolina Banking Institute Journal. Volume 19 of the North Carolina Banking Institute
journal was published this year in March 2015 and distributed at the Banking Institute. Ten 3Ls
served as editors of the journal and there were fourteen 2L staff members. Ten students have been
elected to editorial positions for 2015-16, and fifteen new staff members are scheduled to join the
journal.
7
Volume 19 contained the transcript of the debate on heightened expectations for bank directors,
which occurred at The Clearing House Annual Conference in New York City in November 2014.
In addition, there were thirteen student-written comments and notes.
Journal Orientation Career Lunch. The Center focused additional efforts on assisting students
with acculturation into the legal profession through a luncheon with practicing attorneys during
the Banking Journal orientation. Banking Journal alums joined journal members at the August
journal orientation. The alums described their career paths and met with students in small groups
to provide resume and career advice. Many thanks to Ben Brownlow, Credit Suisse; Beth
Weddington Voltz, Weatherspoon & Voltz; and Jessica Lewis, Rex Healthcare for taking time to
offer their advice and counsel to our students.
Career Trek. On October 16, 2014, over the University’s fall break, the sixth career trek occurred
affording Journal students the opportunity to meet with attorneys and learn more about legal career
options. Fifteen students were graciously hosted by Wells Fargo and Mayer Brown in Charlotte.
Wells Fargo participants included Patrick Allen, Marc Iverson, Gene Katz, and Rose Petroff. A
number of attorneys from Mayer Brown, including Carol Hitselberger, Perry Hicks, Michael
Gaffney, Nia Rasool, Brian Kuhl, Glenn Kunkes, and Clay Costner met with our students for lunch
and in small break-out groups. We would also like to thank Pamela Hutson, U.S. Bank National
Association and Katie Trotter, CommunityOne Bancorp for participating. The Center is especially
grateful to Carol Hitselberger of Mayer Brown and Gene Katz of Wells Fargo for facilitating these
visits. Feedback from the students included:
“The Career Trek is an excellent opportunity for students to: (1) expand their
professional network; (2) learn about in-house and private legal practices; and (3) work
on perfecting interview skills. There is no doubt in my mind that the Career Trek should
be continued, and I think that UNC Law would be an even better school if there were
more professors like Professor Broome that took the time to assist students with their
professional development efforts. The Career Trek is worth giving up a day of fall break
for even if you have already secured full-time employment.”
“Gaining insight into the type of work that in-house counsel and banking attorneys
perform. I think a lot of students, especially those without prior experience, struggle to
bridge the gap between the classroom and the workplace (particularly outside the context
of litigation, as many first-year courses are geared toward). I think the Career Trek helps
provide context in this respect, and helps students better understand how they can
position themselves to be knowledgeable, competitive candidates in their job search.”
Faculty Scholarship. Faculty associated with the Center have published a wide variety of
scholarship on important issues related to banking and finance, including the following published
in 2014 and 2015:
Thomas Lee Hazen, Exemptions from 1933 Act Registration, in RESEARCH HANDBOOK ON
SECURITIES REGULATION IN THE UNITED STATES (Jerry W. Markham & Rigers Gjyshi eds.,
Edward Elgar 2014).
John Martin Conley, The Cultural Reform of Banking (with C. Williams), 39 CORPORATION
L. 460 (2014).
8
John Martin Conley, The Social Reform of Banking (K. Wendt ed.), RESPONSIBLE
INVESTMENT BANKING: RISK MANAGEMENT FRAMEWORKS AND SOFT LAW STANDARDS
(forthcoming 2015).
Melissa B. Jacoby, Bankruptcy During Foreclosure: Home Preservation Through
Chapters 7 and 13 (with M. R. Lindblad, R. G. Quercia, L. Wang, and H. Zhao), HOUSING
POLICY DEBATE (2014).
Melissa B. Jacoby, Ice Cube Bonds: Allocating the Price of Process in Chapter 11
Bankruptcy (with E.J. Janger), 123 YALE L. J. 862 (2014).
Melissa B. Jacoby, Federalism Form and Function in the Detroit Bankruptcy, 33 YALE J.
ON REG. (forthcoming 2015).
Melissa B. Jacoby, Financial Fragility, Medical Problems, and the Bankruptcy System
(with Mirya Holman), in WORKING AND LIVING IN THE SHADOW OF ECONOMIC FRAGILITY
(M. Crain & M. Sherraden, eds.) (Oxford University Press, 2014).
Melissa B. Jacoby, The Detroit Bankruptcy, Pre-Eligibility, 41 FORDHAM URB. L. J.
849 (2014).
Melissa B. Jacoby, What Should Judges Do in Chapter 11, 2015 U. ILL. L. REV. 571.
Melissa B. Jacoby, What are the Costs of Detroit's Rise from Bankruptcy?
CONVERSATION (Nov. 20, 2014, 5:45 AM EST).
THE
Advancing the Teaching of Banking and Finance
Practitioners in Residence. This program brings attorneys and industry professionals to the
school of law to participate in classes.





Phillip A. Wertz, Associate General Counsel, Bank of America Corporation, “Bank of
America settlement with the DOJ on mortgage-backed securities,” September 24, 2014,
Michael Simkovic’s Corporate Finance class.
Phillip A. Wertz, Associate General Counsel, Bank of America Corporation, “Too Big to
Fail,” September 25, 2014, Lissa Broome’s Banking Law class.
Scott Cammarn, Partner with Cadwalader, Wickersham & Taft LLP, “The Volcker Rule,”
October 14, 2014, Lissa Broome’s Banking Law class.
Chris Schell, Davis Polk & Wardwell LLP, “Banks and Derivatives: The Basics,”
November 11, 2014, Lissa Broome’s Banking Law class.
Rebecca Rogers, Assistant General Counsel at Self-Help, “Structuring a Renewable
Energy Deal,” February 10, 2015, Lissa Broome’s Secured Transactions class.
9
Teaching Materials. Center faculty have published teaching materials for a variety of banking
and finance courses.
LISSA LAMKIN BROOME, REGULATION OF BANK FINANCIAL SERVICE ACTIVITIES:
CASES AND MATERIALS (with J. Markham) (4th ed. 2011) (with Selected Statutes and
Regulations and Teacher’s Manual).
Chinese translation published in 2006.
THOMAS LEE HAZEN, BUSINESS ORGANIZATIONS LAW (with J. Cox) (Hornbook Series)
(West 3rd ed. 2011).
THOMAS LEE HAZEN, CORPORATE FINANCE: DEBT, EQUITY, AND DERIVATIVE
MARKETS AND THEIR INTERMEDIARIES (with J. Gabilondo and J. Markham) (ThomsonWest, 3d ed. 2011).
THOMAS LEE HAZEN, FEDERAL SECURITIES LAW (Federal Judicial Center 3rd ed. 2011).
THOMAS LEE HAZEN, THE LAW OF CORPORATIONS (with J. Cox) (Practitioner Treatise
Series) (West/Thomson 3rd ed. 2010).
THOMAS LEE HAZEN, TREATISE ON THE LAW OF CORPORATIONS (with J. Cox), (Student
Edition) (West Publishing 3d ed. 2010). (updated annually)
Courses. Courses offered at the school of law in addition to our traditional business law
curriculum include:
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




Advanced Commercial Law and Contracts (Caroline Brown)
Advanced Legal Research Corporate & Transactional (T. Gallina)
Banking Law (Lissa Broome)
Business Basics: Introduction to Accounting, Finance, & Markets (Gregg Polsky)
Business Bankruptcy (Melissa Jacoby and Elizabeth Gibson)
Business Planning (Mike Abel)
Business Transactions (Michael Kadens)
Global Financial Markets
International Banking
International Business Transactions (John Coyle)
Externships. Several students served as full-time externs for the SEC or OCC during fall 2014:




Zach Ainsztein (SEC Regional Office in New York City)
Christopher Castro-Rappl, Tiffany Owen, and Caroline Veltri (SEC Regional Office in
Atlanta)
Katherine Lamberth and Greg Sigmon (SEC Headquarters in Washington, DC)
Patrick Kirby (OCC in Washington, DC)
Community Development Law Clinic. The Community Development Law Clinic, headed by
Professor Tom Kelley, was established in 2001. The Center assisted in the initial planning for this
clinic. The CDL Clinic provides legal services to not-for-profit community development
10
organizations whose activities serve to improve the quality of life in economically disadvantaged
places. Legal services include selecting type of entity, entity formation, furnishing advice
regarding tax-exempt status, assisting with land use planning, and forming subsidiaries and
private/public partnerships.
Consumer Financial Transactions Clinic. This Clinic is headed by Clinical Assistant Professor
of Law Laura Britton. It is funded by settlement funds received by the N.C. Attorney General’s
Office as part of a mortgage foreclosure settlement. The Clinic began operations in the fall of
2012 as a foreclosure prevention clinic.
Sponsoring Conferences for Practicing Attorneys and Finance Professionals
North Carolina Bank Directors’ College. This program is sponsored by the Center in
conjunction with the North Carolina Office of the Commissioner of Banks and the FDIC. Carolina
Law began its association with the Directors’ College in the fall 2002 semester. The college
consists of two, two-day sessions. Class XXII of the Bank Directors’ College will take place July
23-24 and August 20-21, 2015. The College was not offered in 2013 or 2014 since most sitting
state bank directors in North Carolina had attended the college and with no new charters and
consolidation of existing banks, there were few new bank directors to train. We will evaluate
whether there is sufficient demand for the college in 2016. Complimentary admission is
sometimes offered to one or more members of the Banking Commission or potential bank directors
who would add diversity to a board.
Dan K. Moore Program in Ethics: Emerging Issues in Privilege and Conflicts of Interest,
October 24, 2014, The UNC Center for School Leadership Development, Chapel Hill. The
program addressed a variety of ethical issues of interest to corporate lawyers, both in-house
counsel and attorneys in private practice. The panel discussed work product and the business
lawyer; lawyer-client disputes and the privilege for communications within a law firm with the
firm’s own in-house counsel; attorney-client privilege and the internal investigation, conflicts of
interest in mergers & acquisitions; and conflicts of interest in a complex world. The program
included a networking lunch for panelists and participants.
Professors Hazen, Broome, and Burk directed and moderated the program. The panelists were:
 Alison R. Bost, Womble Carlyle
 Bernie Burk, UNC School of Law
 William G. Pappas, Parker Poe Adams & Bernstein
 Tammy Stringer, BB&T
 Jennifer B. Venable, Capitol Broadcasting
There were fifty-five registrants (including speakers) for the program. Ninety-six percent of those
surveyed rated this program good or better than other recent CLE events. Comments from the
evaluations included:
“I would like to see more CLEs offered by Carolina law. The quality of instruction and
ability to speak to the designated audience far exceeds that of ‘off the shelf‘ CLE options.
The panel at the DKM program really knew their stuff, and most everything about the
presentation was relevant to my work.
I also appreciated the openness to
questions/dialogue with the attendees.”
11
“Great program with wonderful interaction between panelists and attendees.”
The registration fee was $195 (including lunch) and was reduced to $150 for three or more
registrants from the same firm or company.
Festival of Legal Learning: 25th Annual Consumer Law and Consumer Credit Symposium.
February 13-14, 2015, Chapel Hill. This program included nine sessions with topics on a variety
of consumer law and credit issues, including:

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
On Fraud, Vulnerability and Aging (Update), David N. Kirkman, Special Deputy Attorney
General, Consumer Protection Division, N.C. Department of Justice
Navigating the N.C. SAFE Act: Mortgage Licensing in the Post-Crisis Era, Sara K. Weed,
Attorney, North Carolina Commissioner of Banks
Financial Scams & Identity Theft, Caroline Farmer, Deputy Director, N.C. Attorney
General's Office
Student Loan Debt: Innovative Solutions in Bankruptcy, Susan E. Hauser, Associate
Professor of Law, NCCU School of Law and Lisa P. Sumner, Poyner Spruill
A Borrower, Creditor or Adverse Litigant Has Filed Bankruptcy; Now What?, Rebecca L.
Cage and John H. Small, Brooks, Pierce. McLendon, Humphrey & Leonard
Foreclosure Defense Boot Camp, Laura Collins Britton, Clinical Assistant Professor of
Law and Faculty Supervisor, Consumer Financial Transactions Clinic, UNC School of
Law
Consumer Financial Protection Bureau: Regulation, Examination and Consternation,
Jeffrey P. Taft, Mayer Brown
Dealer Add-ons: Subtracting Payments from Consumer, Multiplying Profits for Dealers
and Dividing Policy Makers, John W. Van Alst, Attorney, National Consumer Law Center
Litigating Claims on Behalf of Consumers Against Scammers: Loan Modification, Credit
Repair, Lease With Option, Home Improvement, Mortgage Deficiency Claims, Mallam J.
Maynard, Executive Director, Financial Protection Law Center
The ABCs of Banking Law. The Center held its fourth “ABCs of Banking Law” program on
Wednesday, March 25 in Charlotte at the offices of Bryan Cave LLP. This program focused on
the basics of banking law. The registration fee was $325, but those also attending the Banking
Institute received a $50 discount. The faculty was composed of Lissa Broome, Scott Cammarn,
Carol Hitselberger, Gene Katz, Karol Sparks, and Clifford S. Stanford. Thirty-four students
attended, including two attorneys from Bryan Cave LLP who received complimentary admission.
The program was well-received. Costs were reduced by the free use of the Bryan Cave LLP
conference room. Eighty percent of attendees surveyed rated the program better than other CLE
events in the past two years. Email and survey feedback:
“I wanted to personally thank you for such a great introduction to Banking Law. The ABCs
of Banking Law was particularly helpful and provided a great foundation with respect to
the regulatory structure of US banks.”
“All sessions were excellent, worked well, and complemented each other. Great
progression from history to legal/regulatory framework to more focused areas.”
“Overview of capital calculation was fascinating…”
12
2015 Banking Institute. The 19th annual Banking Institute was held on March 26-27, 2015, at
The Ritz-Carlton, Charlotte, NC. The 2015 Banking Institute featured special presentations by:
Andrew M. Hutcher, Managing Director and Counsel, and Anthony M. O'Connor, Director and
Counsel, both of Credit Suisse; and Barry Zigas, Director of Housing Policy, Consumer Federation
of America (the Donald C. Clifford Lecture on Consumer Law). There were panel discussions on
evolving governance realities, too big to fail, community banking, the Dodd-Frank Act, and
commercial lending. The fourth annual George and Susan Beischer address was given by John D.
(Jerry) Hawke, Jr., Arnold & Porter LLP. At the Thursday evening dinner, the Center for Banking
and Finance Leadership Award was presented to Tony Gaeta of Wyrick Robbins. Tony has served
on the Board of Advisors for the Banking Institute since its inception and has been a guiding force
in ensuring the success of and financial support for the Center for Banking and Finance.
There was a total registration of 226, including speakers, students, law school personnel, and
invited guests. The number of paid attendees was 153 (which includes sponsors using
complimentary admissions). There were 73 complimentary registrations, including speakers,
students, UNC personnel, and invited guests. There was a separate charge ($75) for the dinner.
Number of Banking Institute Attendees
Year
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
Total
115
138
143
155
202
212
198
177
211
223
Paid
86
89
94
96
137
149
146
132
153
143
Year
2007
2008
2009
2010
2011
2012
2013
2014
2015
Total
233
201
196
214
215
237
211
198
226
Paid
171
128
124
140
147
170
158
133
153
Dinner
139
125
116
140
150
165
130
126
150
Paid(dinner)
80
76
76
92
114
125
100
87
74
An overwhelming majority (154) of the participants were from North Carolina. There were 72
participants from out-of-state: District of Columbia (17), Georgia (10), New York (9), South
Carolina (8), Ohio (5), Texas (5), Florida (4), Massachusetts (4), Virginia (3), Mississippi (2), and
one each from Alabama, Illinois, Minnesota, New Jersey, and Washington.
There were 46 participants affiliated with a bank: Wells Fargo (9), Bank of America (8), BB&T
(3), Credit Suisse (3), First Citizens Bank and Trust Company (3), South State Bank (3),
CommunityOne Bancorp (2), Square 1 Bank (2), SunTrust Bank (2), Bank of North Carolina (1),
Carolina Premier Bank (1), Home Savings and Loan (1), RBC Bank (1), Standard Chartered Bank
(1), TD Bank (1), The Home Savings and Loan Company (1), TIAA-CREF Trust Company (1),
TruPoint Bank (1), United Community Bank (1), and Washington Trust Bank (1).
Firms sending four or more attendees were: Hunton & Williams (9), Wyrick Robbins Yates &
Ponton (7), Cadwalader Wickersham & Taft, LLP (6), Womble Carlyle Sandridge & Rice (5), and
Bryan Cave (4).
Twenty-three banking journal students attended the Institute, compared with 25 in 2014. The
journal reimbursed lodging and mileage for the journal students and the Board of Advisors
transferred $4,800 to the journal from the sponsorship receipts to help offset the costs.
13
Participant Evaluations. On-line evaluations were submitted by 46 attendees (compared with 27
in 2012). Ninety-six percent of the respondents would recommend the program to someone who
did not attend. Staff assistance, registration, and meeting rooms were rated quite highly. The RitzCarlton was a convenient location for attorneys who worked in uptown Charlotte. Many
participants were able to walk to the hotel. Forty-eight percent of our respondents heard about the
program from their bank or firm that was a participating sponsor. The compiled evaluations will
be circulated separately to the Board of Advisors. The speakers and topics were highly praised.
Here is a sampling from comments received after this year’s Banking Institute:
“The presentations were interesting, the attendees were great, and the organization and
execution was flawless. Congratulations to you and the students.”
“I thoroughly enjoyed my time at the Banking Institute. It is an impressive event.”
“The 2015 UNC Banking Institute was excellent as always. We appreciate the amount of
work that you and everyone else puts into the conference each year to insure it continues
to be a quality conference.”
Financial Results. The registration fee was $425 (last increased in 2009) with the charge for
dinner at $75. Eighty-three percent of evaluation respondents thought the registration fee was just
right or low. A reduced admission fee is offered for government employees, for those currently
unemployed, and emeritus board members. Other requests for fee reduction are considered on an
individual basis. Complimentary admissions included speakers, panel coordinators, UNC
personnel, banking journal students, and other UNC law students.
Sponsorships. Each sponsor pays $1500 and is entitled to two complimentary admissions to the
Institute. For each sponsor, $990 (two $495 admissions) is recorded as registration fees and $510
is considered a tax deductible contribution to the School of Law’s Center for Banking and Finance.
The contributions are deposited into the Sponsorship Account which over the years has been used
to create two endowments. Sponsor funds have also been used to support the Center, provide an
annual payment to the Banking Journal to offset student lodging and travel to the Banking Institute,
and to support a second scholarship for a banking journal student in the same amount as the
endowed scholarship.
Corporate Sponsor Contributions
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
No. of
Sponsors
20
21
24
25
30
31
32
37
354
354
Amt per
Sponsor
1,000
1,000
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
Contr. Total
Amt Amount
675
13,500
650
13,650
750
18,000
750
18,750
750
22,500
710
22,010
710
22,720
710
26,270
600
21,000
600
21,000
14
Printing
--In kind
3,300
3,000
3,315
3,568
3,500
3,066
2,825
3,027
Total
13,500
13,650
21,300
21,750
25,9151
25,578
26,3951
29,336
23,2252
24,1273
2007
2008
2009
2010
2011
2012
2013
2014
2015
344
334
315
37
37
33
349
438
4510
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
1,500
600
600
510
510
510
510
510
510
510
20,400
19,800
15,300
18,870
18,360
16,830
17,340
20,910
21,930
2,690
2,500
0
0
0
0
0
0
0
22,900
22,300
15,400
18,9706
18,3607
16,8308
17,3409
20,9108
21,93010
1
Includes contribution received from Journal alum
This figure includes a $300 additional contribution from Gary Pannell at the Miller Hamilton firm and reflects a
partial allocation of the RR Donnelly contribution to registration fees.
3
Includes contributions received from Journal alum, but does not include 2 $600 sponsor gifts received in this fiscal
year for the Banking Institute held in the prior fiscal year.
4
Wachovia and Bank of America were also designated sponsors and entitled to two complimentary admissions to the
Institute in recognition of pledges that were being paid to the Center for Banking and Finance.
5
Moore & Van Allen was designated as a sponsor and entitled to two complimentary admissions in recognition of its
significant pledge to the Beischer Challenge. The total amount of gifts also reflects an additional $100 contribution
by Gary Pannell at Jones Walker.
6
The total amount of gifts also reflects an additional $100 contribution by Gary Pannell at Jones, Walker, Waechter,
Poitevent, Carrere & Denegre.
7
Robinson, Bradshaw & Hinson’s sponsorship gift was included with another gift.
8
Robinson, Bradshaw & Hinson and The Clearing House sponsorship gifts were included with other gifts.
9
Robinson, Bradshaw & Hinson; Bank of America; and The Clearing House sponsorship gifts were included with
other gifts.
10
Williams Mullen Foundation; and The Clearing House sponsorship gifts were included with other gifts.
2
Conclusion. The Center enjoyed another successful year and hopes to continue this success in
2015-16. The Center will continue to strive to find new and creative ways to serve the evolving
financial services industry.
15
Financial Comparative - Banking Institute
Revenue
2015
2014
2013
2012
2011
2010
Registration fees
$73,505.00
$68,570.00
$71,295.00
$71,760.00
$69,655.00
$64,470.00
The Clearing House
$4,735.00
$5,000.00
$4,217.00
$5,452.00
Total Revenue
$78,240.00 $73,570.00 $75,512.00 $77,212.00 $69,655.00 $64,470.00
Meeting Expenses
$46,045.00 $37,417.00 $40,236.00 $41,493.00 $37,142.00 $32,456.00
Catering
$35,584.00
$29,262.00
$32,101.00
$31,916.00
$29,884.00
$25,691.00
Reception
$4,735.00
$4,278.00
$4,217.00
$5,452.00
$2,728.00
$2,268.00
Venue Rental
$650.00
$650.00
$650.00
$650.00
$500.00
$400.00
Audio Visuals
$4,684.00
$2,834.00
$2,327.00
$2,625.00
$2,930.00
$2,946.00
Nametags & office supplies
$350.00
$350.00
$350.00
$350.00
$350.00
$350.00
Photocopying/Poster production
$42.00
$43.00
$591.00
$500.00
$750.00
$800.00
Marketing
$150.00
$0.00
$600.00
$550.00
$1,000.00
$1,511.00
In-house mailing postage
$100.00
$0.00
$200.00
$200.00
$500.00
$736.00
In-house mailing supplies
$50.00
$0.00
$150.00
$100.00
$250.00
$525.00
Lawyers Weekly
$0.00
$0.00
$250.00
$250.00
$250.00
$250.00
Journal
$4,425.00
$5,900.00
$5,900.00
$7,510.00
$7,746.00
$8,609.00
Journals (150 X $29.50)
$4,425.00
$5,900.00
$5,900.00
$7,510.00
$7,375.00
$7,375.00
Speaker-author reprints
$0.00
$0.00
$0.00
$0.00
$371.00
$1,234.00
CLE Fees & Speaker Fees
$16,859.00 $15,962.00 $16,208.00 $20,087.00 $15,434.00
$12,687.00
CLE credit fees
$1,557.00
$1,794.00
$1,905.00
$2,048.00
$2,191.00
$1,842.00
Speaker travel
$7,267.00
$8,056.00
$7,579.00
$10,259.00
$6,574.00
$5,314.00
Speaker lodging
$4,847.00
$3,514.00
$4,724.00
$5,970.00
$4,284.00
$3,914.00
Speaker gifts
$0.00
$0.00
$0.00
$0.00
$835.00
$300.00
Board of Advisors luncheon
$3,188.00
$2,598.00
$2,000.00
$,1810
$1,550.00
$1,316.00
Expenses for UNC personnel
$2,270.00
$2,464.00
$2,622.00
$1,933.00
$1,537.00
$1,234.00
Staff Rooms
$1,929.00
$1,929.00
$1,929.00
$1,492.00
$903.00
$900.00
Travel (mileage)
$341.00
$535.00
$693.00
$441.00
$634.00
$334.00
Total Expenses
$69,749.00 $61,743.00 $65,566.00 $71,574.00 $62,860.00
REVENUE OVER EXPENSES $8,491.00 $11,827.00 $9,946.00
16
$5,638.00
$6,795.00
$56,497.00
$7,973.00
North Carolina Banking Institute Journal Budgeted Revenue and Expenses – Cash Basis
Actual
FYE
6/30/2012
Actual
FYE
6/30/2013
Actual
FYE
6/30/2014
Budget
FYE
6/30/2015
Actual
FYE
6/30/2015
Budget
FYE
6/30/2016
Subscription Revenue
12,191.52
12,903.55
8,861.23
10,000.00
8,769.23
10,000.00
Royalties
2,419.55
2,171.83
3,897.52
3,500.00
3,826.80
4,000.00
Support from the Center
Special Issue Funding from
Center for Banking
Special Issue Revenue (160
issues @ $30.00 per)
4,000.00
4,000.00
4,000.00
4,000.00
4,800.00
4,800.00
-
-
1,741.00
–
–
–
-
-
–
–
–
–
Total: Revenue and Support
Cost of Sales (Regular Issue):
Actual YE =
JCI (-) Offprints Reimbursed
18,611.07
23,552.88
18,499.75
17,500.00
17,396.03
18,800.00
8,258.83
6,305.47
5,315.56
7,000.00
4,363.13
6,000.00
Cost of Sales (Special Issue)
-
-
3,482.00
–
–
–
Gross Profit Margin
10,352.24
17,247.41
9,702.19
10,500.00
13,032.90
12,800.00
Bank Charges
Banking Institute Student Travel &
Accommodations
220.00
235.40
245.00
245.00
245.00
245.00
574.43
9,199.05
6,192.80
5,800.00
5,081.70
5,600.00
Career Trek
109.78
35.60
–
100.00
Certificates - All Editors
260.31
-
–
400.00
458.37
400.00
End of Year Dinner
777.85
880.30
937.46
850.00
1,000.00
1,200.00
Gifts
-
100.00
100.00
100.00
111.90
150.00
Meals - Meetings
1,029.98
990.55
1,232.16
900.00
1,024.39
1,200.00
Miscellaneous
5.00
240.40
–
300.00
12.86
200.00
Online Bluebook
-
-
-
-
-
900.00
Orientation - Materials
Orientation - Meals &
Entertainment
85.64
164.41
220.64
225.00
147.87
150.00
415.79
41.04
630.46
635.00
562.75
650.00
Scholarship Supplements
Travel/Accom. DC
Conference
-
-
–
–
–
–
-
747.12
–
–
–
–
State Sales Tax
539.30
18.96
10.00
550.00
0.00
50.00
Supplies/Postage/Copies
116.70
-
–
120.00
12.48
100.00
Technology /Printer Ink
630.63
-
153.99
100.00
0.00
50.00
Total Expenses
4,765.41
12,652.83
9,722.51
10,325.00
10,325.00
10,995.00
Net Income
5,586.83
4,594.58
–20.32
175.00
4,375.58
1,805.00
Beginning Cash Balance
29,788.46
35,375.00
35,249.79
35,056.46
35,228.90
39,604.48
Revenue and Support:
17
100.00
NORTH CAROLINA BANKING INSTITUTE
VOLUME 20
University of North Carolina School of Law
CB # 3380, Van Hecke-Wettach Hall
Chapel Hill, N.C. 27599
919.842.5870
ncbank@unc.edu
Editor-in-Chief
ERIC S. ANDERSON
Executive Editor
CAROLINE E. KEEN
Managing Editor
CARLTON B. PRICE
Publication Editor
JASON A. BURNER
Institute Editor
FILMON M. SEXTON IV
TYLER T. BUCKNER
CHRISTOPHER J. DISANTO
Articles and Notes Editors
EMILY S. MAY
KRISTIN SHIELDS
SARAH A. WAHL
Staff Members
GILES D. BEAL IV
ADAM S. COTO
TANISHA M. EDWARDS
J. FORD EUBANKS
MAXWELL L. GREGSON
MAX E. ISAACSON
ARIANA L. JOHNSON
SANGHOON LEE
MARK A. LITTLE
CORY A. MCKENNA
18
JAMES F. POWERS
FREDERIC H. SCHILLING
BRENNA A. SHEFFIELD
VINITA TANDON
BALLARD J. YELTON