INSIDE COMPLIANCE – Page 62 – Loyola University Chicago School of Law

Market Giants Move to Redesign Healthcare

March 6, 2018Uncategorized

In January 2018, Warren Buffet, Jamie Dimon, and Jeff Bezos announced that Berkshire Hathaway, JP Morgan Chase, and Amazon would partner together to form a non-profit company aimed at improving the United State healthcare system and combating ever-increasing costs. The idea for the project came about from the ongoing discussion between the three CEOs regarding providing healthcare for their, collectively, approximately 840,000 employees. Even though details are scarce, given the importance of the issue and the prominent names attached to this project, the press, the public, and the market have reacted accordingly. In other words, people are scrambling to figure out what this might mean for their companies and our healthcare system as a whole.

DimonamazonACABuffettBerkshire HathawayBezosJP Morgan ChaseHealth Insurancehealthcarestocks

TAX TALK SERIES Understanding Notice 1036: IRS Adjusted Withholding Tables to Accommodate New Tax Plan

March 2, 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 to limit 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 in the coming months to better clarify provisions of the TCJA. This multi-part series will explore prominent IRS regulations as they relate to the TCJA, and what these regulations mean for both individual and corporate taxpayers.

EmploymentIRStax cutstaxTCJAwithholdingregulatory agencyregulatory

Unprecedented Federal Reserve Decision Foreshadows New Compliance Expectations for U.S. Banks

February 28, 2018Finance & Banking

Following the 2016 Wells Fargo scandal in which the bank opened millions of unauthorized bank and credit card accounts to collect fees, federal regulators have worked to address and respond to the corporation’s illegal conduct. On February 2nd, 2018, the U.S. Federal Reserve imposed unprecedented restrictions against Wells Fargo & Co. when it capped the bank’s growth for 2018 such that it could not exceed the total assets owned at the end of 2017. This restriction marks a substantial departure from previous penalties issued for improper compliance. Changes in policies and procedures and this novel punishment reflect a notable shift in the national bank’s expectations of corporate directors.

Corporate ComplianceConsumer Financial Protection BureauDirectorsAccountabilityCFPBBankingJanet YellenJerome PowellOfficersfinanceFederal ReserveWells FargoPolicy PredictionSanctionsRegulators

Doing the Right Thing: Labor Force Compliance

February 27, 2018Uncategorized

Corporate compliance professionals will often define compliance as “doing the right thing.” Indeed, both compliance professionals and scholars agree that ethics are an important aspect of effective compliance programs. This is particularly true when it comes to compliance with forced labor regulations. Using forced labor can be appealing to companies seeking to reduce their operating costs and increase profits. However, in the face of a toxic business culture that values maximizing profits, compliance professionals must convince their colleagues that forced labor is not worth the savings in operating costs.

compliance programEmploymentLabor ComplianceNikeNestleForced LaborHuman RightsVictoria's SecretWhole FoodsPrison LaborSlave Labor

Cannabusiness – Banking in California

January 14, 2018The Marketplace, Drugs & Devices

In November of 2016 voters in California passed the Adult Use of Marijuana Act which legalized the sale and use of marijuana throughout the state, similarly to states such as Colorado and Washington. Starting January 1, 2018, it will be legal to go to a licensed dispensary and purchase marijuana for personal use, without needing a medical marijuana card. However, marijuana possession or use is still a federal offense; navigating the new law can be hazy.

californiacannabisBankingAUMAmarijuanaFDICtaxesweedpublic bankRegulation

SEC set to change how investors elect board members

October 28, 2016The Marketplace, Finance & Banking

Gilbert Carrillo Executive Editor Loyola University Chicago School of Law, J.D. 2017 The Securities and Exchange Commission (SEC) is expected to propose new rules that would make it easier for shareholders to vote on board candidates nominated by investors, versus those pushed by the company’s management. What impact could this have on compliance departments? …
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corporate electionsSECshareholders

Theranos: New Compliance Program Hopes to Save the Company

October 3, 2016The Marketplace, Drugs & Devices

Gilbert Carrillo Executive Editor Loyola University Chicago School of Law, JD 2017 Edmund Tyrrell Associate Editor Loyola University Chicago School of Law, JD 2018 Theranos, the American health-tech and medical-lab-services company, recently hired two executives to oversee regulatory compliance standards. The executives were hired following Theranos receiving multiple sanctions from U.S. regulators about the …
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compliance programmedical deviceFDATheranos

Mylan Medicaid Fraud Investigations

September 30, 2016The Marketplace, Drugs & Devices

Kaitlin Lavin Executive Editor Loyola University Chicago School of Law, JD 2017 Mylan has already been under public scrutiny for increasing the price of its EpiPen allergy shots. Last week the State of West Virginia launched a Medicaid fraud investigation questioning Mylan’s price hike and compliance with drug rebate laws. Mylan Pharmaceuticals participates in …
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EpiPendrug pricingMylan PharmaceuticalsFDApharmaceutical

CMS Issues Proposed Rule Addressing Multiple Fraud and Abuse Concerns

September 28, 2016Uncategorized

Kaitlin Lavin Executive Editor Loyola University Chicago School of Law, JD 2017 The Centers for Medicare and Medicaid Services (CMS) recently proposed a new rule in the Federal Register that addresses changes in Medicare payment policies. The proposed rule aims to inform providers of proper billing practices and prevent fraud and abuse. This post …
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CMSDiabetes Prevention ProgramACOMedicare AdvantageHealth Insurancestarkself-referralRegulationrulemaking

Medicare Advantage Audits Reveal Alleged Rampant Upcoding

September 26, 2016Fraud & Abuse

Kaitlin Lavin Executive Editor Loyola University Chicago School of Law, JD 2017 Last month, the Center for Public Integrity obtained over three-dozen new Medicare Advantage (MA) audits through a lawsuit brought under the Freedom of Information Act. The audits indicate that overcharging is still a pervasive problem in the MA Program because Medicare Advantage …
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CMSauditMedicare AdvantageGAOupcodingrisk adjustment data validation