Overview
This course examines the law and regulation of payment systems and financial technology — how money moves, the regulatory architecture that governs each method, and how to counsel clients navigating it. Everything you need for each class is posted under Coursework before we meet.
Syllabus
An overview of the law and regulation of payment systems and financial technology — covering the legal frameworks governing how money moves, and the federal and state regulatory architecture that governs each.
The course is taught in a case-study format, modeled loosely on business school pedagogy. Each session is anchored to a real company, enforcement action, or market event. You will engage with primary sources — statutes, regulations, agency guidance, enforcement orders, and judicial decisions — rather than a casebook.
We will address uniform state laws (UCC Articles 3, 4, and 4A), applicable federal statutes and regulations (including the Electronic Fund Transfer Act, the Truth in Lending Act, the Bank Secrecy Act, and Dodd-Frank), proprietary network rules, and the overlapping jurisdictions of the CFPB, OCC, Federal Reserve, FDIC, FinCEN, and SEC.
In examining each payment method, we will consider how risk is allocated among participants, what claims and defenses arise on the underlying contracts, and how the regulatory framework shapes — and is shaped by — commercial practice.
While there is no casebook, you will need to get Payments Systems in the U.S.: A Guide for the Payments Professional (3rd ed.) by Carol Coye Benson, Scott Loftesness, and Russ Jones. You can get this off of Amazon. This is a great foundational reference guide for payments, and will help supplement the other course materials and provide a simple to understand baseline understanding of different payment systems.
Lastly, you will need to be able to access and review statutes, regs, and other materials. If you have Westlaw or Lexis access, you should have what you need. But, if you like this in a print version (like me), I suggest Aspen's Comprehensive Commercial Law: 2025 Statutory Supplement. This is also available on Amazon.
Generative AI may not be used as part of this class. AI is a powerful tool, but one of the real dangers is that it lets you conclude too early that you understand something — and it hallucinates in ways you're likely not yet equipped to catch. That judgment only comes from learning to read, interpret, synthesize, and communicate legal materials yourself. This course is nominally about payments law, but that skill is really what it's about.
Coursework
Reading packets, documents, and any materials for each session are posted here before we meet. Click a session to see what's been posted.
Announcements
Negotiable Instruments Case Study
The case study for Negotiable Instruments is now posted on the course website (go to Coursework → Session 2). It covers the FTC's Holder Rule, and the required readings are included alongside it. Please complete the case study and email me your answers by Friday, September 11.
Class Presentations
The slides from our first two classes are also posted — you can find them under the respective sessions in Coursework.
Schedule Update & Reading
I've made a change to the topic order for the next few weeks. Our next class (Monday, September 14) will cover the ACH System & NACHA Rules. I'll be supplementing the reading with additional materials before we meet, but in the meantime, read the ACH chapter in Payments Systems in the U.S. (Chapter 4). Wire Transfers and P2P will follow in the weeks after.
Contact
Phone (678) 230-9540
Office Hours Before or after class — this is honestly the best way to reach me