Monthly Archives: February 2012

CFPB Targets Debt Collectors, Consumer Reporting Agencies, Mortgage Companies, Payday Lenders & Others

Earlier this year, the Consumer Financial Protection Bureau expanded its bank supervisory program to include nonbanks, companies “that offer or provide consumer financial products or services but [do] not have a bank, thrift, or credit union charter.” Since that time, the agency has begun to provide greater detail on the nonbanks it is monitoring and the fraudulent… Read more »

International Law: India Supreme Court Ruling, Data Privacy in China, Russia Update, & More

For your reference, here’s a roundup of recent legal developments affecting US corporations and financial institutions doing business around the globe: Supreme Court of India’s Vodafone Judgment: Implications for International Investors (White & Case LLP) “On January 20, 2012, the Supreme Court of India delivered a landmark judgment in Vodafone International B.V. v. Union of… Read more »

CMS Issues Proposed 60-Day Rule on Return of Medicare Overpayments

On February 14, 2012, the Centers for Medicare & Medicaid Services released a proposed rule regarding reporting and returning overpayments under the Medicare program. Under the new regulation, hospitals and doctors who receive Medicare funds would be required to report and return overpayments within 60 days or face significant damages and penalties.  For your reference,… Read more »

Compliance Roundup: Company Policies, SFO Convictions, Criminal Intent, Language Barriers, & More

For your reference, here’s a roundup of recent law firm commentary on key issues facing global corporations in their ongoing fight against corruption and bribery: Compliance Rules for Compliance Sakes? (Michael Volkov)  “A strict policy without any rational justification is a costly policy. Too many companies simply adopt a flat amount for certain expenditures above… Read more »

Second Circuit Strikes Down Class Action Waiver

Earlier this month, in In re American Express Merchants’ Litigation, the Second Circuit struck down — for the third time — an arbitration provision containing a class action waiver in an American Express credit card agreement. By ruling the class action waiver unenforceable, the decision sets up a potential conflict with the Supreme Court’s ruling… Read more »

Securities Law Roundup: Whistleblower Programs, CFTC Rules, Market Timing, Email Fraud, Cybersecurity Risks, and More

For your convenience, a roundup of securities law advisories published recently on JD Supra: On Whistleblower Programs – Whistleblower Bounty Program: Corporate Compliance Program Considerations [King & Spalding] “The SEC recently reported to Congress that during the first seven weeks of the program’s operation, it received 334 whistleblower tips, which most commonly focused on market… Read more »

The Most Challenging Issues Facing Global Employers

International law firm Littler published the highlights of its 2011 Global Employer Institute conference in a 70-page report on some of “the most challenging issues facing global employers.” It’s a comprehensive overview, touching on globalization, employee security, labor relations, employment agreements, and a number of other topics. Three articles within the report caught our eye… Read more »

Pennsylvania Oil & Gas Act Amendments Target Fracking Operations

We’re seeing interest in Pennsylvania’s Marcellus Shale bill, as recently enacted amendments to the state’s Oil and Gas Act are known. Designed to strengthen environmental protections, the legislation imposes additional reporting and operating burdens on natural gas producers in the state.  For your reference, here’s quick roundup of key points addressed in the new law.… Read more »

5 Takeaways from New IRS FATCA Guidance

On February 8, 2012, the Internal Revenue Service issued its long-awaited proposed regulations for implementing the Foreign Account Tax Compliance Act (FATCA). The new rules lay out a step-by-step process for US account identification, information reporting, and withholding requirements for non-US financial institutions and other foreign entities. For your reference, five takeaways from the proposed… Read more »

Mandatory Debarment for FCPA Violations Is a Bad Idea

From law firm Sheppard Mullin, a critical look at the “misguided proposal” to require mandatory debarment for companies that violate the Foreign Corrupt Practices Act: “… a proposal [requiring mandatory debarment] is completely wrong-headed. Debarment is a severe, forward-looking administrative remedy – the corporate ‘death penalty’ – not a vehicle to ‘boost’ the penalties for… Read more »

FDA Publishes Draft Rules on Biosimilars – Legal Roundup

On February 9, The Food and Drug Administration released its draft guidelines for drug makers on the abbreviated approval pathway for biosimilars, a move that could open the door to cheaper generic versions of branded biotech drugs. For your reference, here’s a roundup of legal commentary on the proposed rules: FDA Publishes Draft Guidelines for… Read more »

International Labor: Legal Guide to Employing Workers Around the World

According to the Organisation for Economic Co-operation and Development (OECD), in 2010 US corporations invested more than $350 billion in foreign direct investment projects across the globe: buying factories, setting up businesses, establishing joint ventures. For companies considering their own international investment, here’s a roundup of updates on labor laws in some common destinations of… Read more »

Compliance Program Roundup: Key Elements of Internal Anti-Corruption Initiatives

“All too often, I hear complaints about compliance officers, general counsels, and outside counsels, who are the so-called ‘deal-killers’ or ‘doomsayers.’ The challenge within any organization is not to stop the work but to consult and advise on ways to meet the requirements of the law and figure out a way to make it work.… Read more »