INSIDE COMPLIANCE – Page 59 – Loyola University Chicago School of Law

The Food Safety Modernization Act is Just the Beginning of the FDA Compliance We’ve Been Waiting For

April 27, 2018The Marketplace

Despite the United States having one of the safest food supplies in the world, more than 48 million Americans get sick from foodborne illnesses and diseases each year, and more than 128,000 are hospitalized and 3,000 die from similar issues that are largely preventable. On January 04, 2011 President Obama signed the Food Safety Modernization Act (“FSMA”) into law. This enactment was called the “most sweeping reform” of U.S. Food Safety laws in more than seventy years. But seven years later, the act is still only partially enforced as the FDA has faced resistance from the government as well as a lack of funding. The FMSA was and is intended to enable the FDA to protect the health of the public by strengthening the food system in the United States. While change and reform in the industry are necessary, what good are new reforms if they will not be enforced for years to come?

complianceCDCJournal of Regulatory ComplianceoutbreakfoodFMSAFDAillnessRegulation

Digital Realty Trust: Implications for Whistleblowers and the Compliance Department

April 26, 2018Uncategorized

In a 9-0 decision, the Supreme Court on February 22, 2018 decided Digital Realty Trust, Inc. v. Paul Somers, a case challenging the definition of a whistleblower under the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as Dodd-Frank. The court held that “Dodd-Frank’s anti-retaliation provision does not extend to an individual, like Somers, who has not reported a violation of the securities laws to the SEC [Securities and Exchange Commission].” This is a narrowing of the definition of whistleblower and as such has a number of implications for companies and their compliance departments.

EmploymentDigital Realty TrustDodd-FrankSOXwhistleblowerSarbanes-OxleyRegulation

IRS Offshore Voluntary Disclosure Program to Shutdown: The End of Amnesty for International Tax Evaders?

April 23, 2018Finance & Banking

The IRS has decided to shutdown its Offshore Voluntary Disclosure Program (OVDP) on September 28, 2018. The program offers amnesty from criminal prosecution and a set penalty structure for those who have previously failed to disclose foreign bank accounts and other foreign assets, including those held through undisclosed foreign entities. Failure to disclose could include failure to file the annual FinCEN Form 114,most commonly referred to as the foreign bank account report or “FBAR”, as well as the failure to report income from such accounts and assets on tax returns and the failure to provide various other foreign information forms and returns.

Bank SecrecyIRSInternational AffairsinternationalInternational Financeinternational taxOVDPForeign ReportingFBARtaxprivacy

New Senate Dealings Prepare to Ease Banking Regulations Under the Dodd-Frank Act

March 26, 2018Finance & Banking

New discussions in the U.S. Senate indicate a likely repeal of 2010’s controversial Dodd-Frank Act. Designed in response to the 2008 economic crisis, the Dodd-Frank Act implemented regulations on banks and lending agencies to provide greater financial stability and consumer protection. The fundamental purpose of Dodd-Frank was to increase oversight and transparency among financial institutions. However, the Dodd-Frank Act has been the target of much criticism, most notably that its imposed regulations stifle the growth of smaller institutions. As of March 2018, Senate discussions indicate an intent to lay the foundations to remove this regulation.

dodd-frank actDodd-FrankBankingMcConnellLegislationfinanceFederal ReserveFDICFederal Deposit Insurance CorporationStress Test

TAX TALK SERIES: IRS Clarifies Post-TCJA Confusion on Home Equity Interest

March 23, 2018Uncategorized

On December 20, 2017, Congress passed the Tax Cuts and Jobs Act (“TCJA”) designed to decrease the taxable rate for corporations and individuals, and significantly limited allowable deductions. Since this change to the Tax Code was one of the largest since the Reagan era, the Internal Revenue Service will need to publish many regulations and advisories in the coming months to better clarify provisions of the TCJA. This multi-part series will explore prominent IRS regulations and advisories as they relate to the TCJA, and what these regulations and advisories mean for both individual and corporate taxpayers.

advisoryIRSInternal Revenue Servicejobs acttax cutstaxTCJAtaxesregulatoryregulationsRegulation

Financing a Funeral: FTC Protection Against Providers

March 21, 2018Fraud & Abuse, The Marketplace

One of the most difficult things many of us will experience in our lifetime is the death of a loved one. Whether unexpected or a drawn out farewell, it is a situation no one can be full prepared to handle. In this moment of extreme vulnerability, most people begin the process of planning a funeral. Society has placed an incredible amount of faith in funeral directors to make sure the wishes of our loved ones are met and insure a memorable service for the living. However, this is not always the case.

cremationGeneral Price ListFTCFROPFuneral Rule Offenders ProgramFuneral RulefuneralFederal Trade Commission

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.

Consumer Financial Protection Bureaudepartment of financial servicesanti-money launderingBanksBanking RegulationBankingmoney launderingfinancial regulationfraud and abusefinanceFederal Financial Institutions Examinations Councilpublic 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.

electric vehiclecarsaviationautoFAATransportationVTOLuber

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).

CultureArtsCalOPPABiometricBiometric Information Privacy ActBIPAFace IDIllinoisgoogletexasWashingtonPrivacy PolicyPrivacy & Securityselfie

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.

collectionsenforcementIRStax enforcementtaxRegulation