INSIDE COMPLIANCE – Page 94 – Loyola University Chicago School of Law

Challenges and Opportunities in Regulating the Banking Industry

February 26, 2018Finance & Banking

Regulation in the financial sector is critical to preventing crimes that include fraud, money laundering tax evasion, human trafficking, aiding drug trafficking, and even financing terrorism. Despite the importance of regulation and banking institutions’ compliance with such regulations, many laws regarding money laundering are outdated and prevent efficient prevention of such crimes. Additionally, enforcement against large financial institutions is a difficult matter because of the harm that penalizing them could have on the economy.

anti-money launderingBankingBanking RegulationBanksConsumer Financial Protection Bureaudepartment of financial servicesFederal Financial Institutions Examinations Councilfinancefinancial regulationfraud and abusemoney launderingpublic bank

Compliance in the age of flying…cars?

February 23, 2018Uncategorized

Flying home from a baseball game is much more of a reality than we think. In the fourth quarter of 2016, Uber released a white paper detailing a roadmap of their proposed adventure into the air taxi business—the autonomous air taxi business and in doing so, they headlined conceptual aircraft ideas using vertical takeoff and landing (“VTOL”) technology. The paper outlines Uber’s plans for the next 10 years, including the compliance milestones and hurdles involved in achieving what seems like science fiction. Living like the Jetsons requires a deep dive into the various compliance issues that surround such a life.

autoaviationcarselectric vehicleFAATransportationuberVTOL

No Doppelgangers in Illinois

February 23, 2018Uncategorized

Recently, Google added new functionality to the Google Arts & Culture app that allows users to snap a selfie and find artwork from around the world that resembles the user. The app very quickly rose to the top of the charts as users around the United States took plenty of photos. Almost everywhere around the United States at least. Illinois and a few other states have laws that prohibit the collection or use of biometric (iris, fingerprint, etc.) data by businesses except under certain circumstances. The Google Arts & Culture app uses biometric data to compare a user’s image to the Mona Lisa (or any other portrait).

ArtsBiometricBiometric Information Privacy ActBIPACalOPPACultureFace IDgoogleIllinoisPrivacy & SecurityPrivacy PolicyselfietexasWashington

U.S. Passports to be Revoked for Unpaid Taxes

February 22, 2018Finance & Banking

Beginning January, 2018, U.S. citizens with unpaid taxes may find their U.S. passport applications denied and their existing passports revoked. The I.R.S. announced that it will begin implementation of procedures to notify the State Department of taxpayers the I.R.S. certifies as owing a “seriously delinquent tax debt.” This may come as a rude awakening to many Americans, although both the press and television news issued warnings going back more than a year ago.

collectionsenforcementIRSRegulationtaxtax enforcement

Trump Administration Creates New Division of Health and Human Services

February 19, 2018HIPAA & Health Information

The Trump administration has established a new division within the Department of Health and Human Services (HHS) called the Conscience and Religious Freedom Division. The stated purpose of this office is to “restore federal enforcement of our nation’s laws that protect the fundamental and unalienable rights of conscience and religious freedom.”

One day after the creation of this division, HHS proposed a new rule, providing further protections to healthcare workers who object to providing certain types of care to patients—including elective sterilization, gender reassignment surgery, or emergency contraception—based on their personal religious beliefs. Additionally, the Trump administration issued a new directive, reversing an Obama administration directive which prohibited states from refusing to send federal funds to qualified providers. This new division, new rule, and new directive serve to ensure the already-existing rights of physicians, nurses, and healthcare staff at the expense of their patients.

Church AmendmentConscience and Religious Freedom DivisionDepartment of Human ServicesHealthcare ProfessionalsHealthcare ProvidersmedicineOffice of Civil RightsProposed ruleRegulationreligionWeldon Amendment

Trump Administration Deregulates Financial Services

February 15, 2018Finance & Banking

The Trump administration is delivering on its promise to deregulate America. Since taking office, numerous regulations spanning everything from energy to health care have been repealed or weakened. The financial services industry is not immune to the deregulation movement. The Trump administration is acting through appointments, executive agencies, and legislation to deregulate the financial services industry. Proponents of deregulation claim the movement is needed after Dodd-Frank and strict post-financial crisis regulation. However, in deregulating financial services, the Trump Administration—and compliance professionals—should proceed cautiously.

BankingCFPBcomplianceFederal ReservefinanceOCCRegulationTrump

Required Regulation? Challenge to BLM repeal of New Fracking Standards

February 14, 2018Uncategorized

Environmental and tribal groups have historically taken important roles in implementing and enforcing regulations to protect the environment. In a recent action, environmental and tribal groups took on the Bureau of Land Management (BLM) in an attempt to quash BLM’s elimination of a rule regulating the chemicals used in fracking. Although the final rule was originally officially published and implemented in 2015, it never went into full effect due to major challenges brought by the oil and gas industry. However, the Trump administration recently repealed the rule in its entirety, prompting a lawsuit arguing that the BLM is required to promulgate regulations as part of its mission.

Energyenvironmental regulationfederal regulationFLPMAfrackingimlamlanepaoil and gas

Battle of the Knights

February 13, 2018Athletic Regulation

Starting with the 2017 season, the National Hockey League (NHL) expanded to add the Vegas Golden Knights. If hearing “NHL” and “Golden Knights” confused you, you might not be alone – the Army parachute team is also named the Golden Knights. And that potential for confusion has caused the Army to file notice in the Patent and Trademark Office and request that the PTO refuse to register Vegas’ trademark.

ArmyblurringdilutionGolden KnightsHockeyLas Vegasmighty ducks of anaheimNHLparachutePatent and Trademmark OfficetarnishmentTrademarkUSPTO

Once In, Always In

February 12, 2018Uncategorized

The Environmental Protection Agency (“EPA”) recently issued a guidance memorandum withdrawing the decades-old “once in, always in” policy. The policy prohibited facilities once considered to be major sources of emissions of hazardous air pollutants to be later reclassified. These facilities are always subject to the class Maximum Achievable Control Technology (“MACT”) standards, regardless of any newly implemented processes or controls that reduce emissions.

However, the EPA found that the policy was established upon an incorrect interpretation of the Clean Air Act. Facilities may now be reclassified as “area sources” if their emissions fall below the threshold and will be subject to less strict standards.

Area sourceClean Air ActEnvironmental Protection Agencyenvironmental regulationEPAMACT StandardsMajor sourceOnce in Always in

What Does a Federal Government Shutdown Mean for Compliance?

January 21, 2018Uncategorized

For the first time since 2013, on Saturday, January 20th, 2018, the U.S. government ran out of money when Congress failed to pass a spending bill to fund the federal government. Much of the federal government’s operations have ground to a halt due to the lack of funding. Because Congress is seemingly at an impasse over immigration policy, the shutdown may last several days, if not weeks. In light of Loyola’s upcoming symposium exploring what happens when regulation is not enforced, it is interesting to consider how, in a similar vein, the shutdown affects compliance.

CongressDepartment of EducationDepartment of Health & Human ServicesDepartment of LaborDOLEDenforcementFDAFood & Drug AdministrationHHSInternal Revenue ServiceIRSOccupational Safety & Health AdministrationOSHApolicies and proceduresRegulationSECSecurities & Exchange CommissionShutdown