Category:Uncategorized
Proposal to Change TULA Late Fee Maximum on Credit Cards: Is it Beneficial or Burdensome?
Megan Aldworth Associate Editor Loyola University Chicago School of Law, JD 2023 The Truth in Lending Act (TILA), established 1968, is aimed to protect consumers against unfair credit practices and billing by lenders. Under TILA, lenders must provide consumers (borrowers) with information that allows them to compare loan terms given by various lending institutions. …
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Combatting Fraud in Latin America
In a recent statement for the Department of Justice (DOJ), Assistant Attorney General Kenneth Polite Jr. shared that the DOJ plans on ramping up enforcement of the Foreign Corrupt Practices Act (FCPA) in Latin America this year. This statement comes after the majority of noncompliance actions under the FCPA in 2022 occurred in Latin America.
Got (Plant-Based) Milk? New FDA Guidance for Plant-Based Milk
Plant-based milks have been on the rise congruently with the movement towards living a plant-based diet and lifestyle. The FDA calls these products Plant-Based Milk Alternatives (PBMA). There are many different PBMA’s on the market, because there are a wide array of sources that can be used to produce PBMA’s and methods for processing. Some of the most popular examples of PBMA’s include oat milk, almond milk, and soy milk, but there are many PBMA’s made from other nuts, seeds, and alternative sources. PBMA’s are currently in the news because the FDA has just released draft labeling guidance (guidance) and recommendations for nutrition fact labeling. This draft guidance applies to any PBMA that uses “milk” in its name. The FDA’s draft labeling guidance will likely help educate more consumers on PBMA’s and their nutrition facts, hopefully leading to generally more informed consumers and labeling transparency.
Who has ownership rights to AI generated content?
ChatGPT, like other generative AI technology, relies on what it’s “fed” when “spitting out” responses or data. For example, if ChatGPT briefs a case for a law student, this is because someone inputs all the relevant information into ChatGPT at an earlier time. If someone asks ChatGPT to brief that same case and another case in one response; the software would take the one case’s information from the place it was provided, and combines it with the information found in the other place where the second case was found. All in all, ChatGPT is limited in response to what it has been “told” at an earlier time. Think something like a Parrot. Parrots are well known as a species of bird that can repeat the sounds and words that someone says in their vicinity.
Red No. 3 – The Carcinogenic Color
Consumers read product labels regularly to educate themselves on ingredients they are putting on or in their body. More likely than not, most consumers have read a label before and seen “RED 3” as an ingredient, often listed at the end of the lengthy list. What most consumers fail to recognize is what exactly “RED 3” is and the potential hazard it can pose to their health. While the Food and Drug Administration has requirements in place restricting the use of this color additive in cosmetics, it is still permitted to be used in food and drug products despite scientific findings of its cancer-causing effects.
EPA Finalizes Rule Requiring Reporting of “Forever Chemicals”
On September 28, 2023, the U.S. Environmental Protection Agency (EPA) finalized its rule for manufactures of per- and polyfluoroalkyl substances (PFAS), which requires that these manufacturers provide information about what chemicals and the amount that they produce. Effective November 13, 2023, persons that manufacture, have manufactured, or have imported PFAS in any year since January 1, 2011, will now be required to report a wide range of information of PFAS including chemical identity and structure, uses, production volumes, exposures, by-products and health and environmental effects. EPA is taking this action not only to fulfill its obligations under the Toxic Substances Control Act (TSCA) Section 8(a)(7), but also to address this legacy pollution that has been, and continues to be, endangering people across the nation.
Chevron Showdown: Is it the End of a Judicial Doctrine’s Era?
Jason Velligan Associate Editor Loyola University School of Law, JD 2024 Regulatory and legal professionals who understand and work to influence government agency rulemaking are most likely familiar with the Chevron deference. The statute gives an agency the authority or power to engage in rulemaking by issuing regulations. Rule and regulation are often used interchangeably …
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The Approval of Lab-Grown Meat: How Will it be Regulated?
Lab-grown meat, also known as cultured or cell-based meat, is recognized as a revolutionary innovation in the food industry. Lab-grown meat has garnered significant attention and investment because it offers a more sustainable alternative to traditional livestock farming. However, behind the promise of this cutting-edge technology lies a complex web of regulatory and compliance challenges that must be addressed to ensure its successful integration into the market.
No “Moore” Realization Events?
In June 2024, the Supreme Court will decide on a case that may completely upend one third of the Internal Revenue Code (IRC). Moore v. United States calls into question whether the 16th Amendment authorizes Congress to tax unrealized gains without apportionment among the states.
U.S. Auditing Watchdog’s Inspections Program Needs Work
The Public Company Accounting Oversight Board (PCAOB) inspects the audits of U.S public companies, and according to former inspectors for the PCAOB the inspection process needs improvement. The SEC and the Sarbanes-Oxley Act empower the PCAOB to establish auditing standards through inspections and compliance reports. The former inspectors criticized the reports produced and call for a wider scope in the process, more details, and for the reports to be released in a timely manner. While the PCAOB is in the middle of a transformation under current PCAOB Chair Erica Williams, the transformation is largely focused on making inspections more efficient. Hopefully, the call to action by former inspectors will result in improved reports by inspectors. For investors, having more context on how the inspection went and being able to review how the PCAOB measures audit quality would allow them to make more informed decisions.