Deutsche Bank
Deutsche Bank AG is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany. The bank is operational in 58 countries with a large presence in Europe, the Americas and Asia; as of April 2018, Deutsche Bank is the 15th largest bank in the world by total assets. As the largest German banking institution in the world, it is a component of the DAX stock market index; the company is a universal bank resting on three pillars – the Private & Commercial Bank, the Corporate & Investment Bank and Asset Management. Its investment banking operations command substantial deal flow in the "Bulge Bracket" category, maintain different "sell side" and "buy side" departments. Deutsche Bank was founded in Berlin in 1870 as a specialist bank for financing foreign trade and promoting German exports, it subsequently played a large part in developing Germany's industry, as its business model focused on providing finance to industrial customers. The bank's statute was adopted on 22 January 1870, on 10 March 1870 the Prussian government granted it a banking licence.
The statute laid great stress on foreign business: The object of the company is to transact banking business of all kinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets. Three of the founders were Georg Siemens, whose father's cousin had founded Siemens and Halske, Adelbert Delbrück and Ludwig Bamberger. Previous to the founding of Deutsche Bank, German importers and exporters were dependent upon British and French banking institutions in the world markets—a serious handicap in that German bills were unknown in international commerce disliked and subject to a higher rate of discount than English or French bills. Hermann Zwicker Anton Adelssen Adelbert Delbrück Heinrich von Hardt Ludwig Bamberger Victor Freiherr von Magnus Adolph vom Rath Gustav Kutter Gustav Müller Wilhelm Platenius, Georg Siemens and Hermann WallichThe bank's first domestic branches, inaugurated in 1871 and 1872, were opened in Bremen and Hamburg, its first foray overseas came shortly afterwards, in Shanghai and London followed sometime by South America.
The branch opening in London, after one failure and another successful attempt, was a prime necessity for the establishment of credit for the German trade in what was the world's money centre. Major projects in the early years of the bank included the Northern Pacific Railroad in the US and the Baghdad Railway. In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp and introduced the chemical company Bayer to the Berlin stock market; the second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large regional banks, giving itself an entrée into Germany's main industrial regions. Joint ventures were symptomatic of the concentration under way in the German banking industry. For Deutsche Bank, domestic branches of its own were still something of a rarity at the time. In addition, the bank perceived the value of specialist institutions for the promotion of foreign business. Gentle pressure from the Foreign Ministry played a part in the establishment of Deutsche Ueberseeische Bank in 1886 and the stake taken in the newly established Deutsch-Asiatische Bank three years but the success of those companies in showed that their existence made sound commercial sense.
The immediate postwar period was a time of liquidations. Having lost most of its foreign assets, Deutsche Bank was obliged to sell other holdings. A great deal of energy went into shoring up, but there was new business, some of, to have an impact for a long time to come. The bank played a significant role in the establishment of the film production company, UFA, the merger of Daimler and Benz; the bank merged with other local banks in 1929 to create Deutsche Bank und DiscontoGesellschaft, at that point the biggest merger in German banking history. Increasing costs were one reason for the merger. Another was the trend towards concentration throughout the industry in the 1920s; the merger came at just the right time to help counteract the emerging world economic and banking crisis. In 1937, the company name changed back to Deutsche Bank; the crisis was, in terms of its political impact, the most disastrous economic event of the century. The shortage of liquidity that paralyzed the banks was fuelled by a combination of short-term foreign debt and borrowers no longer able to pay their debts, while the inflexibility of the state exacerbated the situation.
For German banks, the crisis in the industry was a watershed. A return to circumstances that might in some ways have been considered reminiscent of the "golden age" before World War I was ruled out for many years. After Adolf Hitler came to power, instituting the Third Reich, Deutsche Bank dismissed its three Jewish board members in 1933. In subsequent years, Deutsche Bank took part in the aryanization of Jewish-owned businesses. During the war, Deutsche Bank incorporated other banks that fell into German hands du
University of California, Berkeley
The University of California, Berkeley is a public research university in Berkeley, California. It was founded in 1868 and serves as the flagship institution of the ten research universities affiliated with the University of California system. Berkeley has since grown to instruct over 40,000 students in 350 undergraduate and graduate degree programs covering numerous disciplines. Berkeley is one of the 14 founding members of the Association of American Universities, with $789 million in R&D expenditures in the fiscal year ending June 30, 2015. Today, Berkeley maintains close relationships with three United States Department of Energy National Laboratories—Lawrence Berkeley National Laboratory, Lawrence Livermore National Laboratory and Los Alamos National Laboratory—and is home to many institutes, including the Mathematical Sciences Research Institute and the Space Sciences Laboratory. Through its partner institution University of California, San Francisco, Berkeley offers a joint medical program at the UCSF Medical Center.
As of October 2018, Berkeley alumni, faculty members and researchers include 107 Nobel laureates, 25 Turing Award winners, 14 Fields Medalists. They have won 9 Wolf Prizes, 45 MacArthur Fellowships, 20 Academy Awards, 14 Pulitzer Prizes and 207 Olympic medals. In 1930, Ernest Lawrence invented the cyclotron at Berkeley, based on which UC Berkeley researchers along with Berkeley Lab have discovered or co-discovered 16 chemical elements of the periodic table – more than any other university in the world. During the 1940s, Berkeley physicist J. R. Oppenheimer, the "Father of the Atomic Bomb," led the Manhattan project to create the first atomic bomb. In the 1960s, Berkeley was noted for the Free Speech Movement as well as the Anti-Vietnam War Movement led by its students. In the 21st century, Berkeley has become one of the leading universities in producing entrepreneurs and its alumni have founded a large number of companies worldwide. Berkeley is ranked among the top 20 universities in the world by the Academic Ranking of World Universities, the Times Higher Education World University Rankings, the U.
S. News & World Report Global University Rankings, it is considered one of the "Public Ivies", meaning that it is a public university thought to offer a quality of education comparable to that of the Ivy League. In 1866, the private College of California purchased the land comprising the current Berkeley campus in order to re-sell it in subdivided lots to raise funds; the effort failed to raise the necessary funds, so the private college merged with the state-run Agricultural and Mechanical Arts College to form the University of California, the first full-curriculum public university in the state. Upon its founding, The Dwinelle Bill stated that the "University shall have for its design, to provide instruction and thorough and complete education in all departments of science and art, industrial and professional pursuits, general education, special courses of instruction in preparation for the professions". Ten faculty members and 40 students made up the new University of California when it opened in Oakland in 1869.
Frederick H. Billings was a trustee of the College of California and suggested that the new site for the college north of Oakland be named in honor of the Anglo-Irish philosopher George Berkeley. In 1870, Henry Durant, the founder of the College of California, became the first president. With the completion of North and South Halls in 1873, the university relocated to its Berkeley location with 167 male and 22 female students where it held its first classes. Beginning in 1891, Phoebe Apperson Hearst made several large gifts to Berkeley, funding a number of programs and new buildings and sponsoring, in 1898, an international competition in Antwerp, where French architect Émile Bénard submitted the winning design for a campus master plan. In 1905, the University Farm was established near Sacramento becoming the University of California, Davis. In 1919, Los Angeles State Normal School became the southern branch of the University, which became University of California, Los Angeles. By 1920s, the number of campus buildings had grown and included twenty structures designed by architect John Galen Howard.
Robert Gordon Sproul served as president from 1930 to 1958. In the 1930s, Ernest Lawrence helped establish the Radiation Laboratory and invented the cyclotron, which won him the Nobel physics prize in 1939. Based on the cyclotron, UC Berkeley scientists and researchers, along with Berkeley Lab, went on to discover 16 chemical elements of the periodic table – more than any other university in the world. In particular, during World War II and following Glenn Seaborg's then-secret discovery of plutonium, Ernest Orlando Lawrence's Radiation Laboratory began to contract with the U. S. Army to develop the atomic bomb. UC Berkeley physics professor J. Robert Oppenheimer was named scientific head of the Manhattan Project in 1942. Along with the Lawrence Berkeley National Laboratory, Berkeley was a partner in managing two other labs, Los Alamos National Laboratory and Lawrence Livermore National Laboratory. By 1942, the American Council on Education ranked Berkeley second only to Harvard in the number of distinguished departments.
During the McCarthy era in 1949, the Board of Regents adopted an anti-communist loyalty oath. A number of faculty members led by Edward C. Tolman were dismissed. In 1952, the University of California became; each campus was give
Capital One
Capital One Financial Corporation is a bank holding company specializing in credit cards, auto loans and savings accounts headquartered in McLean, Virginia. Capital One is ranked 10th on the list of largest banks in the United States by assets; the bank has 755 branches including 2,000 ATMs. It is ranked 101st on the Fortune 500, 17th on Fortune's 100 Best Companies to Work For list, conducts business in the United States and the United Kingdom; the company helped pioneer the mass marketing of credit cards in the 1990s. In 2016, it was the 5th largest credit card issuer by purchase volume, after American Express, JP Morgan Chase, Bank of America, Citigroup. With a market share of 5%, Capital One is the 2nd largest auto finance company in the United States, after Ally Financial. In the fourth quarter of 2018, 75% of the company's revenues were from credit cards, 14% were from consumer banking, 11% were from commercial banking. Capital One operates 3 divisions as follows: Credit Cards – Capital One issues credit cards in the United States and the United Kingdom and is the 3rd largest credit card issuer, after JP Morgan Chase and Citigroup.
As of December 31, 2018, Capital One had $107.350 billion in credit card loans outstanding in the United States and $9.011 billion of credit card loans outstanding in Canada and the United Kingdom, with credit cards in total representing 47.3% of total loans outstanding. Consumer Banking – offers banking services, including checking accounts, saving accounts, money market accounts via its branches and direct bank as well as retail and auto loans; as of December 31, 2018, the company had $2.864 billion in retail loans outstanding and $56.341 billion in car finance loans outstanding, representing 22.9% of total loans outstanding. Commercial banking – As of December 31, 2018, Capital One had $70.333 billion in loans outstanding secured by commercial and industrial properties, representing 28.6% of total loans outstanding:). On July 27, 1994, Virginia-based Signet Financial Corp announced the corporate spin-off of its credit card division, OakStone Financial, naming Richard Fairbank as CEO. Signet renamed the subsidiary Capital One in October 1994.
At that time, Capital One was a monoline bank, meaning that all of its revenue came from a single product, in this case, credit cards. This strategy is risky in. Capital One attributed its relative success as a monoline to its use of data collection to build demographic profiles, allowing it to target personalized offers of credit direct to consumers. Capital One began operations in Canada in 1996. In July 1998, Capital One acquired auto financing company Summit Acceptance Corporation. In 1999, Capital One was looking to expand beyond credit cards. CEO Richard Fairbank announced moves to use Capital One's experience with collecting consumer data to offer loans and phone service. In October 2001, PeopleFirst Finance LLC was acquired by Capital One; the companies were combined and rebranded as Capital One Auto Finance Corporation in 2003. In late 2002, Capital One and the United States Postal Service proposed a negotiated services agreement for bulk discount in mailing services; the resulting three-year agreement was extended in 2006.
In June 2008, Capital One had filed a complaint with the USPS regarding the terms of the next agreement, citing the terms of the NSA of Capital One's competitor, Bank of America. Capital One subsequently withdrew its complaint to the Postal Regulatory Commission following a settlement with the USPS. Onyx Acceptance Corporation was acquired by Capital One in January 2005. While many other monolines were acquired by larger, diverse banks, Capital One expanded into retail banking with a focus on subprime customers. Capital One acquired New Orleans, Louisiana-based Hibernia National Bank for $4.9 billion in cash and stock in 2005 and acquired Melville, New York-based North Fork Bank for $13.2 billion in cash and stock in 2006, which reduced its dependency on credit cards from 90% to 55%. In 2007, Capital One acquired a marketer of prepaid debit cards, for $700 million. During the 2007 subprime mortgage financial crisis, Capital One closed its mortgage platform, GreenPoint Mortgage, due in part to investor pressures.
In 2008, Capital One received an investment of US$3.56 billion from the United States Treasury as a result of the Troubled Asset Relief Program. On June 17, 2009, Capital One completed the repurchase of the stock the company issued to the U. S. Treasury paying a total of US$3.67 billion, resulting in a profit of over $100 million to the U. S. Treasury; the U. S. Securities and Exchange Commission criticized Capital One's conduct during the crisis, claiming that they understated auto loan losses during the financial crisis of 2007–2008. In 2013, Capital One paid $3.5 million to settle the case, but was not required to directly address the allegations of wrongdoing. In February 2009, Capital One acquired Chevy Chase Bank for $520 million in stock. In June 2011, ING Group announced the sale of its ING Direct division to Capital One for US$9 billion in cash and stock. On August 26, 2011, the Federal Reserve Board of Governors announced it would hold public hearings on the Capital One acquisition of ING Direct, extend to October 12, 2011, the public comment period, scheduled to end August 22.
The move came amidst rising scrutiny of the deal on systemic risk, or "Too-Big-to-Fail," performance under the Community Reinvestment Act, pending legal challenges. A coalition of national civil rights and consumer groups, led by the National Community Reinvestment Coalition, were joined by Rep. Barney Frank to challenge immediate approval of the deal; the groups argued that the acquis
Richard Cordray
Richard Adams Cordray is an American lawyer and politician who served as the first Director of the Consumer Financial Protection Bureau from 2012 to 2017. Prior to his appointment, Cordray variously served as Ohio's Attorney General, Solicitor General, Treasurer, he was the Democratic nominee for Governor of Ohio in 2018. Cordray was raised near Columbus and attended Michigan State University, he was subsequently a Marshall Scholar at Brasenose College and attended the University of Chicago Law School, where he was editor-in-chief of the Law Review. He clerked for Judge Robert Bork on the U. S. Court of Appeals for the District of Columbia Circuit and for Justice Anthony Kennedy of the Supreme Court of the United States. In 1987 he became an undefeated five-time Jeopardy! champion. Cordray was elected to the Ohio House of Representatives in 1990. After redistricting, Cordray decided to run for the United States House of Representatives in 1992 but was defeated; the following year he was appointed by the Ohio Attorney General as the first Solicitor General of Ohio.
His experience as Solicitor led to his appearance before the United States Supreme Court to argue six cases. Following Republican victories in Ohio statewide elections in 1994, Cordray left his appointed position and entered the private practice of law. While in private practice he unsuccessfully ran for Ohio Attorney General in 1998 and the United States Senate in 2000, he was elected Franklin County treasurer in 2002 and reelected in 2004 before being elected Ohio State Treasurer in 2006. Cordray was elected Ohio Attorney General in November 2008 to fill the remainder of the term ending in January 2011. In 2010, Cordray lost his bid for reelection to former U. S. Senator Mike DeWine, he became Director of the CFPB via recess appointment in July 2011 and was confirmed by the Senate in 2013. Cordray left the agency in late 2017 to run for governor of an election he lost to DeWine. Cordray was born in Columbus, the middle child between brothers Frank, Jr. and Jim, was raised in Grove City, where he attended public schools.
At Grove City High School, Cordray became a champion on the high school quiz show In The Know and worked for minimum wage at McDonald's. He graduated from high school in 1977 as co-valedictorian of his class, his first job in politics was as an intern for United States Senator John Glenn as a junior at Michigan State University's James Madison College. Cordray earned Phi Beta Kappa honors and graduated summa cum laude with a BA in Legal & Political Theory in 1981; as a Marshall Scholar, he earned an MA with first class honours in Economics from Brasenose College and earned a Varsity Blue in basketball in 1983. At the University of Chicago Law School, where he earned his Juris Doctor with honors in 1986, he served as editor-in-chief of the University of Chicago Law Review. After starting work as a law clerk at the U. S. Supreme Court, he came back to his high school to deliver the commencement speech for the graduating class of 1988. Cordray began his career clerking for Judge Robert Bork and Supreme Court associate justices Byron White and Anthony Kennedy.
After clerking for White in 1987–1988, he was hired by the international law firm Jones Day to work in its Cleveland office. From 1989 to at least 2000, Cordray taught various courses at The Ohio State University Moritz College of Law and at Georgetown University. In 1990 Cordray ran for an Ohio State House of Representatives seat, in the 33rd District, against six-term incumbent Republican Don Gilmore. Unopposed for the Democratic nomination, he defeated Gilmore by an 18,573–11,944 margin. In 1991 the state Apportionment Board, controlled by a 3–2 Republican majority despite the party's 61–38 minority in the state House of Representatives, redrew state legislative districts following the results of the 1990 Census, in the hope of retaking control of the state House; the new boundaries created nine districts each with two resident incumbent Democrats, pairing Cordray with the 22-year incumbent Mike Stinziano. Unable to be elected in another district due to a one-year residency requirement, Cordray opted not to run for reelection.
Cordray ran for Ohio's 15th congressional district in the 1992 U. S. House of Representatives elections, won the Democratic nomination over Bill Buckel by an 18,731–5,329 margin, following the withdrawal of another candidate, Dave Sommer. Cordray's platform included federal spending cuts, term limits for Congress and a line-item veto for the president; when Deborah Pryce a Franklin County municipal judge, announced that she would vote to support abortion rights, Linda S. Reidelbach entered the race as an independent, thus the general election was a three-way affair, with Pryce taking a plurality of 110,390 votes, Cordray 94,907 and Reidelbach 44,906. While in private practice in 1993, Cordray co-wrote a legal brief for the Anti-Defamation League, in a campaign supported by Ohio's attorney general, for the reinstatement of Ohio's hate crime laws; this was considered by the U. S. Supreme Court, but not ruled on because of its similarity to a previous Wisconsin ruling. In 1993 the government of Ohio created the office of state solicitor general to handle the state's appellate work.
The state solicitor, appointed by the Ohio attorney general, is responsible for cases that are to be argued before the Ohio Supreme Court and the United States Supreme Court. Until 1998, the Solicitor worked without any support staff. Cordray, who had earlier worked for a summer in the office of the United States solicitor general, was the first Solicitor to be appointed, in September 1993, he held the position until he resigned after Ohio Attorney General Lee Fisher was defeated by Betty Montgomery
Barack Obama
Barack Hussein Obama II is an American attorney and politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, he was the first African American, he served as a U. S. senator from Illinois from 2005 to 2008. Obama was born in Hawaii. After graduating from Columbia University in 1983, he worked as a community organizer in Chicago. In 1988, he enrolled in Harvard Law School, where he was the first black president of the Harvard Law Review. After graduating, he became a civil rights attorney and an academic, teaching constitutional law at the University of Chicago Law School from 1992 to 2004, he represented the 13th district for three terms in the Illinois Senate from 1997 until 2004 when he ran for the U. S. Senate, he received national attention in 2004 with his March primary win, his well-received July Democratic National Convention keynote address, his landslide November election to the Senate. In 2008, he was nominated for president a year after his campaign began and after a close primary campaign against Hillary Clinton.
He was elected over Republican John McCain and was inaugurated on January 20, 2009. Nine months he was named the 2009 Nobel Peace Prize laureate. Regarded as a centrist New Democrat, Obama signed many landmark bills into law during his first two years in office; the main reforms that were passed include the Patient Protection and Affordable Care Act, the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Don't Ask, Don't Tell Repeal Act of 2010. The American Recovery and Reinvestment Act of 2009 and Tax Relief, Unemployment Insurance Reauthorization, Job Creation Act of 2010 served as economic stimulus amidst the Great Recession. After a lengthy debate over the national debt limit, he signed the Budget Control and the American Taxpayer Relief Acts. In foreign policy, he increased U. S. troop levels in Afghanistan, reduced nuclear weapons with the United States–Russia New START treaty, ended military involvement in the Iraq War. He ordered military involvement in Libya in opposition to Muammar Gaddafi.
He ordered the military operations that resulted in the deaths of Osama bin Laden and suspected Yemeni Al-Qaeda operative Anwar al-Awlaki. After winning re-election by defeating Republican opponent Mitt Romney, Obama was sworn in for a second term in 2013. During this term, he promoted inclusiveness for LGBT Americans, his administration filed briefs that urged the Supreme Court to strike down same-sex marriage bans as unconstitutional. He advocated for gun control in response to the Sandy Hook Elementary School shooting, indicating support for a ban on assault weapons, issued wide-ranging executive actions concerning climate change and immigration. In foreign policy, he ordered military intervention in Iraq in response to gains made by ISIL after the 2011 withdrawal from Iraq, continued the process of ending U. S. combat operations in Afghanistan in 2016, promoted discussions that led to the 2015 Paris Agreement on global climate change, initiated sanctions against Russia following the invasion in Ukraine and again after Russian interference in the 2016 United States elections, brokered a nuclear deal with Iran, normalized U.
S. relations with Cuba. During his term in office, America's reputation in global polling improved. Evaluations of his presidency among historians, political scientists, the general public place him among the upper tier of American presidents. Obama left office and retired in January 2017 and resides in Washington, D. C. A December 2018 Gallup poll found Obama to be the most admired man in America for an unprecedented 11th consecutive year, although Dwight D. Eisenhower was selected most admired in twelve non-consecutive years. Obama was born on August 4, 1961, at Kapiolani Medical Center for Women and Children in Honolulu, Hawaii, he is the only president, born outside of the contiguous 48 states. He was born to a black father, his mother, Ann Dunham, was born in Kansas. His father, Barack Obama Sr. was a Luo Kenyan from Nyang'oma Kogelo. Obama's parents met in 1960 in a Russian language class at the University of Hawaii at Manoa, where his father was a foreign student on a scholarship; the couple married in Hawaii, on February 2, 1961, six months before Obama was born.
In late August 1961, Barack and his mother moved to the University of Washington in Seattle, where they lived for a year. During that time, the elder Obama completed his undergraduate degree in economics in Hawaii, graduating in June 1962, he left to attend graduate school on a scholarship at Harvard University, where he earned an M. A. in economics. Obama's parents divorced in March 1964. Obama Sr. returned to Kenya in 1964, where he married for a third time and worked for the Kenyan government as the Senior Economic Analyst in the Ministry of Finance. He visited his son in Hawaii only once, at Christmas time in 1971, before he was killed in an automobile accident in 1982, when Obama was 21 years old. Recalling his early childhood, Obama said, "That my father looked nothing like the people around me – that he was black as pitch, my mother white as milk – registered in my mind." He described his struggles as a young adult to reconcile social perceptions of his multira
Harvard Law School
Harvard Law School is one of the professional graduate schools of Harvard University located in Cambridge, Massachusetts. Founded in 1817, it is the oldest continuously operating law school in the United States and one of the most prestigious in the world, it is ranked first in the world by the ARWU Shanghai Ranking. Each class in the three-year J. D. program has 560 students, among the largest of the top 150 ranked law schools in the United States. The first-year class is broken into seven sections of 80 students, who take most first-year classes together. Harvard's uniquely large class size and prestige have led the law school to graduate a great many distinguished alumni in the judiciary and the business world. According to Harvard Law's 2015 ABA-required disclosures, 95% of the Class of 2014 passed the Bar exam. Harvard Law School graduates have accounted for 568 judicial clerkships in the past three years, including one-quarter of all Supreme Court clerkships, more than any other law school in the United States.
Harvard Law School's founding is traditionally linked to the funding of Harvard's first professorship in law, paid for from a bequest from the estate of Isaac Royall, Jr. a colonial American landowner and a slaveholder. Today, it is home to the largest academic law library in the world; the current dean of Harvard Law School is John F. Manning, who assumed the role on July 1, 2017; the law school has 328 faculty members. Harvard Law School's founding is traced to the establishment of a "law department" at Harvard in 1817. Dating the founding to the year of the creation of the law department makes Harvard Law the oldest continuously-operating law school in the nation. William & Mary Law School opened first in 1779, but closed due to the American Civil War, reopening in 1920; the University of Maryland School of Law was chartered in 1816, but did not begin classes until 1824, closed during the Civil War. The founding of the law department came two years after the establishment of Harvard's first endowed professorship in law, funded by a bequest from the estate of wealthy slaveowner Isaac Royall, Jr. in 1817.
Royall left 1,000 acres of land in Massachusetts to Harvard when he died in exile in Nova Scotia, where he fled as a British loyalist during the American Revolution, in 1781, "to be appropriated towards the endowing a Professor of Laws... or a Professor of Physick and Anatomy, whichever the said overseers and Corporation shall judge to be best." The value of the land, when liquidated in 1809, was $2,938. The Royalls were so involved in the slave trade, that "the labor of slaves underwrote the teaching of law in Cambridge." The dean of the law school traditionally held the Royall chair, deans Elena Kagan and Martha Minow declined the Royall chair due to its origins in the proceeds of slavery. Royall’s legacy at Harvard is lasting, Harvard Law School adopted the Royall family crest as apart of its school crest; that crest features with three bushels of wheat. Until the connection of the seal to the slave owning Royalls was unknown to many. According to The Harvard Crimson "Most Law School alumni and faculty were unaware of the story behind the seal."
In response to its ties to slavery, Harvard Law School decided to stop using the Royalls seal. It has yet to design a replacement seal. Royall's Medford estate, the Isaac Royall House, is now a museum which features the only remaining slave quarters in the northeast United States; the Royall family coat-of-arms, which shows three stacked wheat sheaves, was adopted as the school crest in 1936, topped with the university motto. In March 2016, following requests by students, the school decided to remove the emblem because of its association with slavery. By 1827, the school, with one faculty member, was struggling. Nathan Dane, a prominent alumnus of the college endowed the Dane Professorship of Law, insisting that it be given to Supreme Court Justice Joseph Story. For a while, the school was called "Dane Law School." In 1829, John H. Ashmun, son of Eli Porter Ashmun and brother of George Ashmun, accepted a professorship and closed his Northampton Law School, with many of his students following him to Harvard.
Story's belief in the need for an elite law school based on merit and dedicated to public service helped build the school's reputation at the time, although the contours of these beliefs have not been consistent throughout its history. Enrollment remained low through the 19th century as university legal education was considered to be of little added benefit to apprenticeships in legal practice. After first trying lowered admissions standards, in 1848 HLS eliminated admissions requirements entirely. In 1869, HLS eliminated examination requirements. In the 1870s, under Dean Christopher Columbus Langdell, HLS introduced what has become the standard first-year curriculum for American law schools – including classes in contracts, torts, criminal law, civil procedure. At Harvard, Langdell developed the case method of teaching law, now the dominant pedagogical model at U. S. law schools. Langdell's notion that law could be studied as a "science" gave university legal education a reason for being distinct from vocational preparation.
Critics at first defended the old lecture method because it was faster and cheaper and made fewer demands on faculty and students. Advocates said the case method had a sounder theoretical basis in scientific research and the inductive method. Langdell's graduates became leading professors at other law schools where they introduced the case method; the metho
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States; the CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession. The CFPB's status as an independent agency has been challenged in court but was upheld by United States Court of Appeals for the District of Columbia Circuit sitting en banc. On June 16, 2018, President Donald Trump selected Kathleen Kraninger, a White House budget official, as the nominee to be the next director of the CFPB. According to former Director Richard Cordray, the Bureau's priorities are mortgages, credit cards and student loans.
The CFPB was designed to consolidate its employees and responsibilities from a number of other federal regulatory bodies, including the Federal Reserve, the Federal Trade Commission, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Department of Housing and Urban Development. The bureau is an independent unit located inside and funded by the United States Federal Reserve, with interim affiliation with the U. S. Treasury Department; the CFPB writes and enforces rules for financial institutions, examines both bank and non-bank financial institutions and reports on markets, as well as collects and tracks consumer complaints. The CFPB opened its website in early February 2011 to accept suggestions from consumers via YouTube and its own website interface. According to the United States Treasury Department, the bureau is tasked with the responsibility to "promote fairness and transparency for mortgages, credit cards, other consumer financial products and services".
According to its web site, the CFPB's "central mission...is to make markets for consumer financial products and services work for Americans—whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products". In 2016 alone most of the hundreds of thousands of consumer complaints about their financial services—including banks and credit card issuers—were received and compiled by CFPB and are publicly available on a federal government database. In July 2010, Congress passed the Dodd–Frank Wall Street Reform and Consumer Protection Act, during the 111th United States Congress in response to the Late-2000s recession and financial crisis; the agency was proposed in 2007 by Harvard Law School professor and current US senator Elizabeth Warren. The proposed CFPB was supported by Americans for Financial Reform, a newly created umbrella organization of some 250 consumer, civil rights and other activist organizations. On September 17, 2010, President Obama announced the appointment of Warren as Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau to set up the new agency.
Due to the way the legislation creating the bureau was written, until the first Director was in place, the agency was not able to write new rules or supervise financial institutions other than banks. On July 21, 2011 Senator Richard Shelby wrote an op‑ed for the Wall Street Journal affirming his continued opposition to a centralized structure, noting that both the Securities Exchange Commission and Federal Deposit Insurance Corporation had executive boards and that the CFPB should be no different, he noted lessons learned from experiences with Fannie Mae and Freddie Mac as support for his argument. Politico interpreted Shelby's statements as saying that Cordray's nomination was "dead on arrival". Republican threats of a filibuster to block the nomination in December 2011 led to Senate inaction; the CFPB formally began operation on July 21, 2011, shortly after President Obama announced that Sen. Warren would be passed over as Director in favor of Richard Cordray, who prior to the nomination had been hired as chief of enforcement for the agency.
Elizabeth Warren, who proposed and established the CFPB, was removed from consideration as the bureau's first formal director after Obama administration officials became convinced Warren could not overcome strong Republican opposition. On July 17, President Obama nominated former Ohio Attorney General and Ohio State Treasurer Richard Cordray to be the first formal director of the CFPB. However, Cordray's nomination was in jeopardy due to 44 Senate Republicans vowing to derail any nominee in order to encourage a decentralized structure of the organization. Senate Republicans had shown a pattern of refusing to consider regulatory agency nominees. Since the CFPB database was established in 2011, more than 730,000 complaints have been published. CFPB supporters include the Consumers Union claim that it is a "vital tool that can help consumers make informed decisions". CFPB detractors argue that the CFPB database is a "gotcha game" and that there is a database maintained by the Federal Trade Commission although that information is not available to the public.
On January 4, 2012, Barack Obama issued a recess appointment to install Cordray as director through the end of 2013. This was a controversial move as the Senate was still holding pro forma sessions, the possibility existed that the appointment could be challenged in court; this type of recess appointment was unanimously ruled unconstitutional in Noel Canning. The constitutionality of Cordray's recess appointment came into question after a January 2013 ruling by the United States Court of Appeals for
