INSIDE COMPLIANCE – Page 26 – Loyola University Chicago School of Law

TikTok’s Time is Ticking

April 5, 2023Uncategorized

TikTok is making American headlines once again. Calls to ban the app have been revived by groups of bipartisan legislators. President Biden has threatened to ban TikTok from American digital markets over concerns for how the social media app handles domestic data. Former President Donald Trump attempted to ban the app in the US in 2020, but the ban was ultimately unsuccessful. However, pundits continue to debate whether regulators, legislators, or the President have the power to enforce a TikTok ban

ByteDanceBidenLitigationJournal of Regulatory Complianceexecutive orderTikTokRegulation

Equitable Offerings: Patient Access to Electronic Health Information

April 5, 2023Uncategorized

In 2014, the Centers for Medicare and Medicaid Services and the Electronic Health Record Incentive Programs set guidelines requiring all eligible and participating hospitals and providers to offer certified technology that would give patients access to their electronic health information (EHI). By 2020, 57% of the population reported being offered access to their EHI via portal by their healthcare provider, which constitutes a 24% increase since it was first required. However, recent studies have found that there are disparities in who is being offered access to the EHI, specifically in the Black and Hispanic communities. These disparities must be addressed to promote improved health for the general population and health equity.

Journal of Regulatory Compliance

The FDA Steps in to Stop Unlawful Tranquilizer Imports

March 31, 2023Uncategorized

The FDA has taken action to stop the unlawful importation of a drug called xylazine by announcing on February 28 that they have issued an Import Alert for drug products or ingredients that have xylazine active products within them. Xylazine is a drug used in the veterinary field and is contained in drugs that sedate animals such as horses and deer (animal tranquilizers). It has increasingly been found within drugs in the illegal drug trade and has been linked to overdose deaths all over the country including California and Pennsylvania. The FDA’s action is part of its initiative to protect public health and stop the presence of xylazine in the nation’s illicit drugs.

DrugsDEAJournal of Regulatory ComplianceFDAimport alerttranquilizerXylazine

U.S. Regulators are Employing New Strategies to Crack Down on Historically Challenging Insider Trading Cases

March 31, 2023Uncategorized

In the past, insider trading cases have been considered difficult to prove and prosecute. These cases usually require extensive evidence-gathering coupled with a high burden of proof. However, the Securities and Exchange Commission (SEC) and Justice Department are now turning to new developments in technology and regulatory efforts that have led to an increased focus on investigating and prosecuting insider trading cases. Why were these cases hard to prove in the past and what exactly are these new technologies?

complianceenforcementDepartment of JusticeFinancial CrimefinanceInsider TradingSECRegulationRule 10b5-1

Federal Response to the Collapse of Silicon Valley

March 30, 2023Finance & Banking

The collapse of Silicon Valley Bank (SVB), the 16th-largest bank in the United States, in early March of this year is considered the biggest bank failure since the fall of Washington Mutual during the 2008 global financial crisis. After 40 years of success, the bank collapsed swiftly and unexpectedly. The collapse has ricocheted through the industry, provoking bank closures, rattling the global markets, and threatening the livelihood of startups. The Federal government has not only intervened and taken over the bank, but prosecutors and regulators from the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) have initiated preliminary investigations. Inevitably the collapse will cause regulators to revise the current banking rules and pursue stricter regulation in order to prevent the demise of other banks and a financial crisis.

Department of JusticeDOJBanking RegulationFDICSEC

The First Federal Regulation of “Forever Chemicals” in Drinking Water

March 29, 2023Uncategorized

On March 14, 2023, the Biden-Harris Administration and the EPA announced a proposed rule for regulating public drinking water called the PFAS National Primary Drinking Water Regulation (NPDWR). If finalized, this rule would be the “first-ever national drinking water standard” by regulating chemicals in drinking water. Although many supporters praise the proposed rule, critics wonder whether the federal government is providing public water systems and municipal utilities with enough resources to implement the rule and succeed.

Journal of Regulatory Compliance

Shifting the Burden of Corporate Misconduct Onto Individual Wrongdoers

March 29, 2023Uncategorized

The Department of Justice (DOJ) recently took several steps to strengthen its fight against white-collar crime. In its attempt to promote corporate compliance, the DOJ announced last September that it would focus on two policies: (1) voluntary self-disclosure and (2) compensation incentives with the use of clawbacks. Since then, every U.S. Attorney’s Office has adopted the first policy, a voluntary self-disclosure program. For consistent application of the policy throughout the nation, all the voluntary self-disclosure programs have a common basis: where a company has voluntarily self-disclosed a violation, cooperated, and remediated the issue without other aggravating factors, the DOJ will not seek a guilty plea. Now, on March 2, 2023, U.S. Deputy Attorney General, Lisa Monaco, announced that the DOJ is ready to launch its second policy through a Compensation Incentives and Clawbacks Program (CICP). This pilot program shifts the responsibility of corporate violations from shareholders onto individual wrongdoers, but it is unclear how effective it will be at promoting compliance.

compensation clawbackDepartment of JusticeDOJincentiveswhite-collar crime

The Committee on Foreign Investment of the U.S. Cracks Down on Tiktok: Is a Potential Ban on the Horizon?

March 28, 2023National Security

Since 2019, TikTok and ByteDance, its parent company, officials have been negotiating with the Committee on Foreign Investment of the United States (CFIUS) regarding required technical safeguards they will need to adopt to be in compliance with US national security concerns. The popular social media app, which gained traction during the beginning of 2020 amidst the Covid-19 pandemic, has been scrutinized by many officials regarding concerns for user privacy. Currently, the Biden administration has been working to encourage TikTok’s Chinese owners to sell their investment in the app or face a potential national ban in the U.S.. However, Tiktok representatives argue this will not alleviate concerns about user data privacy.

Journal of Regulatory CompliancePrivacy & Security

Seattle Becomes the First U.S. Jurisdiction to Ban Caste Discrimination

March 24, 2023Uncategorized

On February 21, 2023, the Seattle City Council added caste to the city’s anti-discrimination laws, becoming the first U.S. city to ban caste discrimination and the first in the world to pass such a law outside South Asia. While the law seemingly only impacts employment practices in Seattle, employers outside of Seattle with large South Asian populations among their workforces should take note as other jurisdictions have begun to follow Seattle’s lead.

EmploymentEmployment LawDiscriminationcaste discriminationTitle VII

FTC Continues Investigation into Twitter’s Privacy Practices

March 23, 2023Uncategorized

Sophie Shapiro Associate Editor Loyola University Chicago School of Law, JD 2024 Over the past few months, the Federal Trade Commission (FTC) has begun an investigation against Twitter, specifically into Elon Musk’s personal role in various high-profile decisions including massive layoffs, rapid changes to Twitter’s features and the sharing of internal company records with journalists.

complianceFTCtwitterRegulation