...COMMENTARY ON CFPB REPORT: DATA POINT: CHECKING ACCOUNT OVERDRAFT G. Michael Flores, Bretton Woods, Inc. Todd J. Zywicki, George Mason University School of Law George Mason University Law and Economics Research Paper Series 14-45 This paper is available on the Social Science Research Network at http://ssrn.com/abstract=2499716 Commentary: CFPB Report Data Point: Checking Account Overdraft September 2014 G. Michael Flores and Todd J. Zywicki About the Authors G. Michael Flores is CEO of Bretton Woods, Inc. (www.bretton-woods.com) and is a researcher and business adviser who has studied financial services companies and consumer credit in general for over 30 years, with a particular focus on “alternative” credit programs for the last 10 years. Since 1995 he has been actively involved in advising banks seeking to establish their overdraft programs. He has written and published research papers on consumer credit in the United States and the United Kingdom, as well as papers on payments, including general-purpose reloadable and payroll prepaid cards. Based on these studies, he has testified before several House and Senate subcommittees and spoken to industry groups. He has also authored articles for industry publications. He is a faculty member with Pacific Coast Banking School at the University of Washington in Seattle. Todd J. Zywicki is George Mason University Foundation Professor of Law and a senior scholar with the Mercatus Center at George Mason...
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...As business worldwide becomes more intertwined, countries are moving towards International Financial Reporting Standards, with the intention of having a universal accounting set of laws that will make analyzing each other’s industry easier and more reliable. International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB). Most certainly in a near future the world will be using one set of accounting rules. The eventual implementation of IFRS by all countries is expected to be market driven. Recently an associate of the S.E.C., Kathleen L. Casey, said in a speech that “the commission should move promptly to accept the international standards, investors would benefit from accounting standards that provide investors with highly comparable, decision-useful information about businesses without regard to their domicile” According to the IRS some of the advantages of adopting IFRS are the ability to compare statements using the same accounting language; comparison between companies will be easier; and companies could benefit if they want to raise funds offshore. The disadvantages in the other hand are U.S. GAAP is considered a model of excellence, therefore there is a fear that some quality will be lost in the case United States fully adopts IFRS, this system provides fewer detailed regulations than U.S. GAAP. IFRS also provides restricted industry-specific direction. Lastly there is a strong opinion...
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...accountable for behaviors which resulted in the employee's grievance.[4] [1] Paula Giliker, Vicarious Liability ‘On the Move’: The English Supreme Court and Enterprise Liability, 4 Journal of European Tort Law (2013). [2] Paula Giliker, Vicarious Liability or Liability for the Acts of Others in Tort: A Comparative Perspective, 2 Journal of European Tort Law (2011). [3] Mayuri Mishra & Praveen Kumar, Emerging Trends of Vicarious Liability, SSRN Electronic Journal (2010).Retrieved from http://dx.doi.org/10.2139/ssrn.2890228. Last visited on February 24, 2018. [4] Id. References Giliker, P. (2011). Vicarious liability or liability for the acts of others in Tort: a comparative perspective. Journal of European Tort Law, 2(1). Giliker, P. (2013). Vicarious Liability ‘On the Move’: The English Supreme Court and enterprise liability. Journal of European Tort Law, 4(3). Mishra, M., & Kumar, P. (2010). Emerging trends of vicarious liability. SSRN Electronic Journal. Retrieved from http://dx.doi.org/10.2139/ssrn.2890228....
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...Essay One In the paper The Dark Side of Trading, Dichev, Huang & Zhou (2014) investigate the effect of high trading volume on observed stock volatility controlling for fundamental information. Past literature almost unanimously states that high volumes of trading are always good as they are correlated with lower transactions costs, easier, faster and cheaper creation and adjustment of investment positions, lower cost of capital and higher prices. However one of the implications of the study is that increased trading also bring downsides that impact various market participants (investors, managers and regulators). The literature seems ignore the fact that a high volume of trading can also be destabilizing, as it injects a layer of trading-induced volatility over and above fundamental volatility. Practices like circuit-breakers employed by regulators to halt trading when prices fall dramatically sustain the fact that the market can sometimes go haywire for no particular reason related to fundamentals. Thus such policies are consistent with the view that trading can create its own volatility and it can get so out of hand that the best thing to do is to halt trading so everyone can cool off. The authors did three experiments, they used matched ETF and dual-class stocks as settings with substantial variation in trading but good natural controls for the underlying fundamental, and then they examined the aggregate time-series of U.S. stocks since 1926 and the cross-section of stocks...
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...Assignment 1: Crime Theories Professor George CIS 170 Information Technology in Criminology May 5, 2014 Control theory can be as major theories of crime developed by Hirschi, Reckless, Gottfredson, Hagan, etc. According to them, everyone desires to commit crimes. Instead of asking why people commit crimes, the well-known question they ask is ‘why people do not commit crimes?' There, the lack of control is the main reason of encouraging people to commit crimes. This can be done not only because of the lack of social bonds and laws, but also because of the lack of self-control. "Exposure to control also might differ by social location and the historical period, such as the changing level and control given to males and females." (Cullen and Agnew, 2002) Crime can be known, as an act done in violation of those duties, which are individual, owes to the community, and for the breach of which the law has provided with a punishment. Anyhow, though the criminal law of the country had not recognized some behaviors as crimes, some behaviors extremely harm the peaceful continuance of the society. Thus, "today, however, despite popular belief is to the contrary, the proportion of criminal law in regard to the totality of the legal system has shrunk dramatically." (Weeramantry, 2009) Because of that, Digital crime, which can be considered as such a crime was recognized and included as a separate crime. With the development of information and communication technology, in twenty first...
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...Subprime Meltdown in terms of Treasury Spreads. Name: Course: Institution: Instructor: Date: The renown financial market meltdown in the United States began in the summer of 2007.The financial meltdown started with the drastic collapse in the housing prices and a significant increase in the inventory of homes that were unsold as well as the notable rise in home foreclosure especially in the beginning of 2007.A subprime mortgage is the many home loans that were taken out during the historic housing bubble in the United States. The home loans had been given at subprime rates. However, this resulted in the large-scale foreclosure on the same home loans since people were forced to leave their homes since they could not afford to pay the loans. At the point in time when the subprime mortgage began to thrive, the housing bubbled came into play (Eichengreen, Nedeljkovic, Mody & Sarno, n.d.). This relates to a period when the value of house drastically increased, and people would borrow at less rates than the lowest rates in the market. Consumers anticipated that later the prices of their homes would considerably rise, and they would be in a position to refinance at lower payments. However, the problem with this notion is that most of the consumers didn’t refinance for lower payments only, they went ahead and refinanced for their personal spending. The inflation levels on home prices indicated that the homeowners had more equity to spend as they please. Financial...
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...CSR and globalization[1] Corporate social responsibility is at least in its name and formal recognition a relatively recent phenomenon. Yet, owners and managers of firms have engaged in activities that we would now consider CSR almost from the beginning of the industrial revolution (Davis, Whitman and Zald, 2006). But, until the 1990s, CSR was generally limited to corporate philanthropy. It is from the early 1990s that enlarged concepts and practices of CSR have come to the fore. What drove these radical changes in the conception and implementation of CSR? Scherer and Palazzo (2007) claim that, in a globalized world, it is necessary a shift toward a new politically enlarged concept of CSR. In fact, globalization is weakening the power of (national) political authorities to regulate the activities of corporations that globally expand their operations: for instance, globalization forces national governments into a race to the bottom in order to win the competition with other countries for attracting corporate investments. Thus, they reason that corporations should be understood as both economic and political actors. Davis, Whitman and Zald (2006) claim that, in addition to weak national boundaries that separate domestic from foreign companies, another crucial difference of the global competitive environment of the 21st century is the weak distinction between activities and transactions occurring inside as opposed to outside a corporate entity: while companies are moving part...
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...Formation of Ethics Committee Name Institutional Affiliation Abstract This report addresses the formation of an ethics committee in the organization. The ethic committee will be in charge of maintaining high ethical standards in the organization through by advising the management and carrying out investigation. The paper covers the composition, functions, process and costs of forming the ethics committee. The information was sourced form variety of web and print journal articles. Introduction Ethics are the values and principles that guide an individual in his actions. Ethics guide the programs, policies and decisions of an organization. Ethics affect the reputation, productivity and success of an organization (Cuebus, 2010). Organizations strive to conduct their activities with the highest ethical standards to avoid damaging their reputation in the public eye. It is important for our company build a good relationship with its stakeholders by improving the level of ethical standards in its activities. This does not mean that the organization is worse-off in terms of ethics, but some improvements are needed to make it perfect. The establishment of an ethics committee will boost the level of ethical standards in our organization. Plan To form an ethics committee, the organization needs to be committed to the process. The ethics committee needs to be approved both an organizational and national level to validate its future actions and...
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...In the spring of 2008, the world was hit by the worst Financial Crisis since World War 2. The crisis began during the Reagan administration and concluded a couple decades later with the collapse of the housing bubble. Behavioral Finance defines the term “bubble” as an event occurring before a market crash due to overvalued market prices (Ricciardi 2000). The housing bubble, which grew alongside the stock bubble in the mid 90’s, eventually burst, and a financial meltdown ensued. Initially, one bank was crippled and two of the worlds’ largest mortgage investors followed, plummeting our country deeper into debt. In this paper, I will discuss the days leading up to the housing bubble, causes of the bubble, the grim days after the bubble burst and the solutions which quelled the global crisis. The crisis began during the Reagan administration when free market believers, such as Alan Greenspan, were in power. As chairman of the Federal Reserve, Greenspan believed that any problem in the market would work itself out, and paid little attention to regulations and fraud. After Clinton was elected to office, Greenspan would team up with Robert Rubin, the assistant to Clinton on economic policy and Larry Summers, Rubins top deputy. While power shifted in New York, Washington started to look into over the counter derivatives. Washington would hire Brooksley Born, a long time securities lawyer with ties to the Clintons, of the Commodities Futures Trading Commission to step in and look over...
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...Civil Lawsuit Student Name: Course/Number: Due Date: Faculty Name: Question One: Have you or any family member or close personal friend ever taken the drug before? This question will be helpful in determining whether to keep or dismiss the potential juror from the jury pool since it would determine whether they have any history of using the drug manufactured by the defendant. The reason is that in some cases, individuals may have negative reactions from using particular drugs that contain certain elements in them of which they may be allergic to. At the same time, another family member or close personal friend of the individual may have also taken the drug and not once did it result in them facing any side effects. Question Two: Have any of you or members of your immediate family ever suffered any complications from acne before? This question will be also be helpful to determine whether to keep or dismiss the potential juror from the jury pool because it would determine whether the plaintiff has a history with the resulting side effects of using the drug. Most drugs that are manufactured by companies result in possible different side effects ranging from one individual to another. With regards to the side effect that the plaintiff suffered, it is important to determine whether the disease is part of their family history. Question Three: The court is aware that there has been a great deal of public discussion in print as well as in the media through numerous TV commercials...
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...ASSESSMENT 1 SUMMARY The discourse of Entrepreneurship within Middle East Countries is a primary field of interest that has received the attention of many authors and academic experts during recent times. The existing Body of Law on a comprehensive basis has adequately analyzed the way in which the scientific and economical advancements, have taken place in the Middle East area. In this point of view, late proofs have broadly confirm how despite the fact that Saudi Arabia is now considered as a growing economy which is trying to diversify its exports, mainly based on oil and natural gas, by framing and revising its legal and regulatory environment in order to foster entrepreneurship activities and the private sector interest. It leads to growing concern about the role of women in the economic environment, with legal and ethical consideration of the women’s role in the existing socio-cultural make-up of the country. The way in which countries like Saudi Arabia, have developed a domestic organized economy that is based on entrepreneurship is a hypothesis that has been widely tested and cited within the existing body of Literature. Although many academic experts believe that Middle East countries still retain a promising potential for growth (Shachmurove, 2004), major obstacles in terms of detrimental factors such as corruption, unclear regulations and reliance on oil have also recognized. Women are therefore believed to play a primary role in the entrepreneurial...
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...[pic] Lululemon manifesto has themes such as "do one thing a day that scares you, friends are more important than money and other inspirational sayings that create a large following for the company. The company gets its publicity from many marketing strategies including word of mouth. The company, According to Brittany Snow, Guest Educator at Lululemon focuses their marketing efforts on grassroots initiatives in the local communities and currently does very little print work. The popular manifesto has been a big seller for the company's brands, but even though the company has been able to use this manifesto as successful marketing tool are still major problems the company is confronting. lululemon is facing many changes as an aftereffect of the administration of past CEO, Bob Meers (Tushman, Page, & Ryder, 2010). These pivotal changes and other issues are plaqueing the compnay and may create havoc with the future of the company. Lululemon is now a publicly traded and owned entity and must prove to shareholders that the company can show strong major growth(Tushman, Page, & Ryder, 2010). Subsequently, the former and more effective growth strategy has turned out to be totally absent from lululemon's growth system in the United States(Tushman, Page, & Ryder, 2010). This has prompted low revenue in U.S. areas that are locked into leases at a high cost. Further more, on account of this speedy growth, the lululemon framework can’t keep up with the demand. Lululemon...
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...COMPARATIVE STUDY OF HOME LOANS OF PNB AND SBI BANK. A dissertation submitted to Department of Management in partial fulfillment of the requirement for the award of degree of BACHELOR OF BUSINESS ADMINISTRATION (HONS.) Submitted by: KOMAL MARWAHA 7020070003 Supervisor: Miss Monika Kanali (lect,lpu) LOVELY PROFESSIONAL UNIVERSITY PHAGWARA 2010 1 TO WHOMSOEVER IT MAY CONCERN This is to certify that the project report titled “Comparative study of home loans of PNB and SBI” carried out by Miss KOMAL MARWAHA, D/o RAJESH MARWAHA has been accomplished under my guidance & supervision as a duly registered BBA(Hons) student of the Department of Management, Lovely Professional University, Phagwara. This project is being submitted by him/her in the partial fulfillment of the requirements for the award of the BBA(Hons) from Lovely Professional University. Her dissertation represents her original work and is worthy of consideration for the award of the degree of BBA(Hons) ___________________________________ (Name & Signature of the Faculty Advisor) Title: ______________________________ Dare: ______________________________ 2 DECLARATION I KOMAL MARWAHA, hereby declare that the work presented herein is genuine work done originally by me and has not been published or submitted elsewhere for the requirement of a degree programme. Any literature, data or works done by others and cited within this dissertation has been given due acknowledgement and listed in...
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...Question 1 * . 2016. . [ONLINE] Available at: http://www.boeckler.de/pdf/p_arbp_223.pdf. [Accessed 18 February 2016]. * . 2016. . [ONLINE] Available at: https://business.illinois.edu/aguilera/pdf/Aguilera&Yip-Cha05-2004.pdf. [Accessed 18 February 2016]. * . 2016. . [ONLINE] Available at: http://www.oecd.org/daf/ca/48806174.pdf. [Accessed 18 February 2016]. * . 2016. . [ONLINE] Available at:http://www.apa.org/about/division/officers/dialogue/2012/02/governance-report.pdf. [Accessed 18 February 2016]. * Developing Good Governance | United States Institute of Peace. 2016. Developing Good Governance | United States Institute of Peace. [ONLINE] Available at: http://www.usip.org/publications/developing-good-governance. [Accessed 18 February 2016]. * . 2016. . [ONLINE] Available at: http://www.ejournal.unam.mx/rca/218/RCA21802.pdf. [Accessed 18 February 2016]. * 8 ways SOX changed corporate governance. 2016. 8 ways SOX changed corporate governance. [ONLINE] Available at: http://www.insidecounsel.com/2012/01/01/8-ways-sox-changed-corporate-governance. [Accessed 18 February 2016]. * . 2016. . [ONLINE] Available at: https://business.illinois.edu/zimmerman/wp-content/uploads/sites/56/2015/08/C-25-Ben-Amar-Boujenoui.pdf. [Accessed 18 February 2016]. * The Rise and Fall of Enron. 2016. The Rise and Fall of Enron. [ONLINE] Available at:http://www.journalofaccountancy.com/issues/2002/apr/theriseandfallofenron.html. [Accessed 18 February 2016]. *...
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...MEDICAL MARIJUANA I find it funny that the local smoker walking down the street in today's world are considered to be outcast while those who smoke medical marijuana or cheered and embrace. It is well known knowledge that smoking is a dirty habit that sure is the lifespan of individuals. Medical marijuana is extremely addictive the main reason why it is still an illegal substance because of how it will create a financially and humanity effect on individuals with addictive personalities and traits. There are many people that play critical role in the issue of marijuana in California. This controversial idea of making medical marijuana legal not only a state issue in California, however it is a overall national, local and federal government issue along with profit and nonprofit organization who all play a major role in the legalization process of medical marijuana. ! Government for sometime has been against the legalization of marijuana and other drugs in California. It is the concern of the local, federal, and the national government that legalization of medical marijuana would cause an increase of drug abuse throughout the state of California and could spread throughout the remainder of the United States. Government officials also are focused on the health risk cause by marijuana, with a prime focus young American individuals involved with drug use. Federal government in California has put a ban on medical marijuana do to the Jamaican Stearns about the use...
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