Banking, Technology, and Instability, a Gosnell Lecture
Title: Banking, Technology, and Instability
Speaker: Dr. Dan Awrey, Cornell University Law School
Abstract: The business of banking is under threat from the forces of technological disruption. Banks have long outsourced critical technology functions. Yet as technology has become more critical to the business of banking, a new breed of technology-driven “fintech” platforms have started to flip this conventional outsourcing script. Rather than banks outsourcing technology, these fintech platforms are instead outsourcing core elements of the banking franchise like deposit-taking, credit and debit card issuance, and payments. This “banking-as-a-service”—or BaaS—model is rooted in the comparative technological and organizational advantages these platforms enjoy over traditional banks. Yet it is also deeply rooted in regulatory arbitrage.
Bio: Dan Awrey is the Beth and Marc Goldberg Professor of Law at Cornell Law School. Dan’s teaching and research interests reside in the field of financial regulation, including the regulation of banks, investment funds, derivatives markets, payment systems, and financial market infrastructure. Dan has undertaken research and provided advice at the request of organizations including the Bank for International Settlements, U.S. Treasury Department, Federal Reserve Board, the President’s Working Group on Financial Markets, Her Majesty’s Treasury, UK Financial Conduct Authority, Commonwealth Secretariat, Canadian Department of Finance, and European Securities and Markets Authority. His research has been featured in publications including the Yale Law Journal, New York University Law Review, Georgetown Law Journal, Duke Law Journal, Cornell Law Review, Yale Journal on Regulation, Harvard Business Law Review, and the Journal of Comparative Economics. Dan is a co-author of one of the leading textbooks on financial regulation, Principles of Financial Regulation, published by Oxford University Press. He is also a founding co-managing editor of the Journal of Financial Regulation. His latest book, Beyond Banks: Technology, Regulation, and the Future of Money was published by Princeton University Press in October 2024.
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Event Snapshot
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