INSIDE COMPLIANCE – Page 33 – Loyola University Chicago School of Law

Regulating the Unregulated: Where is Cryptocurrency Headed?

September 30, 2022Finance & Banking

While over 10 years have passed since Satoshi Nakamoto first introduced Bitcoin, digital currencies continue to remain unregulated by financial authorities despite a number of challenges that have plagued consumers and the government: the Silk Road, fraud, and various other financial crimes. Additionally, many consumers invest in cryptocurrencies because they are not controlled by any central government monetary policies. However, cryptocurrency investors are also at risk of their money losing its value when the market takes a tumble, as evidenced by the recent current cryptocurrency downturn. Despite these continued challenges, imposing regulations on cryptocurrencies has proven to be difficult. Until President Biden’s Executive Order, issued on March 9th of this year, the White House steered clear of recognizing digital assets as a valid form of currency. The President’s Order explicitly recognized the need for research and policy implementation across various government agencies in order to shape the way cryptocurrencies are regulated.

Banking/FinanceCryptocurrencyDigital AssetsExecutive OrdersRegulation

Considerations for Employer-Provided Abortion Benefits

September 30, 2022Uncategorized

Following the ruling of Dobbs v. Jackson Women’s Health Organization and subsequent reversal of Roe v. Wade, employers have begun to re-strategize how to help their employees legally access abortions. Several U.S. companies, including Amazon, Meta, Apple, and Microsoft, have released statements that they will cover transportation costs to other states for employees seeking an abortion.

abortionERISAHealth InsuranceTransportation

Jarksey v. SEC and the Future of Administrative Adjudications

September 29, 2022Finance & Banking, Fraud & Abuse

On May 18, 2022, the United States Court of Appeals for the Fifth Circuit issued a novel and divisive decision that greatly restricts the administrative enforcement powers of the SEC and its use of Administrative Law Judges (ALJs) in Jarksey v. SEC. Although much deliberation has been had over the implications and immediate impact of this ruling, the takeaway is that the Securities and Exchange Commission (SEC) may be facing significant challenges to its internal enforcement procedures in the near future.

Dodd-FrankfraudSECSupreme Court

Technology Giants Facing Historical BIPA Violations

September 28, 2022Uncategorized

A settlement has been reached in a $100 million dollar class action lawsuit against Google impacting an estimated 1.4 million Illinois resident users. The order comes as a result of Rivera, et al. v. Google LLC , where users photographs appeared in the storage application service, known as Google Photos, without having acquired proper consent nor provided notice to its users. Google is only one of many technology giants joining trending litigation in violation of the Biometric Information Privacy Act (BIPA). While this settlement is one of the largest in Illinois to date, one can expect there to be more class-action lawsuits on the way.

big techBiometric Information Privacy ActBIPAFacebookgoogleLitigationPrivacy & Securitytechnology

Employment Contracts: The History of Non-Compete Agreements and the Future of Garden Leave Provisions

September 28, 2022Finance & Banking

Non-competes are a traditional approach for employers seeking to place a restrictive covenant on an employee post termination or resignation. Recent studies show as high as 39.8 percent of all private sector employers are requiring non-competes, regardless of age or position. These agreements are typically signed by an employee near the date of hire, or over the course of employment, and typically limit the employee from working for or with competitors post-employment; sometimes even placing further restrictions regarding geographical areas or time periods.

Banking/FinanceEmploymentEmployment AgreementsGarden Leave Provisions

The Long Road Toward Federal Data Privacy

September 28, 2022Uncategorized

In June of this year, the U.S. House Committee on Energy and Commerce’s Subcommittee on Consumer protection and Commerce met regarding the American Data Privacy and Protection Act (ADPPA). At this meeting the committee members highlighted that this bill, seeking to establish federal data privacy, is intended to be a compromise on the topic of federal privacy legislation as committee members from both sides agree that a federal privacy act is necessary.

consumer protectiondata privacyLegislationPrivacy & Security

Are Tighter Gun Regulations the Answer to Combating Gun Violence?

September 28, 2022Uncategorized

Taelor Thornton Associate Editor Loyola University Chicago School of Law, JD 2024 On May 14, 2022, a gunman opened fire with a legally obtained AR-15-style rifle at a supermarket in Buffalo, New York, killing 10 people. Ten days later, an 18-year-old gunman killed 19 children and two teachers at Robb Elementary School in Uvalde, Texas. …
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gun controlRegulation

Largest Alleged Violation in FEC History – Investigation Blocked, Case Closed

September 23, 2022Finance & Banking

In June, the Federal Elections Commission (FEC) announced that they would not investigate allegations that two of former President Trump’s campaign committees illegally misreported hundreds of millions of dollars in spending. If true, these allegations would constitute the “largest alleged violation in FEC history” according to FEC Commissioner Ellen L. Weintraub. The initial complaint alleged that the committees failed to disclose payments to friends and family members of the former President, such as Lara Trump, who is Trump’s daughter-in-law, and Kimberly Guilfoyle – Donald Trump Jr.’s fiancé. In it’s decision, the FEC’s Republican Commissioners voted not to investigate the matter, which is therefore no longer being pursued. This situation illustrates how the FEC has consistently failed to investigate the Trump reelection campaign for alleged violations of campaign finance law.

Campaign FinanceElectionsenforcementFECfinanceRegulationTrump

Digital Footprints in the Post-Roe Era

September 23, 2022HIPAA & Health Information

On June 24, the Supreme Court officially overturned Roe v. Wade. In doing so, it declared that there was no longer a constitutional right to abortion, allowing state police power to determine its legality. Immediately after this decision, trigger laws went into effect across a quarter of the states, making abortions illegal. Post Dobbs, information collected on personal devices, especially through period-tracking and telemedicine apps, is at risk of being exposed and utilized as criminal evidence.

applicationsappsdata securitydigital healthhealth dataperiodperiod-trackingphonesprivacyPrivacy & Securityreproductive technologyRoe v. Wadetechnologytelehealthealth

DOJ’s Unveils New Tool to Fight Corporate Crime: Care About Compliance

September 23, 2022Uncategorized

In an effort to deter corporate crime, the Justice Department (DOJ) has implemented a new policy aimed at giving chief compliance officers more authority. Chief Compliance Officers (CCOs) may now need to certify the integrity of their compliance programs and be personally liable if their programs do not “reasonably prevent and deter compliance issues.” According to Brian Michael, a former chief compliance officer (CCO), some industry professionals fear that such a policy would place compliance officers in a position to be personally liable for decisions that they have little say over. There is also worry that implementing such a policy would place CCOs in direct conflict with senior executives. However, Kenneth Polite, assistant attorney general in charge of the DOJ’s criminal division, insists that the new policy will place CCOs in a better position to ensure the integrity of their compliance programs. Polite hopes to force corporations to invest in compliance now rather than pay later.

Biden Administrationcompliancecompliance officerDepartment of JusticeDOJRegulation