In a recent legal development, the U.S. District Court for the Northern District of Illinois ruled in favor of the Consumer Financial Protection Bureau (CFPB), dismissing a counterclaim brought forward by a Credit Reporting Agency (CRA). The CRA had contended that it was entitled to relief in the amount of a $5 million residual redress…
The U.S. Federal Reserve recently published a paper on November 21 that provides a detailed analysis on the debt substitution dynamics among households. This study comes in pertinent response to monetary policy controversies surrounding mortgage rate alterations and their effects on household borrowing practices. For the larger part of 15 years, from 2006 to 2021,…
In a recent development, the Federal Trade Commission (FTC) convened an open meeting on November 16 to discuss several evolving technological enterprises, most notably its new “Voice Cloning Challenge” and the business practices of cloud computing providers. JDSupra provides a comprehensive overview of the meeting. The FTC’s dialogue regarding cloud computing aimed to shed light…
In a noteworthy turn of events, the US Court of Appeals for the Fifth Circuit has ordered the Securities and Exchange Commission (SEC) to make changes to its proposed share repurchase disclosure rules. This development comes in the wake of a legal challenge raised by the US Chamber of Commerce. The whole series of events…
In light of the conspicuous NFL games that graced households over the recent Thanksgiving weekend, discussions centered around the game are likely to have overshadowed a lesser-known narrative secretly unfolding off the field. Indeed, while some may have been fixated on the love story between Taylor Swift and Travis Kelce, many may have missed the…
On November 24, the U.S. Environmental Protection Agency (EPA) publicized proposed revisions to regulations surrounding decabromodiphenyl ether (decaBDE) and phenol, isopropylated phosphate (3:1) (PIP (3:1)). These two substances were initially regulated as persistent, bioaccumulative, and toxic chemicals (PBTs) under the Toxic Substances Control Act (TSCA) back in January 2021. The EPA’s proposed adjustments, if approved,…
On November 1, 2023, the New York Department of Financial Services (DFS) released amended cybersecurity regulations. The modifications to the existing guidelines are expected to bring additional oversight, call for regular risk assessments, and update notification prerequisites, aiming to safeguard New York consumers and financial services companies. Markedly, this transformation in the regulations will impose…
The Centers for Medicare & Medicaid Services (CMS) announced a Final Rule on November 15, 2023, that imposes more rigorous demands for disclosure of ownership, managerial, and control data from skilled nursing facilities (SNFs). Such information is needed for the facilities to take part in broader Medicare and Medicaid programs, a significant step in improving…
Legal professionals have had their eyes firmly placed on the developments surrounding the Telephone Consumer Protection Act (TCPA), especially when it comes to class action decertification and treble damage denials. One of the cases which recently sparked a considerable amount of discussion was True Health Chiropractic, Inc. v. McKesson Corp, presided over by the Ninth…
Entrepreneurship is an exhilarating journey defined by passion, vision, and a relentless pursuit of success. You’ve built a brand that’s thriving and vibrant, both in your local market and potentially beyond. With your popularity soaring, feedback from customers, family, friends, or even business advisors might be indicating a newfound interest in franchising your business concept….
The 2024 Medicare Physician Fee Schedule final rule, presented by the Centers for Medicare & Medicaid Services (CMS), is continuing particular telehealth-associated flexibilities initially introduced early in the COVID-19 pandemic. The CMS issued a Fact Sheet providing an overview of the telehealth changes and other crucial Medicare policy updates. With the onset of the COVID-19…
The Corporate Transparency Act (CTA), set to be effective from January 1, 2024, will instigate significant shifts in the regulatory landscape for corporations. This legislation will require all reporting companies to provide regular disclosures, relating to their beneficial owners, to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). It is fundamental for corporate law professionals…
In an important development, the Office for Civil Rights (OCR) under the U.S. Department of Health and Human Services (HHS) has announced a settlement resulting from investigations surrounding potential violations of the Health Insurance Portability and Accountability Act of 1996 (HIPAA). The settlement involves Saint Joseph’s Medical Center, and the alleged violations pertain to the…
In a bid to support socially and economically disadvantaged business owners, the US Small Business Administration (“SBA”) has continually demonstrated its commitment through innovative strategies and programs since its inception. Renowned for acting under Title 15, Chapter 14A, Sections 636(j)(10) and 637(a) of the United States Code, the SBA has introduced an array of measures…
Legal professionals around the globe whose work pertains to labor-relations should be aware of the implications of the National Labor Relations Board’s (NLRB) recent decision in the Cemex Construction Materials Pacific, LLC case. This decision, issued late last month, signified a significant move by the current NLRB leadership to stem the tide of diminishing union…
Legal developments in the realm of telephone and texting compliance have seen a significant momentum recently in America’s Ninth Circuit. Central to the legal discourse are the implications of TCPA (The Telephone Consumer Protection Act) class actions and their ongoing relevance in an era of evolving technology. For our community of legal professionals, one case…
On November 28, 2023, the state of Massachusetts unveiled a revised version of its State Hazard Mitigation and Climate Adoption Plan, which is recognized as the “ResilientMass Plan.” The highly-anticipated update was made public by the law firm Burns & Levinson LLP. This firm is well-respected within the legal community, and as such, its publication…
The highly anticipated annual McGuireWoods Independent Sponsor Conference recently convened in Dallas, attracting more than 1,500 independent sponsors and capital providers from throughout the United States, the District of Columbia, and eight additional countries. These participants gathered to learn about industry trends, share insights and discuss best practices related to sourcing, structuring, financing, and executing…
The UK is taking measures to extend the transitional period for third-country benchmarks under the UK Benchmarks Regulation. HM Treasury, the government’s economic and finance ministry, has published a policy paper and subsequent draft legislation for this purpose. According to the policy paper and draft legislation, the transitional period is to be extended from the…
In a significant development for the corporate legal world, Governor Kathy Hochul signed SB 4516 on November 17, 2023, amending the N.Y. General Obligations Law §5-336. This amendment provides noteworthy changes affecting settlement agreements, specifically those involving allegations of discrimination, harassment, or retaliation claims. This amendment specifically targets nondisclosure provisions. It prohibits the inclusion of…
In the field of petroleum storage, the Arkansas Petroleum Storage Tank Trust Fund (“Trust Fund”) is an essential name for legal and industrial professionals. Established over 30 years ago, this state statutory mechanism serves both aboveground and underground storage tank owners and operators. Primarily designed to manage and address petroleum leaks and spills, often referred…
In a recent speech during the 2023 U.S. Treasury Market Conference held in New York, the Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, addressed the CFTC’s forthcoming strategies to augment utilization of data and the initiation of an internal Artificial Intelligence (AI) task force. This move is highlighted as a recent focus…
In a significant development for the telecommunications sector, the Federal Communications Commission (FCC) has released a Notice of Proposed Rulemaking (NPRM). The notice suggests the reinstatement of the open Internet rules previously adopted under the 2015 Open Internet Order. The measures, if enacted, could have significant implications for companies that offer broadband internet access service…
In a recent development in consumer protection cases, a DNA testing firm, CRI Genetics, LLC, has been served with a substantial $700,000 fine for allegations related to deceptive ads. The action comes as a result of collaboration between the Federal Trade Commission (FTC) and California Attorney General Rob Bonta. This decision was aimed at resolving…
According to recent updates in tax law, the Treasury Department and the Internal Revenue Service (IRS) have released proposed regulations concerning the Energy Investment Tax Credit (ITC) under Section 48 of the Internal Revenue Code. The primary purpose of the proposed regulations is to clarify recently added qualifying property, as well as offering valuable guidance…