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Compliance
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July 10, 2024
SEC Probes NYSE's Bid To Extend SPAC Merger Deadlines
The U.S. Securities and Exchange Commision wants more time to investigate a New York Stock Exchange proposal that would lengthen deadlines to complete certain mergers involving special purpose acquisition companies to 42 months, saying NYSE's proposal departs from typical time limits intended to protect investors.
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July 10, 2024
NC County Can't Join AG's Suit Over HCA Healthcare Lapses
A county in western North Carolina can't intervene in the attorney general's lawsuit accusing a for-profit health network of reneging on promises it made when it bought an Asheville hospital, the state Business Court has said, finding the county's interference would only delay the case.
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July 10, 2024
DC Circ. Won't Block EPA Methane Rule
The D.C. Circuit rejected states and industry groups' efforts to block the implementation of the U.S. Environmental Protection Agency's final rule establishing expanded methane emissions control requirements for oil and gas infrastructure.
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July 10, 2024
CFPB Pitches Plan To 'Streamline' Mortgage Servicing Rules
The Consumer Financial Protection Bureau said Wednesday that it wants to revamp its mortgage servicing rules to make it faster and easier for struggling homeowners to access forbearance and other relief options, proposing changes that draw in part on lessons learned from the COVID-19 pandemic.
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July 09, 2024
FINRA Fines UBS For Missing Rep's $7.2M Sell-Away Scheme
The Financial Industry Regulatory Authority has fined UBS Financial Services Inc. $850,000 as part of a deal to resolve allegations that the firm failed to detect for more than two decades one of its representative's outside sales of mismarketed securities to his UBS clients.
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July 09, 2024
CFPB's Latest Rules Agenda Includes Blast From Fed Past
The Consumer Financial Protection Bureau may try to resurrect part of a defunct Federal Reserve regulation that banned banks from employing some consumer credit contract terms, according to a new rulemaking agenda from the agency that also hints at a plan B for its $8 credit card late-fee rule.
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July 09, 2024
With Chevron's End, LGBTQ+ Healthcare Regs Face New Risk
The end of Chevron deference is already disrupting regulation meant to protect LGBTQ+ access to healthcare, with three federal judges blocking enforcement of a Biden administration rule prohibiting discrimination based on gender identity in healthcare.
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July 09, 2024
FTC Deal Bars Messaging App From Allowing Users Under 18
Anonymous messaging app maker NGL Labs LLC and two of its founders will shell out $5 million and be banned from offering the service to anyone under age 18 to resolve the Federal Trade Commission and Los Angeles County's claims that they unfairly marketed the app to children and teens and falsely portrayed their content moderation efforts.
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July 09, 2024
Industry, FCC Argue Net Neutrality's Fate After Chevron's Fall
Industry groups and the Federal Communications Commission filed competing briefs with the Sixth Circuit over whether to delay the enforcement of net neutrality rules after the U.S. Supreme Court tossed the longstanding Chevron doctrine that gave wide deference to agency decision making.
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July 09, 2024
Private Funds Say 5th Circ. Ruling Sinks SEC's AI, Cyber Bids
Several trade groups for the private fund industry urged the U.S. Securities and Exchange Commission on Tuesday to withdraw rule proposals on artificial intelligence and investment adviser outsourcing and cybersecurity risk management, in light of a Fifth Circuit ruling that dealt a blow to the agency's private fund oversight.
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July 09, 2024
Slam By CFTC Member Backs Sanctions Bid, Forex Firm Says
A foreign exchange firm that accused the U.S. Commodity Futures Trading Commission of misconduct in bringing an action against it has cited recent criticism of the agency's enforcement division by one of its commissioners in support of its bid to toss the case and sanction the regulator.
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July 09, 2024
NY Judge In Trump Case OKs Narrow Subpoena For Atty
An attorney who told reporters he held an impromptu hallway conversation with a New York state judge in the lead-up to February's $464.6 million civil fraud judgment against Donald Trump must turn over any communications he had with the court regarding the underlying action, according to a Tuesday ruling.
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July 09, 2024
FCC Settles Call Caption Privacy Probe For $34.6M
The Federal Communications Commission has secured a $34.6 million settlement with phone call captioning provider CaptionCall for holding onto phone call content too long and other agency rule violations.
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July 09, 2024
CFPB Moves To Unfreeze Credit Card Late Fee Rule In Texas
The Consumer Financial Protection Bureau has asked a Texas federal judge to formally dissolve a preliminary injunction that has been blocking the agency's $8 credit card late fee rule from taking effect, arguing that the justification of the injunction — the CFPB's allegedly unconstitutional funding structure — no longer holds.
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July 09, 2024
FTC Is Denied Amazon's Instructions On Signal Use, For Now
A Washington federal judge refused Tuesday to give the Federal Trade Commission a peek into what it contends is the extensive use of Signal by Jeff Bezos and other top Amazon.com executives to hide communications relevant to a monopolization lawsuit, preferring to order deposition testimony on that use first.
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July 09, 2024
Google Says Social Media Ruling Hurts Common Carrier Case
Google is telling an Ohio state court that a recent U.S. Supreme Court ruling bolsters its case against being reclassified as a common carrier.
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July 09, 2024
FCC Majority Takes Heat From House GOP Over New Regs
Democratic leaders of the Federal Communications Commission defended their regulatory policies Tuesday against House GOP critics who accused the agency of tacking in a partisan direction and passing new rules that Republicans said exceed the agency's statutory limits.
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July 09, 2024
Fuel Groups Ask Justices To Revisit Calif. Clean Air Act Waiver
Fuel producers and industry groups called on the U.S. Supreme Court to review the D.C. Circuit's decision to uphold the U.S. Environmental Protection Agency's Clean Air Act waiver that allows California to set its own greenhouse gas emissions standards for vehicles and run a zero-emission vehicles program.
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July 09, 2024
5th Circ. Presses SEC On Whistleblower Award Calculation
The Fifth Circuit heard oral arguments Tuesday in a case accusing the U.S. Securities and Exchange Commission of shortchanging two whistleblowers who uncovered the largest fraud in Texas history, with one judge pressing the agency's attorney over how much money it was able to collect after the fraudster declared bankruptcy.
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July 09, 2024
Yellen Says Customer Due Diligence Proposal Planned For Fall
Treasury Secretary Janet Yellen told members of Congress Tuesday that her department is aiming to release a proposal this fall to revise the Financial Crimes Enforcement Network's customer due diligence rule, while facing criticism over "duplicative" reporting regimes.
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July 09, 2024
DC Circ. Sends EPA Chemical Test Order Back For Review
The D.C. Circuit scrapped a U.S. Environmental Protection Agency order directing seven chemical manufacturers and processors to test the effects of 1,1,2-trichloroethane on the reproductive systems of birds, holding that it improperly relied on nonpublic information to justify the need for the testing.
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July 09, 2024
Texas Refinery Says EPA Needs To Rule On CAA Exception
A small refinery based in Sugar Land, Texas, says the U.S. Environmental Protection Agency did not meet its deadline to rule on whether the refinery can get an exemption to federal renewable fuel requirements, telling a Texas federal court Monday the agency was damaging its business.
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July 09, 2024
Boeing, DOJ Say 737 Max Families Can't Rush Monitor Pick
Boeing has told a Texas federal judge that 737 Max crash victims' families cannot rush the appointment of an independent monitor to oversee the company's safety and compliance efforts, saying its new tentative plea agreement with the U.S. Department of Justice adequately addresses the monitorship issue.
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July 09, 2024
Fifth Third Fined $20M Over Fake Accounts, Auto Loan Issues
Fifth Third Bank will pay a total of $20 million to resolve claims from the Consumer Financial Protection Bureau that bank employees opened accounts for customers without authorization, and forced vehicle insurance onto borrowers who already had coverage.
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July 09, 2024
FTC Says Drug Middlemen Inflate Costs, Squeeze Pharmacies
The Federal Trade Commission said Tuesday that its study of pharmacy benefit managers has shown that six large companies now control 95% of all prescriptions filled in the U.S., allowing them to profit at the expense of patients and independent pharmacies.
Expert Analysis
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A Comparison Of FDIC, OCC Proposed Merger Approaches
Max Bonici and Connor Webb at Venable take a closer look at the Federal Deposit Insurance Corp.'s and Office of the Comptroller of the Currency's respective bank merger proposals and highlight certain common themes and important differences, in light of regulators continually rethinking their approaches to bank mergers.
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Crypto Mixer Laundering Case Provides Evidentiary Road Map
A Washington, D.C., federal court’s recent decision to allow expert testimony on blockchain analysis software in a bitcoin mixer money laundering case — which ultimately ended in conviction — establishes a precedent for the admissibility of similar software-derived evidence, say Peter Hardy and Kelly Lenahan-Pfahlert at Ballard Spahr.
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Series
Being An EMT Makes Me A Better Lawyer
While some of my experiences as an emergency medical technician have been unusually painful and searing, the skills I’ve learned — such as triage, empathy and preparedness — are just as useful in my work as a restructuring lawyer, says Marshall Huebner at Davis Polk.
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Colo. Lending Law Could Empower State-Chartered Banks
Lending programs that rely on rate exportation by state banks should pay close attention to legislative activity and ongoing litigation surrounding Colorado's decision to opt out of rate exportation, which could set a precedent that state-chartered banks have power on par with national banks, says Tom Witherspoon at Stinson.
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In Debate Over High Court Wording, 'Wetland' Remains Murky
Though the U.S. Supreme Court's decision limiting the Clean Water Act’s wetlands jurisdiction is now a year old, Sackett v. EPA's practical consequences for property owners are still evolving as federal agencies and private parties advance competing interpretations of the court's language and methods for distinguishing wetlands in lower courts, says Neal McAliley at Carlton Fields.
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High-Hazard Retailers: Are You Ready For OSHA Inspections?
In light of a bill introduced this month in Congress to protect warehouse workers, relevant employers — including certain retailers — should remain aware of an ongoing Occupational Safety and Health Administration initiative that has increased the likelihood of inspection over the next couple of years, say Julie Vanneman and Samantha Cook at Dentons Cohen.
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5 Lessons From Ex-Vitol Trader's FCPA Conviction
The recent Foreign Corrupt Practices Act and money laundering conviction of former Vitol oil trader Javier Aguilar in a New York federal court provides defense takeaways on issues ranging from the definition of “domestic concern” to jury instruction strategy, says attorney Andrew Feldman.
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SEC Amendments May Launch New Execution Disclosure Era
The U.S. Securities and Exchange Commission's recently adopted amendments to Rule 605 of Regulation NMS for executions on covered orders in national market system stocks modernize and enhance execution quality reporting, but serious guidance is still needed to make the reports useful for the public investor, say attorneys at Sidley.
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Ga. Law Creates Challenges For Foreign Ownership Of Land
Under Georgia's new law limiting certain foreign possessory interests in agricultural land and land near military properties, affected foreign persons and entities will need to do significantly more work in order to ensure that their ownership remains legal, say Nellie Sullivan and Lindsey Grubbs at Holland & Knight.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Contract Disputes Recap: Saying What Needs To Be Said
Edward Arnold and Bret Marfut at Seyfarth Shaw examine three recent decisions that delve into the meaning and effect of contractual releases, and demonstrate the importance of ensuring that releases, as written, do what the parties intend.
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Navigating Title VII Compliance And Litigation Post-Muldrow
The U.S. Supreme Court’s recent ruling in Muldrow v. St. Louis has broadened the scope of Title VII litigation, meaning employers must reassess their practices to ensure compliance across jurisdictions and conduct more detailed factual analyses to defend against claims effectively, say Robert Pepple and Christopher Stevens at Nixon Peabody.
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The Opportunities, Risks And Rewards Of AI Acquisitions
As artificial intelligence acquisitions become an increasing area of focus for investors and technology buyers, entities should pay special attention to target identification, due diligence and more when structuring and executing a transaction with a company that has an AI-centric business model, say attorneys at Foley & Lardner.
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Tiny Tweaks To Bank Merger Forms May Have Big Impact
The impact of proposed changes to the Federal Reserve Board's and Federal Deposit Insurance Corp.'s bank merger review forms would be significant, resulting in hundreds of additional burden hours for bank merger applicants and signaling a further shift by the prudential bank regulators toward more rigorous scrutiny of mergers, say attorneys at Debevoise.
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How CFPB Credit Card Rules Slot Into Broader Considerations
Swirling legal challenges against the Consumer Financial Protection Bureau's recent rulemaking concerning credit card late fees raise questions about how regulated entities should respond to the bureau's rules — and how quickly they should act, say Caitlin Mandel and Elizabeth Ireland at Winston & Strawn.