INSIDE COMPLIANCE – Page 24 – Loyola University Chicago School of Law

The Downfall of Twitter: Layoffs Rocking Big Tech

November 30, 2022Uncategorized

Over the last several weeks we have seen mass layoffs across big tech, including Salesforce, Twitter, and Meta. This comes after big tech peaked during the COVID-19 pandemic when it was essential to the nation in keeping us virtually connected. During the lock down tech giants’ profits soared as consumers upgraded devices, maximized increased storage, and were forced to get creative in communicating in the workspace. However, inflation, rising interest rates, and digital spending are driving big tech companies to implement large-scale layoffs as the economy prepares to take a downturn. While Meta CEO, Mark Zuckerberg, described the announcement as one of his hardest decisions, Twitter CEO, Elon Musk, has taken a different approach, causing continuous chaos that has led to compliance risks.

big techcompliancedata privacyFTCJournal of Regulatory CompliancePrivacy & Securitytechtwitter

Financial Institutions and the Financing of Emissions: How Firms are Addressing the Climate Emergency Through Net Zero Emission Initiatives.

November 28, 2022Finance & Banking

Megan Aldworth Associate Editor Loyola University Chicago School of Law, JD 2023 While our world economy is driven by commerce, over the last few decades, it has become apparent that along with driving the economy, commerce is driving our planet into a state of emergency. According to the UN Secretary-General, “the climate emergency is …
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BankingClimate Initiativeenvironmental regulationfinanceNet Zero Banking AllianceUnited NationsZero Emissions

When Dangerous Drugs Are No Longer Dangerous- The FDA and Black Box Warnings

November 28, 2022Food and Drug Law

Black box warnings are assigned to prescription drugs by the U.S. Food and Drug Administration (FDA) to alert of serious sides effects, such as injury or death. The smoking cessation drug, Chantix, previously had one of these black box warnings attached to it, but that warning has since been removed. This transition from a “dangerous drug” to a non-dangerous drug raises various important regulatory concerns regarding the marketing of this drug and other popular prescription drugs as well as the role of the FDA in regulating “dangerous” drugs.

FDAprescription drugs

Illinois Democrats File Legal Complaint Against the Darren Bailey Campaign

November 18, 2022Uncategorized

On the Friday before the 2022 midterm elections, the Illinois Democratic Party filed a legal complaint against the Darren Bailey campaign for governor. The complaint says that the campaign illegally coordinated with an independent political action committee (known as a super PAC). The super PAC, called the “People Who Play By The Rules PAC,” is led by Republican political operative, talk show host, and one-time failed gubernatorial candidate, Dan Proft. The People Who Play By The Rules PAC is funded almost entirely by billionaire businessman and Republican mega-donor, Richard Uihlein. The Illinois Democrats’ legal complaint was not filed not in court, but in front of the Illinois State Board of Elections – the state government body tasked with enforcing Illinois’ election laws. The complaint has not yet been made public.

Campaign FinanceDemocratsElectionsgovernmentIllinoismidterm electionsmidtermspoliticsregulationsRepublicansstate board of elections

Congress Trades on Trust

November 18, 2022Finance & Banking

When Nancy Pelosi releases financial disclosures related to stock trades, those disclosures are filed with the Clerk of the House of Representatives. The Clerk publishes all financial disclosures on clerk.house.gov under the “disclosures” tab. Shortly thereafter, Pelosi’s stock trading disclosures are re-published on TikTok and Reddit where Zoomers and Millennials are copying all of her trades. According to a Pelosi spokesperson, she does not “personally own any stocks and that the transactions are made by her husband”. The Stock Act requires Pelosi to disclose these transactions within 45 days due to the fact that they are made by a member of her immediate family.

BoeingBosticCongressNancy PelosipelosiRegulationStock ActTrades

Life or Death: The Fast Track to FDA Approval

November 18, 2022Food and Drug Law

After five years, the Food and Drug Administration (FDA) has approved a drug for ALS (amyotrophic lateral sclerosis): Relyvrio. While the drug is expected to significantly prolong the life of ALS patients, who typically die within a few years after diagnosis, the fast approval of the drug raises concerns regarding the FDA’s fast-tracking process of approval.

ALSchronic illnessDiseasedrugdrug approvalFast-trackFDAFDA approvedFDA authorizedFood and Drug Administrationpatients

Federal Trade Commission Accuses Chegg of “Careless” Data Security

November 17, 2022Uncategorized

On Monday, October 31, the U.S. Federal Trade Commission (FTC) called on education technology provider Chegg, Inc. (Chegg) to bolster its data security, citing lax security practices that regulators said exposed the personal data of more than 40 million Chegg users. The exposed personal information included names, email addresses, passwords, and for certain users, sensitive scholarship data such as dates of birth, parents’ income range, sexual orientation, and disabilities.

compliancedata privacyFTCPrivacy & SecurityRegulation

How the Inflation Act of 2022 has Impacted the Pharmaceutical Industry

November 17, 2022Uncategorized

Prescription drug price increases have long been a detriment to Americans. The Inflation Reduction Act (the Act) is in part designed to assist in this corporate pharmaceutical problem. This Act plans to do this through the implementation of seven major prescription drug provisions. Two of the major ones are requiring negotiations for certain drug prices by the federal government and limiting the monthly cost-sharing for insulin to $35. Through these changes along with various others, advocates hope that the burden will be lifted off Medicare beneficiaries. It has also been estimated that the Act will work to reduce the federal deficit by $237 billion over 10 years (2022-2031).

Health InsuranceMedicare Part DPharmaceuticalsprescription drugs

No Payday for the CFPB: A Recent 5th Circuit Decision Jeopardizes the CFPB and its Funding

November 17, 2022Finance & Banking

A decision filed October 19, 2022 by the Fifth Circuit Court of Appeals has vacated a payday lending rule put in place by the Consumer Financial Protection Bureau (CFPB). The rule was put in place to prevent predatory lending practices and unfair practices in their collection. The court decision was not based on the rule being unconstitutional but rather based in how the bureau is funded. The decision has overreaching implications on the future enforcement of CFPB rules.

CFPBDebt collectionRegulationspending clause

FIFA Needs a Referee: A Lesson on Corruption

November 16, 2022Athletic Regulation

The Fédération Internationale de Football Association (FIFA) deserves praise for growing the beautiful game of soccer since their founding in 1904; however, today the international governing body needs fixing. FIFA exists to govern football and to develop the game around the world. While FIFA preaches access and inclusivity, it has been plagued by corruption from the inside.

CorruptionFIFAInternational RegulationoversightRegulationsportslaw