INSIDE COMPLIANCE – Loyola University Chicago School of Law

Coinbase Proposes a New Regulator to Oversee Digital Assets After Feud with SEC

December 2, 2021Finance & Banking

In October 2021, the cryptocurrency exchange platform Coinbase released a proposal for a regulatory framework that would designate a single regulator for the digital asset markets. This proposal comes less than a month after Coinbase’s CEO had a public meltdown on Twitter after the Securities Exchange Commission (SEC) sent the firm a Wells Notice, a warning of potential litigation, about their planned cryptocurrency lending platform allegedly violating securities regulations. As the digital asset market grows and the financial institutions involved become more influential, regulators continue to struggle with jurisdictional and definitional questions around the new products.

CryptocurrencycryptoCoinbaseDigital AssetsCFTCHowey TestsecuritiesSECRegulation

Eradicating Real Guns in Hollywood: Why No One’s Life Should be Put at Risk on a Fictional Movie Set.

November 10, 2021Uncategorized

On October 21, 2021, actor Alec Baldwin fatally shot a cinematographer, Halyna Hutchins, and injured director Joel Souza on the set of the western film, Rust. Details of the tragic accident are still surfacing, but the incident has already sparked debate over the safety of cast and crew in Hollywood. With access to so much technology and computer-generated work behind the scenes, there is no longer a need for real guns in Hollywood. Despite the regulations on guns on Hollywood film sets, accidents still happen. Cast and crew should not have to risk their lives over something that is one hundred percent preventable.

Employmententertainment lawJournal of Regulatory ComplianceOSHAhollywood

The Deferred Action for Childhood Arrivals and Its Failure to Protect Our Undocumented Communities

November 9, 2021Uncategorized

U.S. Citizenship and Immigration Services (USCIS) has proposed new regulations regarding DACA and is accepting comments on the proposed rule. USCIS claims that the new regulations will preserve and fortify the Department of Homeland Security (DHS) policy. As well as respond to President Biden’s memorandum from January 20, 2021, where Biden states in support of DACA, that “these immigrants (DACA recipients) should not be a priority for removal based on humanitarian concerns, and that work authorization will enable them to support themselves, and contribute to our economy, while they remain(in the U.S.)” USCIS further claims that DACA has been economically and socially beneficial to undocumented communities. It reiterates their “consistent judgment” that DACA recipients should not be a priority for removal citing Secretary Napolitano’s 2012 memorandum that DACA recipients lacked the intent to violate the law as children. Further, “removing productive young people (unless justified)” is not a prudent way to spend border resources. The agency continues to provide that the proposed regulation does not provide lawful status or path to citizenship. Despite the use of language that speciously centers on DACA recipients, the proposed provisions are at best superficial and continue to leave undocumented young people in a state of uncertainty.

DACADreamersBidenJournal of Regulatory ComplianceObamaImmigration and Nationality Act of 1952ImmigrationRegulation

Title IX Changes & Timelines: What Can We Do When a Final Rule Will Take Too Long?

November 8, 2021Uncategorized

On September 13, more than thirty members of Congress sent a letter to the Secretary of Education, Miguel Cardona, urging the Biden Administration to continue to build on the steps the administration has taken thus far to protect survivor-complaints from sexual misconduct. The letter emphasized President Biden’s clear interest in Title IX reform, celebrating many of the changes he has made since coming into office. However, alongside this praise, came the enumeration of several remaining concerns born out of the Trump Administrations widely criticized May 2020 Title IX regulations.

EducationDepartment of EducationBiden AdministrationOffice of Civil RightsTitle IX

Price Control Legislation for Generic Drugs – A Delaware Case Study

November 5, 2021The Marketplace, Drugs & Devices

Price Control Legislation for Generic Drugs – A Delaware Case Study Andrew Thompson Associate Editor Loyola University Chicago School of Law, JD 2023 Earlier, I wrote here about how American drug prices are approximately 256 to 344 percent higher than prices in OCED member markets. Federal legislators confronting patent extensions, pay-for-delay agreements, and other tools …
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#pricecontrols#drugregulationJournal of Regulatory Compliancefinancial regulation

FINRA Targets High-Risk Brokerage Firms With New Rule

November 4, 2021Finance & Banking

For several years, the Financial Industry Regulatory Authority (FINRA) has sought to increase oversight of brokers who have a history of misconduct as well as the firms that hire these brokers. In an effort to disincentivize the recruitment of high-risk brokers, the Securities and Exchange Commission (SEC) recently approved FINRA’s proposed Rule 4111, which subjects “restricted firms” to additional capital obligations and hiring restrictions. Specifically, FINRA Rule 4111 targets brokerage firms that have exceeded thresholds of risk-related or investor-harming disclosures compared to similarly sized peers. The new rule, which will go into effect in 2022, is designed to provide FINRA with greater authority to proactively address the risks posed to investors by rogue brokerage firms.

DisclosuresArbitrationbroker-dealerInvestorsFINRAfinanceSEC

NBA Healthcare Fraud Scheme

November 3, 2021Athletic Regulation

Krista Solano Associate Editor Loyola University Chicago School of Law, JD 2023 Eighteen former NBA players were charged with defrauding the league’s health and welfare benefit plan. The former players were charged under 8 USC Section 1347, otherwise known as the federal healthcare fraud statute. The fraud scheme submitted $3.9 million in fake claims, for …
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compliance#healthcarefraud#NBAHealth InsuranceRegulation

Mattresses & Money Laundering

November 2, 2021Fraud & Abuse, Finance & Banking

Puja Valera Associate Editor Loyola University Chicago School of Law, JD 2023 Mattresses and money laundering – two very different topics that have been intertwined in mystery and conspiracy. On Medium, a journalist reported that a reddit user first introduced the concept that Mattress Firm, the largest mattress retailer in the world, is actually a …
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conspiracyMattressMattress FirmJournal of Regulatory Compliancemoney laundering

Employees Continue to Fight Compliance with Vaccine Mandates

November 1, 2021Uncategorized

An earlier blog post explored the challenges of employees returning to work, including questions about the legality of COVID-19 vaccine mandates. In response to the uptick in cases towards the end of the summer and into the fall, many large employers implemented vaccine mandates. As vaccine mandates have increased, so have the lawsuits contesting them. As of October 14, 2021, there have been at least thirty-nine federal cases contesting vaccine requirements imposed by either employers or governments and approximately fifty-seven total decisions, including federal and state cases. In most cases, courts are denying requests for temporary injunctions against the mandates or dismissing the cases.

constitutionalityCOVID-19Employmentlegalityvaccine mandates

Working From Home and Its Data Security Implications

October 29, 2021Compliance Spotlight

Remote work was something once looked at as a gift, a day to work at home in your sweatpants on your couch. But now, some are stuck working from home until further notice or maybe even until they retire. This new method of work has made it much harder for businesses to keep the information of their workers and customers safe despite additional avenues of technology being used to work from home. An average employee may never think about the challenges associated with data security, but it is important to shed some light on this subject so that more people understand its importance. It is also important to understand why the lack of data security laws in the US could be so detrimental to any company doing work here. Company and consumer information is more vulnerable than ever with people working from home all over the country and without comprehensive data security regulations in the US, there is no end in sight.

data privacycyber-attacksdata privacy lawsdata security regulationdata securityGDPRwork from homeRegulation