INSIDE COMPLIANCE – Page 42 – Loyola University Chicago School of Law

A Potential Strike May Impact Hollywood

October 6, 2021The Art of Compliance

The biggest industry strike among Hollywood production workers since World War II may be impending. On October 4, 2021, the International Alliance of Theatrical Stage Employees (IATSE) announced that members overwhelming granted the union’s president the authorization to strike against the Alliance of Motion Picture and Television Producers (AMPTP). The crux of the demands by the union revolves around increasing workers’ quality of life. Average working days consist of fourteen hours or more, with meal breaks often avoided, leaving little to no personal life outside of the industry.

#IATSEstrikecomplianceentertainmentFLSA

FDA-USPTO Collaboration and Bipartisan Efforts to Lower Drug Prices

October 5, 2021Drugs & Devices

The Food and Drug Administration (FDA) has partnered with the Patent and Trademark Office (USPTO) to address the high cost of prescription drugs. While the FDA possesses the authority to approve generic, lower cost drugs, the USPTO has an important and symbiotic role in bringing affordable drugs to market by blocking anti-competitive patent extensions. FDA-USPTO collaboration has gained congressional support and is the subject of key pieces of new legislation.

BipartisanDrug ManufacturersFDAGeneric DrugsJournal of Regulatory ComplianceRegulationUSPTO

Coronavirus, Compliance, and the Brokerage Industry

October 5, 2021Finance & Banking

COVID-19 has ushered in a new era for the brokerage industry as financial advisors and professionals across the world have been exiled from regional offices in favor of remote work. Numerous financial advisors may continue working remotely whether due to a novel sense of autonomy, elimination of a commute, or perceived increase in productivity. However, the remote-work era has introduced a plethora of compliance-related issues throughout the brokerage industry. Brokers working remotely possess additional independence to determine when to work and how to communicate with clients, which heightens compliance risks because firms are not able to monitor employees as stringently as they were before COVID-19. Federal regulators, including the Financial Industry Regulatory Authority (FINRA), are responding to newfound compliance risks by issuing updated guidance and investigating potential violations throughout the brokerage industry.

broker-dealerCOVID-19financeFinancial services complianceFINRA

From Beans to Banking

October 4, 2021Finance & Banking

Starbucks. What comes to mind? Expensive coffee in a nice atmosphere? Mermaids? A warm pumpkin spice latte? Perhaps. However, the words “billion-dollar bank” likely do not cross anyone’s mind. As wild as it seems, the huge coffee company actually has $1.5 billion in assets, an amount larger than eighty-five percent of the banks in the United States. Not only is Starbucks flush with cash, but, unlike actual banks, it can use this money to invest in other ventures, invest in the marketplace, or expand its business. This begs the question, is Starbucks merely a coffee company or will it join the ranks of Bank of America and Citibank?

BankingBitcoinCoffeefinanceFintechJournal of Regulatory ComplianceRegulationStarbucks

Illinois Energy Code Compliance: A Lost Cause?

September 30, 2021Uncategorized

The International Code Council (ICC) originally adopted the International Energy Conservation Code (IECC) in 2000. The 2021 IECC addresses energy efficiency on several fronts including cost, energy usage, use of natural resources, and the impact of energy usage on the environment. As of June 2019, Illinois has adopted a statewide commercial and residential building code based off the 2018 IECC. This Illinois Energy Conservation Code (Illinois Energy Code) was implemented with the belief that buildings built in compliance with these energy performance standards would see annual energy costs reduced by approximately thirty percent.

building codeclean energyEnergyEnergy Complianceenforcementinspection

Should The US Implement More Federal Data Privacy Laws

September 29, 2021Uncategorized

While the United States does have some federal data privacy regulations in place, the most comprehensive regulations exist at the state level with a degree of variation of protection from state to state. Recently, more conversations are being had about whether the United States should implement more federal data privacy laws. Proponents say they would likely use something equivalent to the European Union’s General Data Protection Regulation (GDPR), which focuses on regulating consumer data privacy and protecting consumers from data breaches. This is especially significant because states are taking matters into their own hands by passing state data privacy regulations that all vary slightly, which could become confusing for companies trying to be compliant with more than one.

compliancedata privacydata privacy lawsdata securityfederal data privacy lawsGDPRJournal of Regulatory Compliance

Data Brokers: How Much is Your Fourth Amendment Right Worth?

September 28, 2021Uncategorized

The ability to purchase private data through commercial data brokers has become increasingly easy. Data brokers originally gained popularity as a way to assist marketing and advertisements, allowing companies to better communicate with their consumers. Lawmakers worry data brokers’ products have begun to cater towards law-enforcement, causing constitutional concerns.

Journal of Regulatory CompliancePrivacy & Security

Landmark Settlement for a Privacy Violation Brings Big-Tech to its Knees

September 27, 2021Uncategorized

On Friday, February 26, 2021, U.S. District Court Judge James Donato approved a 650 million-dollar settlement against tech giant Facebook for violating the Illinois Biometric Information Privacy Act. Chicago attorney Jay Edelson filed the class action lawsuit in 2015, alleging that Facebook had failed to obtain consent from users before using facial recognition technology to scan and digitally store uploaded photos.

BiometricsBIPAdata collectionFacebookprivacyPrivacy & Security

Nevada Limited English Proficiency Consumer Law Taking Effect October 1, 2021

September 24, 2021Finance & Banking

A new Nevada law will take effect October 1, 2021 aimed at ensuring that all consumers are protected from unfair and deceptive business acts and practices, regardless of their proficiency with the English language.

consumer protectionLEPLimited English ProficiencyNevadaNV LEP LawRegulation

New Body-Worn Camera Requirements in Effect for New Jersey Police

September 24, 2021Uncategorized

On June 1, 2021, a new policy went into effect in New Jersey, requiring police officers to wear body cameras. In November 2020, Governor Phil Murphy signed legislation mandating and regulating law enforcement officers’ use of body-worn cameras during encounters with the public. Specifically, the governor signed two bills: S1163 and A4312. The former establishes the requirement for officers to wear body-cameras, while the latter regulates their use. These bills have received support from both law enforcement officials and civilians.

Regulation