In attempts to improve price transparency and lower costs for patients within the healthcare sector, members of the House Energy and Commerce Committee, the Ways and Means Committee, and the Committee on Education and the Workforce have introduced a legislative package titled the Lower Costs, More Transparency Act (LCMTA), on September 8, 2023. This is…
In the face of growing concerns about cyber threats in the international business community, MGM Resorts (“MGM”) has confirmed a severe cyber-attack on its systems. The attack, which occurred on Sunday, September 10, 2023, required the corporation to halt operations at multiple Las Vegas hotels. As reported by Console and Associates, P.C. on JD Supra,…
The five-member Board of the California Privacy Protection Agency (the “CPPA”) conducted an open public meeting early this month, as stated on an article by JD Supra. The meeting, which occurred on the 8th of September, 2023, aimed to investigate an array of topics, among which were draft regulations related to risk assessments and cybersecurity…
In a recent move that signals a shift away from enforcing employment-related arbitration agreements, the Ninth Circuit issued an opinion regarding the case of Miller v. Amazon.com (Case No. 2:21-cv-00204-BJR). The court affirmed the district court’s order which denied a motion lodged by Amazon to compel arbitration. The case was brought forward by Amazon Flex…
The City of Tomball, a quaint yet vibrant locale in Texas, recently made headlines not for its homely Southern charm, but unfortunately due to a significant cybersecurity incident. On September 12, 2023, Tomball filed a notice of data breach with the Attorney General of Texas following a targeted ransomware attack that infiltrated the city’s secure…
On Monday, it was reported that significant changes had been made to the Consumer Financial Protection Bureau’s (CFPB) Unfair, Deceptive, or Abusive Acts and Practices (UDAAP) Exam Manual earlier this year. This document has been under discussion since a lawsuit was brought to the Federal District Court for the Eastern District of Texas in 2021…
In recent developments, the Alberta Utilities Commission (AUC) initiated an investigation into the steady, efficient, and economic development of electricity generation within the province on September 11, 2023. The AUC’s inquiry underlines the growing emphasis on the role of renewable energy sources in molding the future of electricity generation. This intuitive move is likely to…
Substantial changes are coming to the pharmaceutical industry as the federal government, under the Inflation Reduction Act (IRA), will now be able to negotiate prices for certain high-cost drugs included in Medicare. Signed into law on August 16, 2022, the IRA introduces a new approach in managing drug prices and aims to moderate the expenses…
On July 26, 2023, in a pivotal 3-2 vote, the Securities and Exchange Commission (SEC) adopted new regulations. Known as the “Final Rules,” these will necessitate public companies to disclose information about cybersecurity incidents. Additionally, they are also required to divulge facts about their management, strategy, and governance in relation to cybersecurity. This development will…
In a stunning ruling in St. Louis County, a jury has found a nitrous oxide distributor and a local store guilty of conspiring to market and distribute inhalant drugs, a judgement that resulted in a verdict of $745 million. The defendants in the case were United Brands Products Design Development and Marketing, Inc., which is…
A recent court decision in Texas could have implications for the Consumer Financial Protection Bureau’s (CFPB) scope of authority and the manner in which it enforces anti-discrimination guidelines. In a twist of events, the District Court for the Eastern District of Texas ruled against the CFPB’s March 2022 updates to its examination manual. The manual…
In a development that underscores the steady tightening of regulatory scrutiny, on September 11, 2023, the Securities and Exchange Commission has announced settlements with nine registered investment advisers over alleged violations of the Investment Advisers Act’s new marketing rule (Rule 206(4)-1). The cornerstone of the conflict, as per the SEC’s allegations, is the incorrect handling…
In a recent decision that did not come as a total surprise, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas revoked the Consumer Financial Protection Bureau’s (CFPB) revised Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) exam manual. The contentious manual had introduced an innovative legal concept aimed…
The Federal Deposit Insurance Corporation (FDIC) is set to deploy a new platform aimed at facilitating interactions between bankers and examiners, as reported by JDSupra. This is an initiative intended to streamline the response to information and document requests during consumer and Community Reinvestment Act (“CRA”) compliance examination processes. This initiative by the FDIC is…
In a significant move echoing the rising global sentiment on the oversight of technology within the legal and business spaces, the UK’s Financial Conduct Authority (FCA) has highlighted its increasing focus on artificial intelligence (AI). As indicated in its latest published board minutes, the regulatory body has brought to light a few pertinent questions regarding…
In an enforcement action that could send shockwaves through the consumer finance industry, the Consumer Financial Protection Bureau (CFPB) has permanently banned a Nonbank Consumer Finance Company operating from Manchester, New Hampshire. The action followed allegations that the company concealed contract terms of its lease agreements and neglected to provide necessary leasing disclosures. This action,…
In a recent development in the legal industry, the Federal District Court for the Eastern District of Texas invalidated the changes made in March 2022 to the Consumer Financial Protection Bureau’s (CFPB) Exam Manual. The court ruling, dated Friday, September 8, 2023, has drawn significant attention from legal professionals globally, particularly those dealing with unfair,…
Early indications from the Consumer Financial Protection Bureau (CFPB) suggest a pending expansion of the Fair Credit Reporting Act’s (FCRA) breadth, which could potentially affect numerous businesses previously outside its purview. The CFPB’s Director, Rohit Chopra, announced this development at a recent White House roundtable. According to Director Chopra, the CFPB plans to promulgate new…
In a recent development, the South Carolina Boards of Medical Examiners, Nursing and Pharmacy released a joint advisory opinion concerning the burgeoning industry of retail IV therapy businesses in the state. The IV therapy business in South Carolina is experiencing rapid growth, with new IV/hydration/wellness storefronts or mobile clinics advertising hangover cures and wellness improvement…
In the complex world of business law, one headline has been drawing quite a bit of attention lately. It’s a narrative that flips the logic of affirmative action on its head and presents a somewhat contentious interpretation of discriminatory action. Under a recent judicial ruling, The Consumer Financial Protection Bureau (CFPB) is reportedly now restricted…
The California Consumer Privacy Act’s (CCPA) compliance burden for employers can be immense. Given this concern, companies should seize any opportunity to simplify their obligations under this statute. A surprisingly elementary strategy for doing this lies in updating your contracts with HR vendors. A suggestive article by Fisher Phillips on JDSupra outlines this method and…
The Texas Medical Liability Trust (TMLT) has recently filed a notice of data breach. Reported on September 11, 2023, this breach discloses that an unauthorized party obtained access to consumers’ sensitive information. In conjunction with its affiliates—Texas Medical Insurance Company, Physicians Insurance Company, and Lone Star Alliance Inc., a Risk Retention Group—TMLT made this announcement…
In a recent decision that continues to shape the landscape of property rights in the United States, the Sixth Circuit has applied the findings of a Supreme Court case, Tyler v. Hennepin County, to affirm the right of a property owner to net tax lien foreclosure proceeds. This is another key development for property owners…
In a recent development, a federal judge has rejected the appeal of a law firm implicated in a TCPA (Telephone Consumer Protection Act) violation related to the Camp Lejeune case. The law firm stands accused of unlawful client solicitation under the TCPA. The accusations involve a woman who primarily used her cellphone for residential purposes….
When distributing investment funds and structuring fund documentation, it’s crucial to note cancellation rights (Widerrufsrechte). This not only applies to retail funds (Publikumsfonds) but also special funds (Spezialfonds) if they are distributed to “consumers” within the meaning of the German Civil Code (BGB). Consumer classification in this context could apply primarily to retail investors and…