Center for Banking and Finance
Beischer Challenge Complete!
2011-12 Newsletter
New Programs
The Political Economy of Bank Regulation. On
February 7-8, 2013, at The George Washington University Law School, the Center will co-host an academic conference, “The Political Economy of Financial
Regulation,” with The George Washington University
Law School, The University of Connecticut School of
Law, and the Institute for Law and Economic Policy.
This conference brings together legal scholars, regulators, judges, practitioners, economists, political theorists, and other social scientists to discuss the role of
the political process in financial services regulation and
Scott Cammarn addresses the inaugural class
the role of money in both.
The ABCs of Banking Law. The Center held its first Confirmed keynote speakers are Simon Johnson,
“ABCs of Banking Law” program on Wednesday,
MIT Sloan Management and Michael Barr, Michigan.
March 28 in Charlotte at the offices of Moore & Van
The distinguished panelists include the New York Times
Allen. This program focuses on the basics of banking columnist Robert Frank from Cornell University;
law and is intended for new lawyers, seasoned lawyers Harvey Goldschmid, Columbia Law School; Robert
wishing to brush up, and for those who work with
Jenkins, Bank of England; Tim Noah, The New Rebank clients and would like to learn more about bank public; Michael Taylor, Financial Stability Board; and
regulation. The faculty was composed of Karol
Michael Waldman, New York University School of
Sparks, Barack Ferrazzano; Lissa Broome, UNC
Law.
School of Law; John Douglas, Davis Polk & WardA complete schedule and registration information may
well LLP; Gene Katz, Wells Fargo; Scott Cammarn, be found at the Center’s website. There is no fee to
Cadwalader, Wickersham & Taft; and Lawrence Bax- register, but space is limited. Program sponsors are
ter, Duke Law School. Twenty-eight students attend- guaranteed admission and are invited to the speaker’s
ed.
dinner at which the Hon. Stanley Sporkin will deliver
The 2013 version of The ABCs will take place March after-dinner remarks. Please contact Lissa Broome for
20, 2013, at Alston + Bird in Charlotte. The program more information about becoming a sponsor. The
will precede the Banking Institute, which will be held
Banking Journal will publish a special issue with papers
March 21-22, 2013.
from this conference in fall 2013. To order a copy,
email ncbank@unc.edu .
The New York Lecture Series—Sponsored by The Clearing House
2012 Lecture - Domestic Bank Regulation in a Global Environment
The third event in the New York Lecture Series will be held November 14,
2012, “Domestic Bank Regulation in a
Global Environment-A Comparative
Dialogue.” The discussion will focus
on how domestic financial institutions
are impacted by the work of international standard setters like the Basel
Committee of the Bank for International Settlements and the Financial
2011 Lecture - The Costs and Benefits of Big
Stability Board. The struggles of cross-border finanBanks
cial institutions with the issues raised by operations
Generous gifts from The Clearing House enable the in multiple countries while being primarily regulated
Center for Banking and Finance to host a lecture se- by their home state regulator will be explored. The
ries in New York City. The second lecture in the
panelists will consider the appropriate balance beseries was held November 8, 2011, “A Spirited Con- tween domestic regulation and global financial reguversation Assessing the Costs and Benefits of Big
lation, whether there should be different frameworks
Banks.” The panelists were John C. Dugan, Covfor wholly domestic institutions and those that operington & Burling (former Comptroller of the Curren- ate globally, and how the post-crisis approaches to
cy); Ingo Walter, NYU Stern School of Business;
home country regulation taken by the Vickers ComArthur E. Wilmarth, George Washington University mission and the Dodd-Frank Act affect the activities
School of Law; and Phillip Swagel, University of
of financial institutions in host countries.
Maryland School of Public Policy. Paul Saltzman, The panelists will be Chris Brummer, Georgetown
the President of The Clearing House Association,
University Law Center; Robert Hockett, Cornell
and Lissa Broome served as moderators.
Law School; Cyrus Amir-Mokri, U.S. Department
The debate took place at the New York Palace in
of the Treasury; and Nick O’Neil, Clifford Chance
New York City. The event brought together law
LLP. Lissa Broome and Michael Helfer, Vice
school alumni and faculty, The Clearing House board Chairman, Citi, will moderate.
of advisors and senior leadership, national banking
regulators, and prominent banking lawyers. The edited transcript of the debate was published in Volume
16 of the North Carolina Banking Institute journal.
Banking Institute
The 2012 Banking Institute was held on March 29-30, 2012, at The Ritz-Carlton, Charlotte, NC, and featured panel discussions on the Consumer Financial Protection Bureau; Dodd-Frank Act regulatory implementation; Basel III and capital under Dodd-Frank; the new role of community banks and thrifts; and restructuring commercial loans. Robert J. Johnson, Jr., General Counsel, Corporate Secretary, and Chief
Governance Counsel, BB&T gave the General Counsel’s address following Thursday’s lunch.
Beischer Address
Jeffrey M. Lacker, the President of the
Federal Reserve Bank of Richmond delivered the inaugural Beischer Address on
March 29, 2012, following dinner at the
Banking Institute. Dr. Lacker joined the
Federal Reserve Bank of Richmond in 1989
as an economist and became its president in
2004. In his remarks, “A Program for Financial Stability,” Dr. Lacker outlined a
broad agenda for achieving a sustainable
2012 Dinner and Beischer Address
and effective relationship between the government and the financial sector. The full text and
Clifford Distinguished Lecture
a videotape of the address are available at
www.richmondfed.org.
Margot Saunders,
of counsel to the
The Beischer Address is named in honor of George
National Consumer
and Susan Beischer who matched $1 million in gifts
Law Center, delivto the Center in 2011, several months before
ered the 2012
George’s death in September 2011. The address
Clifford Lecture,
recognizes the Beischers’ leadership in this fund“Threats to Federal
raising campaign and honors the memory of
Safety Net Benefits
in Bank Accounts,” Margot Saunders
at the 2012 Banking
Institute. This annual lecture honors Professor
Donald F. Clifford Jr., who served as a faculty
member at Carolina law from 1964 to 2004, specializing in commercial and consumer law. The
Clifford Distinguished Lecture on Consumer law is
a fitting tribute to Clifford’s many contributions to
the profession and his vision for a more just society in which consumers are protected from unfair
risks.
Jeffrey M. Lacker
The Dan K. Moore Program in Ethics

Peter C. Buck, Robinson, Bradshaw & Hinson
2011 Program - Whistleblowers

Bernard A. Burk, UNC School of Law
The 2011 program was held on October 14, 2011, at The
Center for School Leadership and Development in Chapel
Hill. The program addressed a variety of ethical issues of
interest to corporate lawyers, both in-house counsel and
attorneys in private practice, discussing particular issues
that arise in the representation of corporations and how the
attorney should proceed when he or she suspects wrongdoing within the corporation. The panel explained the variety
of whistleblower statutes, including the relevant provisions
of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Special attention was focused on the
impact of whistleblowing provisions on corporate compliance programs. The program also included a networking
lunch for panelists and participants.

Jana J. Litsey, Bank of America

James P. McLoughlin, Jr., Moore & Van Allen

Karen A. Popp, Sidley Austin

Sandra D. van der Vaart, LabCorp
Professors Hazen, Broome, and Burk serve as co-directors of
this program.
Consumer Law and Consumer Credit
Symposium at the Festival of Legal
Learning

Bernard A. Burk, UNC School of Law

David B. Fountain, Progress Energy

Matthew T. Martens, SEC

Valecia McDowell, Moore & Van Allen
The 2012 symposium included 12 separate sessions on a variety of consumer law and credit issues, including:

Edward P. O'Keefe, Bank of America


Reid L Phillips, Brooks Pierce McLendon, Humphrey 
& Leonard

Dr. Elliot M Silverstein, UNC

Dr. Martha Simpson, HRC Behavioral Health & Psy- 
chology

Kurt E. Wolfe, McGuireWoods
Professors Hazen and Broome served as co-directors and
co-moderators of this program.
2012 Program - The “New Normal”
The 2012 program, “Adjusting to the ‘New Normal’: Ethical Challenges for In-house and Outside Counsel,” will be
held October 26, 2012, at the Friday Center in Chapel Hill.
You may register at www.law.unc.edu/cle/dankmoore/
default.aspx. The program will review privileges and conflicts, issues common for businesses, and will discuss the
expectations of general counsel for outside counsel with
respect to budgeting, billing, staffing, communication, and
coordination. Ethical and practical issues raised by outside
counsel guidelines will be considered, as well as issues associated with disaggregating legal services and outsourcing.
Panelists include:
The Consumer Law and Consumer Credit Symposium was
offered at the annual Festival of Legal Learning on February
10-11, 2012, and will be offered again on February 8-9, 2013.

RoboCalls and Do Not Call Enforcement
Lawyers on Nonprofit Boards
Access to Justice in North Carolina
The Practical (But Mostly Impractical) Impact on Bankruptcy Practice

Mandatory Binding Arbitration Agreements in Consumer
Contracts

Nonprofit Governing Board Members’ Fiduciary Duties
and Liability

Remedies Under Consumer Protection Laws: North Carolina

Hot Topics in Arbitration

Identity Theft, Scams and Your Community

Mental Health Issues and Bankruptcy Cases

Auto Sales and Finance in a Changing Regulatory Environment

Consumer Financial Protection Bureau: What We Have
Learned
Career Trek
On October 20, 2011, over the University’s fall break North Carolina Banking Institute journal students had the
opportunity to meet with attorneys and learn more about legal career options. The students were hosted by
Wells Fargo and toured the Duke Energy Center (DEC) building with Rich Belthoff, Senior Counsel, Enterprise Services Division, Wells Fargo. McGuire Woods graciously provided
lunch for the students attending and Wells Fargo’s Carla Archie, Rebecca
Henderson, Marc Iverson, and Gene Katz. At lunch, the students also met
with Carter Arey, Jim Hedrick, Matthew Morrison, Meredith Sorrentio,
and Scott Vaughn of McGuire Woods, who described their varied areas of
practice. The Center is especially grateful to Gene Katz of Wells Fargo, and
Jim Hedrick and Raj Natarajan of McGuire Woods for facilitating these visits.
“I’m honored to participate and really enjoyed meeting such a great group of students.”
“Thanks for the opportunity to speak at this event. I thought it was extremely well done and
a great opportunity for the students.”
From a journal student: “I really enjoyed getting some insight into career possibilities in
this area of law, and getting some encouragement from the speakers about the current job market. It was certainly worthwhile for the students.”
DEC and Wells Fargo Center, Charlotte,
NC
Practitioners in Residence
The Practitioners in Residence Program brought attorneys and industry professionals to the law school to
participate in classes.

Scott Cammarn, Special Counsel, Cadwalader
Wickersham & Taft (formerly with Ally Financial/
GMAC Financial Services, Lending Tree, and Bank
of America), October 12, 2011, Volcker Rule, Affiliate Transaction Rules.

Gene Katz, Senior Company Counsel (Regulatory
and Compliance) for Wells Fargo & Company, November 8, 2011, Supervision and Enforcement Activities by Bank Regulators.
Externships
The Office of the Comptroller of the Currency (OCC) hosted Alex Abramovich as a full-time extern for 12
hours of academic credit for the 2011 fall semester. Adam Batenhorst and Eunice Park were full-time externs
at the SEC during the 2011 fall semester, and Danyeale Hensley was at the SEC for the 2012 spring semester.
The Law School continues to offer a one-course credit externship with the North Carolina Office of the Commissioner of Banks. Other one-course externships from the Spring 2012 semester included Asanka Pathiraja
at BB&T, David Herring at the Finance Division of the NC Legislature
Bill Drafting Section, Zach Marquand with the Foreclosure Unit of Legal
Aid of North Carolina, and Eric Roeling at the Self-Help Credit Union.
Mortgage Settlement Oversight and Prometheus
Group.
Director Diversity Initiative

Laurie Wilder - Executive Vice President and
Managing Director of Parker Executive Search in
Atlanta.

Porsha Williams - Principal with Parker Executive
Search in Atlanta.
Corporate sponsors for the next program on May 29,
2013, are entitled to two complimentary admissions and
recognition in the program materials.
On May 30, 2012, the seventh annual one-day program,
“Broadening Corporate Board Diversity: Earning
a Board Seat,” was held at the Rizzo Center in Chapel
Hill. Twenty-one diverse potential board members registered for the program. The panelists discussed topics
such as skills needed and how to develop them, realistic
approaches to advancing your candidacy, diverse directors in non-diverse settings, and evaluating companies
and opportunities.
Panelists included:
Diversity Resources
The DDI maintains a collection of resources for potential directors, diversity data on NC companies, and media reports on director diversity at:
ddi.law.unc.edu/default.aspx
Board Diversity Research
Professors Lissa Broome, Kim Krawiec, and John Conley have been engaged in a study based on interviews
of corporate board members about whether and how
diversity affects board processes and corporate performance. Professor Conley presented their most recent
paper at the University of Illinois College of Law in
March 2012, “The Danger of Difference: Tensions in
Directors’ Views of Corporate Board Diversity.”

Maryann Bruce - On the board of Allianz Global
Investors Fund.

Walter Davenport - On the boards of Blue Cross
Blue Shield of North Carolina, the N.C. Center for
Nonprofits, IntraHealth International, Inc., NationLissa Broome and Professor Thomas Hazen published
al Association of State Boards of Accountancy, and
“Board Diversity and Proxy Disclosure,” 37 University
the United Way of the Greater Triangle.
of Dayton Law Review 39 (2011). Professor Broome
Genevia Gee Fulbright - On the board of the
spoke about board diversity throughout the year in
Research Triangle Chapter of the National Associa- North Carolina and Washington DC.
tion of Corporate Directors (NACD), previously
Database of Potential Diverse Directors
served on the boards of M&F Bancorp and its subPotential diverse directors should register on the DDI’s
sidiary Mechanic & Farmers Bank, the YMCA
database so that registrants’ names may be provided to
(Lakewood), and the Small Business Technology
nominating committees of corporate boards, governDevelopment Center (SBTDC).
ment commissions, and non-profits when requested.
D. Keith Pigues - On the board of the Office of
ddi.law.unc.edu/database/


Spotlight on Saule Omarova
Assistant Professor Saule Omarova teaches Banking Law,
Global Financial Markets, International Banking, and Corporate
Financial Institutions. She is
visiting this fall at Georgetown
University Law Center.
Her recent publications include:

Bankers, Bureaucrats, and Guardians: Toward
Tripartism in Financial Services Regulation, 37
J. Corp. L. 621 (2012).

From Gramm-Leach-Bliley to DoddFrank: The Unfulfilled Promise of Section
23A of the Federal Reserve Act, 89 N.C.L. Rev.
1683 (2011).

License to Deal: Mandatory Approval of Complex Financial Products, 90 Washington University Law Review (forthcoming 2012).

That Which We Call a Bank: Revisiting the History of Bank Holding Company Regulation in
the United States (with M. Tahyar), 31 Rev.
Banking & Fin. L. 113 (2011).

The Dodd-Frank Act: A New Deal for A New
Age?, 15 N.C. Banking Inst. 83 (2011).

The United States: ‘With Freedom and Liberty
for All’ (with Lissa Lamkin Broome, John Conley, and Cynthia Williams), in Banking Systems
in the Crisis: The Faces of Liberal Capitalism,
ed. by Suzanne J. Konzelmann & Marc Fovargue-Davies (Routledge, 2013), pp. 57-79.

Wall Street as Community of Fate: Toward
Financial Industry Self-Regulation, 159 U. Pa.
L. Rev. 411 (2011).
2012 Banking Institute Sponsors
Alston & Bird, LLP
Bank of America
BB&T Corporation
Bradley Arant Boult Cummings LLP
Brooks, Pierce, McLendon, Humphrey & Leonard, LLP
Bryan Cave LLP
Cadwalader Wickersham & Taft LLP
Davis Polk & Wardwell LLP
Dykema Gossett PLLC
FHLBank Atlanta
Fifth Third Bancorp
Gaeta & Eveson, PA
Holland & Knight LLP
Hunton & Williams LLP
Jones, Walker, Waechter, Poitevent, Carrère & Denègre LLP
Kane Russell Coleman & Logan PC
Kilpatrick Townsend & Stockton LLP
McGuireWoods
Mayer, Brown LLP
Moore & Van Allen, PLLC
Morrison & Foerster LLP
Nelson, Mullins, Riley & Scarborough LLP
North Carolina Bankers Association
Paul Hastings LLP
Poyner Spruill LLP
Raymond James & Associates
RBC Bank (Georgia), N.A.
Robinson, Bradshaw & Hinson, PA
Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, LLP
The Clearing House
Troutman Sanders LLP
Vorys, Sater, Seymour and Pease, LLP
Ward and Smith, PA
Wells Fargo & Company
Williams Mullen
Winston & Strawn LLP
Board of Advisors
Please see our website for a complete listing of our
distinguished Board of Advisors.
law.unc.edu/centers/banking/staff/advisors/
North Carolina Banking Institute
Journal
Volume 16 of the North Carolina Banking Institute
journal was published in March 2012 and distributed
at the Banking Institute. Twenty-four students
served as editors or staff members.
The journal published the transcript of the debate
on the risks and benefits of big banks, which occurred at the Center’s New York Lecture Series in
November 2011; an article by Margot F. Saunders
and Johnson M. Tyler on the threats to federal safety net benefits in bank accounts; and Reggie
O’Shields’ article on what comes after Fannie Mae
Bank Directors’ College
and Freddie Mac. In addition, there were eleven stuThis program is sponsored by the Center in conjunc- dent-written comments and notes, and a book review
tion with the North Carolina Office of the Commis- contributed by Louis Massard, a 2011 UNC Law
sioner of Banks and the FDIC. The college consists graduate.
of two, two-day sessions and has been described as
The entire journal may be accessed at:
the most comprehensive educational effort of its
www.law.unc.edu/journals/ncbank/volumes/
kind in the United States. The 2012 Directors’ Colvolume16/citation-16-nc-banking-inst-2012/
lege was just completed.
The next college will take place in the summer of
2014.
Banking Journal Scholarship
This scholarship is awarded annually to an NCBI editor based on scholastic and
writing ability, as indicated by membership on the NCBI board of editors, and financial need. For 2011-12, the scholarship was awarded to Charles KabugoMusoke, Editor–in-Chief, and Christopher T. Fowler, Publication Editor. For 2012
-13, Benjamin Weadon, Executive Editor, will receive the scholarship.
Center for Banking and Finance
Save the Date
North Carolina Banking Institute journal
Mark Your Calendars
Fundraising
Dan K. Moore Program in Ethics
Chapel Hill, NC
October 26, 2012
Learn more
The Center welcomes your gift to support the operations of the Center.
Please contact Assistant Dean for Advancement Brandon Wright for more
information about current use or endowment gifts for the Center,
wright@email.unc.edu, 919.962.6718. You may contact Lissa Broome
about sponsorship opportunities for
The New York City Lecture Series
New York, NY
November 14, 2012 (by invitation)
The Political Economy of Financial Regulation
Washington, DC
February 7-8, 2013
Festival of Legal Learning
Consumer Law and Consumer
Credit Symposium
Chapel Hill, NC
February 8-9, 2013

The Political Economy of Financial Regulation
February 6-7, Washington, DC ($2,500)

The Banking Institute
March 21-22, Charlotte, NC ($1,500)

Broadening Corporate Board Diversity
May 29, Chapel Hill, NC ($1,000)
About the Director
Lissa Lamkin Broome is the
director of the school's Center
for Banking and Finance. She
serves as faculty advisor to the
North Carolina Banking Institute Journal, and heads the
school's Director Diversity Initiative which works to increase
gender, racial, and ethnic diversity on the boards of directors
of publicly traded corporations
in North Carolina and throughout the United States.
ABCs of Banking Law
Charlotte, NC
March 20, 2013
Banking Institute
Charlotte, NC
March 21-22, 2013
Broadening Corporate Diversity
Chapel Hill, NC
May 29, 2013
NC Bank Directors’ College
Chapel Hill, NC
June & July 2014
Contact Information
UNC School of Law
Center for Banking and Finance
CB #3380
Chapel Hill, NC 27599-3380
http://www.law.unc.edu/centers/
banking
cbortz@email.unc.edu
Lissa Lamkin Broome
Wells Fargo Professor of Banking Law
The center's mission is 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 conferences for industry professionals.