This handy reference work is ideal for either the experienced practitioner or the neophyte, representing an institution or client whose interests involve United States banking regulation. Banking Regulation in the United States analyzes and discusses the pattern of banking regulation, including the Dodd-Frank Act, the systems structure, the sources of governing law and the nature and reasons for the changes that gives this field its peculiar volatility.
Carl Felsenfeld is Professor of Law, at Fordham University School of Law, and Former Vice President & Senior Attorney for Consumer and Commercial Financial Activities, Citicorp.
Professor Felsenfeld was a charter member of the Federal Reserve Consumer Advisory Council, Chairman of the American Bar Association Committee on Consumer Financial Services, Advisor to the Commissioners on Uniform State Laws in their project to write an EFT law (Article 4A of the UCC) and a representative to the United Nations Commission on International Trade Law (EFT Model Law and International Insolvency Model Law).
David L. Glass serves as Head of Risk Management Group Legal Affairs for the Americas for the Macquarie Group, a diversified financial services company based in Sydney, Australia. He is also Counsel in the New York office of Moses & Singer LLP, where he advises the Firm's clients on bank regulatory issues. He is experienced in advising clients in all aspects of banking and financial regulation. With the Macquarie Group, Mr. Glass advises management regarding the structuring of the Group's US activities and oversees the regulatory relationships of its regulated entities in the United States. David also serves as the Group's anti-money laundering (AML) officer for the Americas and as Director of Compliance for its SEC-registered broker dealer subsidiary.
Prior to working at Macquarie and Moses & Singer, Mr. Glass was General Counsel of the New York Bankers Association and practiced with Clifford Chance and Debevoise & Plimpton. He began his career at the Federal Reserve Bank of New York, where at various times he served as a staff attorney, Chief of the Credit Analysis Division, and Assistant to the President. He is currently an adjunct professor of law at New York Law School and Pace University School of Law, where he has taught banking, international banking, payment systems and administrative law. In 2009 he was appointed associate director of New York Law School's newly established Center for Financial Services Law; in this capacity he is assisting in the development of courses and faculty for the school's newly accredited LLM degree in financial services law. Mr. Glass served as Chair of the New York State Bar Association's Business Law Section, and is currently Chair of the Association's Banking Law Committee. He is also a member of the Banking Law Committee of the Association of the Bar of the City of New York and the Panel of Commercial Arbitrators of the American Arbitration Association.
"The recently issued treatise, entitled Banking Regulation in the United States, co-authored by Carl Felsenfeld and David Glass, is a masterpiece. This valuable Third Edition provides important insight as to how U.S. banks are and should be regulated, especially in the aftermath of the recent financial crisis and the resulting legislation known as the Dodd-Frank Act.
This new Third Edition will make a valuable tool and resource for every banking executive and attorney. Professor Felsenfeld and Mr. Glass should be applauded by the entire banking and legal professions for preparing this Third Edition. A job extremely well done."
-Ronald H. Filler is Professor of Law and Director of the Center on Financial Services Law at New York Law School. Professor Filler was previously the Managing Director in the Capital Markets Prime Services Division at Lehman Brothers.
"Banking Regulation in the United States is an indispensable one-volume distillation and explanation of our complex system of bank regulation. Its clarity, comprehensiveness and organization make it a "must read" for the beginner and a valuable reference for the experienced practitioner."
- H. Rodgin Cohen is a Partner at Sullivan & Cromwell LLP. He was Chairman of the Firm and is served currently Senior Chairman.
"This is a remarkably compact and readable overview of what is arguably the most complex system of financial services regulation in the world. I plan to recommend it to newly-minted lawyers at my firm who are beginning their careers representing banks and other financial services providers, as well as to general readers with a desire to gain insight into how the U.S. financial services industry is regulated. Understanding the present state of the law requires an historical context that explains the evolution of present law from the "simpler world" that existed before the 1980s, and the broad industry experience of the authors captures this context very well."
-Bruce J. Baker, past Chair of the NYSBA Business Law Section; Partner, Nixon Peabody LLP, Rochester, NY
"The authors bring their considerable teaching skills to a very complex topic and explain it in a clear, concise and engaging manner. This well-organized introductory text is an excellent tool to unlock the mysteries of U.S. bank regulation."
-Sara Kelsey, Counsel, WilmerHale; former General Counsel of the FDIC and General Counsel of the New York State Banking Department
"This is the book that I wish had existed when I started doing banking work! The tangle of banking, insurance and securities laws and regulations are concisely explained in plain language with appropriate historical perspective, and astute observations on the impact of the latest legislation. The editorial combination of a leading academic and a prominent banking lawyer gives this book just the right balance between the theoretical and practical. This book is essential reading for bankers, lawyers and students of banking law who want a good introduction to banking, and a solid foundation for dealing with the significant banking issues of our time."
-Raymond H. Seitz, Partner at Phillips Lytle in Buffalo. He is listed in Best Lawyers in America and was named Banking Lawyer of the year for 2009 in Buffalo. He is a past Chair of the NYSBA Business Law Section.
"With headline events sparking new interest in the subject of bank regulation, some believe that the Dodd-Frank Wall Street Reform and Consumer Protection Act -- the significant legislative reaction to the financial crisis that began in 2007 -- is now the alpha and omega of the US regulatory scheme. That is not the case. As Carl Felsenfeld and David L. Glass note in Banking Regulation in the United States (3rd ed.), Dodd-Frank leaves vast portions of our complex regulatory structure fundamentally unchanged. Hence, understanding banking regulation requires a broader view of our legal framework as it has continuously evolved to address challenges presented throughout our economic history. This is precisely what Banking Regulation in the United States provides in an accessible, often vividly anecdotal, manner that will serve interested readers well.
On a personal note, it is most welcomed to encounter once again the academic work of Carl Felsenfeld, whose formidable reputation I came to know immediately upon entering the field nearly thirty years ago. In the present text, Professor Felsenfeld's efforts are ably bolstered David Glass who, as an early Felsenfeld student with broad experience as a regulator, industry representative, practitioner, and educator, obviously shares his original mentor's concerns for clarity and practicality."
-Walt Zalenski, Partner, Weil, Gotshal & Manges LLP