Ballard Spahr LLP

Commercial Building Energy Compliance and Reporting Deadlines Approaching

Summary - A growing number of states and the District of Columbia have greenhouse gas legislation that includes a requirement for owners of certain commercial buildings to comply with state energy standards and to report…more

Climate Change, Commercial Leases, Commercial Property Owners, Energy Policy, Greenhouse Gas Emissions

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CFPB Releases Online Tool to Help Renters and Landlords Access Federal Assistance

The eviction moratorium set last September amidst the coronavirus pandemic expired July 31. Tenant nonpayment of residential rents has been an ongoing issue throughout the coronavirus pandemic, and could result in over 3.6…more

Consumer Financial Protection Bureau (CFPB), Coronavirus/COVID-19, Eviction, Landlords, Moratorium

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Mayor Bowser Proposes Important TOPA and ERAP Reforms

Finally, some potential good news for multifamily property owners and developers in DC. It appears that the discussions on reforming the Tenant Opportunity to Purchase Act (TOPA), as well as the Emergency Rental Assistance…more

Affordable Housing, Community Development, Landlords, Multi-Family Development, New Legislation

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Pennsylvania Office of Open Records Blasts Charter Schools

Charter school managers and officials should be aware that the Executive Director of Pennsylvania’s Office of Open Records has recently made public statements criticizing charter schools that take the position that they should…more

Charter Schools, Disclosure Requirements, Exemptions, Public Records, Right To Know

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CREFC Miami Takeaways

Days two and three of the CREFC Conference in Miami were active for the Ballard Spahr Team, with the highlight being our annual reception attended by more than 220 guests. In follow-up to our day one summary alert, we wanted to…more

Debt, Financial Services Industry, Lenders, Loans, Property Owners

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Every Default Counts: Ninth Circuit Rules Tenant Must Provide ‘Adequate Assurance of Future Performance’ to Assume a Lease Regardless of Materiality

Summary - A recent decision from the Ninth Circuit Court of Appeals illustrates the challenges faced by both bankrupt tenants and their landlords in the assumption of leases by tenants in bankruptcy proceedings. In the case…more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Debtors

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Stimulus Bill Adds New Disclosure Requirements for Consultants and Brokers to ERISA Health Plans

The new stimulus bill (the Consolidated Appropriations Act of 2021 or CAA) imposes new disclosure requirements for brokers and consultants providing services to ERISA health plans. The service providers are required to disclose…more

Consolidated Appropriations Act (CAA), Department of Labor (DOL), Disclosure Requirements, Employee Benefits, Employee Retirement Income Security Act (ERISA)

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Full Federal Circuit Eliminates “Improperly Rigid” Tests for Design Patent Obviousness

In an en banc decision, the Federal Circuit decided this week that well-established tests for determining design patent obviousness are “improperly rigid,” in violation of U.S. Supreme Court precedent such as KSR v. Teleflex,…more

Design Patent, En Banc Review, Intellectual Property Protection, Obviousness, Patent Applicants

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Financial Services trade groups call on CFPB to abandon its data broker proposed rule

Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is and…more

Consumer Financial Protection Bureau (CFPB), Consumer Privacy Rights, Data Brokers, Data Privacy, Fair Credit Reporting Act (FCRA)

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Proposed Joint Standards for Financial Regulatory Data Under FDTA by SEC and Agencies

The Financial Data Transparency Act (FDTA), passed as part of the National Defense Authorization Act for fiscal year 2023, aims to enhance the interoperability of financial regulatory data across nine federal agencies, including…more

Data Management, FDTA, Financial Regulatory Reform, NDAA, Proposed Rules

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Lion Elastomers Reinstates Atlantic Steel and its Progeny Providing More Protections for Worker Outbursts

On May 1, in its Lion Elastomers decision, the Board overruled Trump-era precedent (General Motors) that made it easier for employers to discipline workers for outbursts in the context of workplace activism and union-related…more

Discipline, Employer Liability Issues, NLRA, Protected Concerted Activity, Unions

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NFTs and Your Business – Separating Fact From Fiction

In this episode, our lawyers discuss non-fungible tokens, better known as NFTs – including defining what an NFT is and is not, how to create one and post it to a marketplace, and the rights and responsibilities of…more

Blockchain, Intellectual Property Protection, Non-Fungible Tokens (NFTs), Royalties

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Municipal Securities Regulation and Enforcement - 2024 Mid-Year Review

In the first half of 2024, the Financial Industry Regulatory Authority (FINRA) issued several fines and suspensions against participants in the municipal market, including for violations of its registration, reporting,…more

Broker-Dealer, Department of Justice (DOJ), Financial Industry Regulatory Authority (FINRA), Financial Institutions, Financial Regulatory Reform

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DOJ's Revisions to the Corporate Enforcement Policy Incentivize Self-Reporting of Misconduct

Summary - The Department of Justice (DOJ) last week issued revisions to the Criminal Division’s Corporate Enforcement Policy that incentivize companies to promptly self-disclose corporate misconduct, cooperate with the DOJ, and…more

Corporate Crimes, Corporate Misconduct, Department of Justice (DOJ), FCPA Corporate Enforcement Policy (CEP), Federal Sentencing Guidelines

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South Carolina enacts Servicemembers Civil Relief Act

On April 26, the South Carolina Servicemembers Civil Relief Act (the “Act”) was signed into law and went into immediate effect. The Act seeks to “expand and supplement” the federal Servicemembers Civil Relief Act (“SCRA”), and…more

Consumer Financial Products, Consumer Lenders, Financial Services Industry, Military Service Members, New Legislation

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Arizona Court of Appeals Declares Trial Court's Media Restrictions Unconstitutional

The Arizona Court of Appeals issued a unanimous opinion late last month reaffirming the strict requirements for limiting the media's ability to disseminate public information and strongly cautioning trial courts against imposing…more

Appeals, Criminal Prosecution, Name and Likeness, News Stories, Public Information

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Freddie Mac closes first direct purchase of a tax-exempt loan

Freddie Mac recently closed its first direct purchase of a tax-exempt loan. The loan financed the acquisition and rehabilitation of a 417-unit senior housing community in Dayton, Ohio known as The Lakewoods. The deal represents…more

Freddie Mac, HUD, Loans, Real Estate Market, Tax Exemptions

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Arizona Court Consolidates ADA Lawsuits

The number of claims under the design and construction requirements of the Americans with Disabilities Act (ADA) continues to increase, but a recent development in Arizona may slow this trend. The Arizona Attorney General has…more

Accessibility Rules, Americans with Disabilities Act (ADA), Disability, Disability Access Claims, Disability Discrimination

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HUD Programs During a Government Shutdown

The 2024 Federal Fiscal Year (FFY2024) begins on October 1, 2023, and as of the writing of this Alert, Congress has not passed and the President has not signed a bill to provide funding for FFY2024. As a result, federal…more

Administrative Agencies, Federal Funding, Fiscal Year, Government Shutdown, HUD

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On Eve of New Administration (and new Board Composition), NLRB Limits Employer’s Ability to Make Unilateral Changes

On Tuesday, December 10, the National Labor Relations Board (NLRB) issued a decision that will make it more difficult for a unionized employer to make unilateral changes to working conditions. The decision, Endurance…more

Collective Bargaining, Employees, Employer Liability Issues, Federal Labor Laws, Labor Reform

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New California Landlord Disclosure Requirements Effective July 1

Two new landlord disclosure requirements become effective in California on July 1, 2013. One requires that all new commercial leases state whether the property has been inspected for disability access—and if so, the results. The…more

Certified Access Specialists, Commercial Leases, Compliance, Disability, Disclosure Requirements

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COVID-19 Impacts on Representations & Warranties Insurance Coverage in M&A Transactions

As the number of confirmed coronavirus (COVID-19) cases and related business disruptions continue to rise, representations and warranties insurers have begun to address the new market concerns posed by the virus with changes to…more

Business Interruption, Business Losses, China, Coronavirus/COVID-19, Infectious Diseases

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Pa. Superior Court Affirms Punitive Damage Award in Breach of Noncompetition Agreement

The Pennsylvania Superior Court has affirmed a lower court ruling that assesses punitive damages against several individuals and their new employer resulting from their en masse departure from a previous firm and, in the…more

Breach of Contract, Contacts List, Corporate Counsel, Non-Compete Agreements, Non-Solicitation Agreements

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Colorado FAMLI Act Compliance Required

Summary - As of January 1, 2023, all Colorado employers are required to post or otherwise provide employees with the state-issued FAMLI Program notice and also begin deducting employees’ shares of FAMLI Program premiums from…more

Employee Benefits, Employer Liability Issues, Paid Family Leave Law, Paid Leave, State Labor Laws

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State Legislatures Tackle Sexual Harassment in the Workplace

More than 100 bills or resolutions related to sexual harassment and workplace misconduct have been introduced during the 2018 state legislative session, according to the National Conference of State Legislatures…more

Civil Rights Act, Corporate Culture, Employer Liability Issues, Hostile Environment, Legislative Agendas

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The Sum of the Parts ≠ the Whole? SCOTUS on Samsung v Apple

The U.S. Supreme Court unanimously overturned a $400 million damages award against Samsung for infringing Apple's smartphone design patents. In a decision that upsets a long-standing rule for calculating damages for design…more

Apple, Apple v Samsung, Cell Phones, Design Patent, iPhone

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Federal Reserve’s Municipal Liquidity Facility: Arizona Impact

On April 9, 2020, the Municipal Liquidity Facility (MLF) was established pursuant to Section 13(3) of the Federal Reserve Act to assist States and certain local governments with their increased liquidity needs due to the…more

Coronavirus/COVID-19, Federal Loans, Federal Reserve, Liquidity, Municipal Liquidity Facility (MLF)

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Supreme Court to Resolve Circuit Split Over Filing Bankruptcy Proof of Claim on Time-Barred Debt

The U.S. Supreme Court granted certiorari last week in Midland Funding, LLC v. Aleida Johnson, a decision of the 11th Circuit that held that Midland’s filing of a proof of claim in the plaintiff’s bankruptcy case on a…more

Bankruptcy Code, Certiorari, Consumer Bankruptcy, FDCPA, Financial Institutions

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DE Supreme Court: Creditors’ Fraudulent Transfer Claims Are Direct, Not Derivative

Delaware’s Supreme Court recently clarified the difference between derivative and direct claims in the context of a dispute over whether creditors’ fraudulent transfer claims were covered by insurance policies applicable to…more

Bankruptcy Code, Bankruptcy Court, Chapter 11, Creditors, DE Supreme Court

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Private Funds, ‘Greenwashing,’ and Crypto-Assets are Among SEC’s Top Examination Priorities in 2022

Summary - The U.S. Securities and Exchange Commission this week published its 2022 Examination Priorities report. This year, the SEC’s Division of Examinations plans to prioritize scrutiny of Private Funds; Environmental,…more

Broker-Dealer, Corporate Counsel, Environmental Social & Governance (ESG), Form CRS, Investment Adviser

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DOJ Upends FARA Regulations With New Notice of Proposed Rulemaking

The U.S. Department of Justice (DOJ) published its long-awaited Notice of Proposed Rulemaking (NPRM) on January 2, 2025, amending decades-old regulations issued under the Foreign Agents Registration Act of 1938 (FARA) and…more

Department of Justice (DOJ), Disclosure Requirements, Foreign Agents, Foreign Agents Registration Act (FARA), National Security

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New Utah Law Prohibits Unequal Treatment of Rental Units by Homeowners Associations

Recent revisions to Utah law clarify the role and authority of homeowners associations in restricting owners’ renting out of their units, and may require associations to take action to comply. House Bill 98, signed into law this…more

Amended Legislation, Condominiums, Homeowners Association (HOA), Rental Property

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Impact on Gift, Estate, and GST Taxes Under the Tax Cuts and Jobs Act (H.R. 1)

The tax law known as the Tax Cuts and Jobs Act (H.R. 1), signed by President Trump on December 22, 2017, contains important changes to provisions governing gift, estate, and generation-skipping transfer (GST) taxes..…more

Estate Planning, Estate Tax, Generation-Skipping Transfer, Gift Tax, Gift-Tax Exemption

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DOJ Final Rule Sets Deadline for State and Local Governments’ Online Application Accessibility

The Department of Justice’s (DOJ) final rule on the accessibility of web content and mobile apps under Title II of the Americans with Disabilities Act (ADA) goes into effect June 24, 2024. With limited exceptions, the rule…more

Americans with Disabilities Act (ADA), Department of Justice (DOJ), Disability Discrimination, Final Rules, Public Accommodation

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Reducing Defamation Risk From FINRA Form U5

There has been increasing concern about defamation cases against financial institutions based on statements made in Uniform Termination Notices for Securities Industry Registration (Form U5), required by the Financial Industry…more

Anti-SLAPP, Defamation, Disclosure Requirements, Financial Industry Regulatory Authority (FINRA)

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Pennsylvania Protects Press Freedom, Passes Anti-SLAPP Statute

Yesterday, July 17, 2024, Pennsylvania joins more than 30 states that have enacted anti-SLAPP laws, providing protection to journalists and media outlets from meritless claims…more

Anti-SLAPP, Attorney's Fees, Defamation, First Amendment, Free Speech

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Tax-Exempt Bond Community Considers New Bond Regulations

In a very busy end of the year, the IRS provided two new bond regulations: The final public approval (TEFRA) regulations and proposed reissuance regulations…more

501(c)(3), Bond Issuers, IRS, New Regulations, Public Finance

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Philadelphia Zoning and Land Use Update - November 2022

The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and building permits, regulation of construction work, and zoning and…more

Construction Project, Permits, Urban Planning & Development, Zoning Laws

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Federal Circuit Limits On-Sale Bar’s Reach

If you were concerned that outsourcing the manufacture of your invention before you filed your patent application triggered a "sale" that could put your patent at risk, you can rest easy. In The Medicines Company v…more

Abbreviated New Drug Application (ANDA), Generic Drugs, Hospira, On-Sale Bar, Patent Applications

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OCC wants its supervised financial institutions to play in a sandbox, too! But is it worth it?

The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision, and…more

Comment Period, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Federal Pilot Programs, Financial Institutions

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Second Circuit Affirms Fair Use in Google Books Decision

The Second Circuit Court of Appeals ruled today that Google's digitization of books for use in its Google Books and Google Books Library Project is not copyright infringement. The Court also ruled that providing a public online…more

Appeals, Authors, Authors Guild, Class Action, Copyright

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Are Whistleblower Protection Violations the New SEC Sweep?

The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages…more

Broker-Dealer, Dodd-Frank, Employees, Employment Contract, Enforcement Actions

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Standing Orders: Courts’ Nascent Governance of AI Practices

With AI use on the rise, judges across the country are updating their standing orders to address how the technology may (or may not) be used in their courtrooms. As rules regarding AI use make their way into more standing…more

Algorithms, Artificial Intelligence, Client Services, Innovative Technology, Judicial Proceedings

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Philadelphia Zoning, Land Use, and Construction Update

The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and building permits, regulation of construction work, and zoning and…more

Land Developers, Land Use Restrictions, Local Ordinance, Urban Planning & Development, Zoning Laws

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Arizona Passes New Law to Bolster Campus Free Speech

In the midst of heightened political activism among students and employees at academic institutions across the nation, Arizona has enacted legislation designed to protect free speech on its college campuses…more

Colleges, Educational Institutions, First Amendment, Free Speech, Freedom of Association

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Allegheny Port Authority’s BLM Mask Ban Likely Unconstitutional 

On June 30, the Third Circuit ruled that Allegheny Port Authority’s (Port Authority) policy prohibiting political and social adornments on employee uniforms is likely unconstitutional…more

Black Lives Matter, Employment Policies, Public Employees, Uniforms

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Supreme Court Affirms Lack of Enablement for Amgen’s Patent Claims

Summary - In Amgen v. Sanofi, the Supreme Court unanimously affirmed the District of Delaware and Federal Circuit findings that Amgen’s functionally defined patent claims to a class of therapeutic antibodies are invalid as…more

Amgen, Enablement Inquiries, Intellectual Property Protection, Patent Litigation, Patents

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New DOJ Memos Target Diversity, Equity, and Inclusion Practices Under Attorney General Pamela Bondi

Pamela Bondi, the newly sworn in Attorney General at the Department of Justice (DOJ), issued a flurry of memos and directives in her first 24 hours on the job. Building on President Trump’s executive orders related to diversity,…more

Affirmative Action, Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Educational Institutions

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EPA Proposes to Extend Air Transport Rule to Five More States

The Environmental Protection Agency (EPA) intends to require power plants and other stationary sources in five additional states to comply with the Good Neighbor Plan to ensure that these states do not unlawfully contribute to…more

Air Pollution, Air Quality Standards, Clean Air Act, Environmental Protection Agency (EPA), NAAQS

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U.S. Supreme Court Urges Resolution of Bankruptcy Disputes

The U.S. Supreme Court has provided new stimulus to the use of mediation in disputes over attorney fees in its June 15, 2015, decision in Baker Botts LLP v. Asarco. Baker Botts was employed by the bankruptcy debtor estate and,…more

Appeals, Attorney's Fees, Baker Botts v ASARCO, Bullard v Blue Hills Bank, Debtors

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Copyright Office Announces Potential New Option for Registration of News Sites

The U.S. Copyright Office is seeking public comment on its proposal to create a group registration option for “frequently updated news websites.”…more

Copyright, Copyright Infringement, Copyright Office, Intellectual Property Protection, Proposed Rules

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Attorney General Bondi Overhauls Justice Priorities

The new administration has signaled that the Department of Justice (“DOJ”) will significantly shift its approach to criminal corporate enforcement. Specifically, on February 5, 2025, newly-confirmed United States Attorney…more

Anti-Money Laundering, Corporate Governance, Corporate Misconduct, Criminal Prosecution, Department of Justice (DOJ)

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USDOT Implements Infrastructure Act’s Final Rules for RRIF and TIFIA Programs

The U.S. Department of Transportation (USDOT) announced its final rule amending the Railroad Rehabilitation and Improvement Financing (RRIF) and Transportation Infrastructure Finance and Innovation Act (TIFIA) programs to…more

Department of Transportation (DOT), Final Rules, Infrastructure, Infrastructure Financing, Infrastructure Investment and Jobs Act (IIJA)

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Creating a Social Network of Tax Savings: The Use of LLCs in Structuring Philanthropic and Public Good Activities

The use of a limited liability company (LLC) by Mark Zuckerberg and his wife Priscilla Chan as the vehicle for advancing of “philanthropic, public advocacy, and other activities for the public good” has recently received a great…more

Charitable Donations, Charitable Organizations, Limited Liability Company (LLC), Mark Zuckerberg, Tax Deductions

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Ninth Circuit Allows Leases To be Stripped in Section 363 Sale

Courts consistently have held that the sale of real property under the Bankruptcy Code cannot "strip off" the leasehold interests in that property. Until now, only one case held to the contrary and was generally considered an…more

Bankruptcy Code, Commercial Bankruptcy, Leases, Personal Property, Section 363

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SEC Risk Alert for Municipal Advisors Highlights Key Compliance Issues

Summary - The Security and Exchange Commission last month released a Risk Alert to notify municipal advisors of key compliance issues. The SEC’s Division of Examinations adds client disclosure concerns to the list of most…more

Compliance, MSRB, Municipal Advisers, Securities and Exchange Commission (SEC)

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Key Takeaways From the 2025 J.P. Morgan Health Care Conference

Cautious Optimism for Deal Making. The general consensus is that we will likely see an increase in M&A and capital market transactions in the life sciences sector in 2025…more

Acquisition Agreements, Artificial Intelligence, Biotechnology, Capital Markets, Data Protection

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White Paper: ESG Disclosure in Municipal Offerings

Environmental, Social, and Governance (ESG) bonds have generated increasing investor demand, media attention, and regulatory focus over the past several years. ESG bonds, broadly encompassing “green bonds” and “social bonds,”…more

Corporate Governance, Disclosure Requirements, Environmental Social & Governance (ESG), Green Bonds, International Capital Markets Association (ICMA)

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Is Private Equity “Ready for Warren?

Massachusetts Senator and presidential hopeful Elizabeth Warren released perhaps the most ambitious plan the country has ever seen with respect to regulation of the private equity and investment fund industry. She released her…more

Capital Gains, Carried Interest, Dodd-Frank, Elizabeth Warren, Financial Regulatory Reform

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Life Sciences Industry Update: 2024 Mid-Year Report

ARTIFICIAL INTELLIGENCE IN LIFE SCIENCES - Life sciences companies are forming AI-driven strategic collaborations with tech giants, creating synergy that promises to revolutionize the industry. Companies like NVIDIA,…more

Algorithms, America Invents Act, Artificial Intelligence, Bayh-Dole Act, Chevron Deference

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Sixth Circuit Sides with The New York Times in Defamation Suit

An article in The New York Times about controversy surrounding an Ohio State University cancer researcher was not defamatory because reasonable readers would understand it was “a standard piece of investigative journalism” that…more

Cancer, Defamation, Journalism, Motion to Dismiss, New York Times

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Digital Planning Podcast Episode: Planning for Your Digital Legacy

In this episode of the Digital Planning Podcast, Jen Zegel, Justin Brown, and Ross Bruch sit down with special guest, Richard Zack, CEO and Co-Founder of Eternal Me, to dive into the essential, yet often overlooked, topic of…more

Asset Management, Cryptocurrency, Digital Assets, Estate Planning, Investment Management

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The CTA at Two Months: Key Updates and Action Items

After years of anticipation, the Corporate Transparency Act (the CTA) officially went into effect on January 1, 2024. Now that we are two months into the CTA era, below are a few updates and recommended action items based on…more

Beneficial Owner, Congressional Authority, Corporate Transparency Act, Customer Due Diligence (CDD), Disclosure Requirements

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Antitrust Enforcement in the Procurement Space During the Second Trump Administration

Although the scope of federal antitrust enforcement under the second Trump administration remains uncertain, the Procurement Collusion Strike Force (PCSF) is expected to remain active. The PCSF, which was started by the first…more

Antitrust Division, Antitrust Provisions, Antitrust Violations, Bribery, Department of Justice (DOJ)

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U.S. Supreme Court restricts ability of federal courts to confirm or vacate arbitration awards

Ruling on an important Federal Arbitration Act (FAA) procedural issue that has divided the circuit courts, the U.S. Supreme Court has decided that the “look-through” approach often used in determining whether federal…more

Arbitration, Arbitration Agreements, Arbitration Awards, Federal Arbitration Act, Motion to Confirm

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Innovative Zoning Strategies: Addressing Affordable Housing Shortages

The American Southwest is experiencing a notable shift in its approach to addressing affordable housing shortages. California, Nevada, and Arizona are exploring and debating various zoning relief measures to incentivize private…more

Affordable Housing, Construction Project, Critical Infrastructure Sectors, Housing Market, Low Income Housing

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Biden Administration Acts to Promote Unions

Summary - On February 7, 2022, the White House Task Force on Worker Organizing and Empowerment publicly released a report offering nearly 70 recommendations to promote pro-union policies and practices in the public and…more

Biden Administration, Department of Labor (DOL), NLRA, NLRB, Unions

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Governing With a 50/50 Senate

Since the results of the Senate races in the Georgia special election became clear this week, we have been fielding questions from clients about how the Senate will organize itself with 50 Democrats and 50 Republicans…more

Special Election, State and Local Government, State Elections

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Bourne Valley Redux

The dispute between lenders and the purchasers at homeowners’ association foreclosure sale regarding superiority of title has embroiled the State of Nevada since at least as early as 2012. Since the issue rose in volume and…more

Appeals, Banking Sector, Due Process, En Banc Review, Foreclosure

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Eighth Circuit Broadens Injunction Prohibiting Implementation of SAVE Federal Student Loan Repayment Plan, Calls Into Question Legality of PAYE and REPAYE Forgiveness Provisions

On February 18, 2025, the U.S. Court of Appeals for the Eighth Circuit—following up on its August 2024 unsigned order—resolved an expedited appeal concerning a district court injunction preventing the U.S. Department of…more

Administrative Procedure Act, Appeals, Biden Administration, Constitutional Challenges, Department of Education

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Business Better Podcast Episode: Tax Audits, Investigations, and Global Enforcement - A Conversation with IRS Special Agent Jonathan Schnatz

In this episode, we are joined by Special Agent Jonathan Schnatz, Senior Analyst with IRS Criminal Investigation. Special Agent Schnatz will discuss his work with an international law enforcement and tax compliance group, and…more

Criminal Investigations, Criminal Liability, Criminal Prosecution, Income Taxes, IRS

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Delaware Chancery Court Rejects Corporate Charter Provision Purporting To Alter Judicial Review Standard

Delaware’s Chancery Court recently invalidated a charter provision that purported to make certain Board decisions “conclusive and binding,” finding the Delaware General Corporation Law (DGCL) does not permit corporations to…more

Board of Directors, Delaware General Corporation Law, Fiduciary Duty, Shareholders

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FTC Finalizes Comprehensive Overhaul of Premerger Notification Requirements

The Federal Trade Commission (FTC) finalized a comprehensive overhaul of the premerger notification program. Firms considering a merger or acquisition that meets the filing thresholds should prepare for a more onerous antitrust…more

Acquisition Agreements, Antitrust Provisions, Competition, Corporate Sales Transactions, Department of Justice (DOJ)

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CTA Litigation Updates: Federal Judge in Maine Rules CTA is Justified, While Texas Judge Allows CTA Enforcement; FinCEN Announces Enforcement and Updated Reporting Deadline

Developments concerning the enforceability and enforcement of the CTA came at a rapid clip last week. As things stand, the government may enforce the CTA pending a Texas court appeal in Smith v. U.S. Department of the Treasury…more

Appeals, Constitutional Challenges, Corporate Transparency Act, Enforcement Actions, FinCEN

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FinCEN Issues Advisory on Human Rights Abuses Enabled by Corrupt PEPs and Their Financial Facilitators

On June 12, 2018, FinCEN issued an “Advisory on Human Rights Abuses Enabled by Corrupt Senior Foreign Political Figures and their Financial Facilitators” to highlight the connection between corrupt senior foreign political…more

Corruption, Exploitation, Financial Institutions, Financial Transactions, FinCEN

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Facebook BIPA Class Settlement Receives Preliminary Approval

On August 19, 2020, the United States District Court for the Northern District of California granted preliminary approval of the class action settlement in In re Facebook Biometric Information Privacy Litigation,…more

Attorney's Fees, Biometric Information, Biometric Information Privacy Act, Class Action, Class Members

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Court Sets April 3 Deadline for EEOC to Sort Out 2018 EEO-1 Pay Data Reporting Requirements

As employers begin their annual EEO-1 reporting process for race, ethnicity, gender, and job category information, whether or not pay data will be part of that reporting remains up in the air…more

Data Collection, EEO-1, Equal Employment Opportunity Commission (EEOC), Equal Pay, Gender-Based Pay Discrimination

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New Jersey Reinstates Property Tax Exemption for Nonprofit Hospitals

Summary - New Jersey Gov. Phil Murphy signed into law legislation that restores property tax exemptions for nonprofit hospitals. However, the law requires New Jersey nonprofit hospitals to make a community service…more

Hospitals, Non-Profit Hospitals, Property Tax, State and Local Government, Tax Exemptions

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Third Circuit Rules Pennsylvania Consumer Discount Company Act Does Not Regulate Collection of Charged-Off Debts

On February 7, 2024, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s Order granting a motion for judgment on the pleadings and holding that a charged-off loan made by a lender licensed under the…more

Charge-Off, Debt, Debt Buyers, Debt Collection, Debtors

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Delaware Supreme Court Broadens Utility of Noncompete Enforcement Tool

In a recent en banc decision, Delaware’s Supreme Court upheld a key tool available to employers to enforce forfeiture-for-competition provisions against former employees. Delaware’s Chancery Court has shown an increasing…more

Contract Terms, Corporate Governance, DE Supreme Court, Delaware, Employees

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NLRB Establishes New Restrictions on Severance Agreements

The National Labor Relations Board (NLRB) has ruled that an employer violates Section 8(a)(1) of the National Labor Relations Act when the employer uses employee severance agreements with provisions restricting employees’…more

Bargaining Units, Corporate Counsel, Employer Liability Issues, NLRA, NLRB

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Housing options for veterans

With Independence Day right around the corner and with several bond financings benefitting homeless veterans recently in the news (see Proposition 41 Bond Measure and Apartments for Homeless Veterans), it seemed fitting to…more

Affordable Housing, Bond Financing, Bonds, Department of Veterans Affairs, Homeless Issues

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Sixth Circuit Says No Indemnification Under EFTA or Michigan Law for Bank EFTA Reimbursements to Customers

On July 16, the Sixth Circuit held that the Federal Electronic Funds Transfer Act (EFTA) does not provide for an implied right of indemnification or contribution, and preempts indemnification claims under the Michigan Electronic…more

Banks, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), EFTA, Electronic Fund Transfer Act

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OSHA Finalizes ‘Walk around Rule’ Making it Easier for Union Representatives to Join Worksite Safety Inspections

On April 1, 2024, the Occupational Safety and Health Administration (“OSHA”) published its final rule – known informally as the “walk around rule” – which makes two changes to its Representatives of Employers and Employees…more

Employees, Employer Liability Issues, Final Rules, Health and Safety, OSHA

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EPA Finalizes Superfund and Drinking Water PFAS Rules

The U.S. Environmental Protection Agency (EPA) finalized two of the most anticipated environmental regulations related to per- and polyfluoroalkyl substances—known as PFAS—in the past two weeks: listing of PFOA and PFOS as…more

CERCLA, Contamination, Drinking Water, Environmental Policies, Environmental Protection Agency (EPA)

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SEC and DOJ’s Antitrust Division Formalize Interagency Cooperation With Historic Memorandum of Understanding

In an historic move this week, the Securities and Exchange Commission (SEC) and the Antitrust Division of the Department of Justice (DOJ) executed the first-ever memorandum of understanding (MOU) between the two agencies…more

Department of Justice (DOJ), Equity Markets, Interagency Guidance, Memorandum of Understanding, Regulatory Oversight

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Philadelphia Zoning, Land Use, and Construction COVID-19 Update

The Ballard Spahr Zoning and Land Use Team is continuing to monitor all aspects of the Philadelphia land use approval process during the COVID-19 emergency, including the issuance of zoning and building permits, regulation of…more

Coronavirus/COVID-19, Infrastructure, Real Estate Development, State and Local Government, Urban Planning & Development

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U.S. Issues Unmanned Aircraft Fact Sheet for State, Local Regulators

While Unmanned Aircraft Systems (UAS), more commonly—if inaccurately—known as drones, continue to fly near the edges of federal preemption, the Federal Aviation Administration (FAA) continues to provide guidance for this…more

Drones, Federal Aviation Administration (FAA), Registration Requirement, Unmanned Aircraft Systems

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Colorado Department of Law Adopts Amendments to Colorado Privacy Act Rules

On December 5, 2024, the Colorado Department of Law adopted amended rules to the Colorado Privacy Act (CPA)…more

Colorado, Consumer Privacy Rights, Cybersecurity, Data Management, Data Privacy

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White House Pauses Federal Funding Under Inflation Reduction Act and Infrastructure Investment and Jobs Acts

On January 20, 2025, the White House issued an Executive Order titled Unleashing American Energy. Citing the detrimental effect of “ideologically motivated regulations,” the Order broadly establishes a new executive energy…more

Administrative Procedure Act, Energy Policy, Energy Projects, Executive Orders, Federal Funding

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Record $5.6 Million Penalty for 'Gun-Jumping' Violation

The Federal Trade Commission (FTC) announced a record $5.6 million civil penalty to settle allegations that three crude oil producers engaged in “gun-jumping” activities that violated the Hart-Scott-Rodino (HSR) Act…more

Acquisition Agreements, Antitrust Provisions, Antitrust Violations, Competition, Enforcement Actions

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Ninth Circuit Confirms That Liability Waiver in FCRA Disclosure Triggers Liability

In a case presenting a question of first impression in the federal courts of appeals, the Ninth Circuit has held that a prospective employer violates the Fair Credit Reporting Act (FCRA) when it procures a job applicant's…more

Consumer Reports, Corporate Counsel, Disclosure Requirements, Employer Liability Issues, Fair Credit Reporting Act (FCRA)

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Bipartisan Budget Act of 2018 Enacts Changes to Employee Retirement and Health Benefit Plans, and Medicare

Following a brief shutdown of the federal government, on February 9, Congress passed and President Donald J. Trump signed into law the Bipartisan Budget Act of 2018 (Budget Act), which provides Congress until March 23 to enact…more

ACOs, Affordable Care Act, Bipartisan Budget Act, Children's Health Insurance Program (CHIP), Employee Benefits

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Hague Agreement Streamlines Registration of Industrial Designs

On April 2, the U.S. Patent and Trademark Office (USPTO) issued Final Rules to implement the provisions of the Hague Agreement concerning the international registration of industrial designs. The Agreement is effective in the…more

Design Patent, Final Rules, Hague Agreement, Industrial Design, Patents

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Congress Extends EB-5 Again Without Changes Despite Months of Legislative Meetings, Lobbying, Proposals, and Negotiations

In what is considered a significant victory for real estate developers, Congress capped off months of handwringing and numerous proposals by extending the EB-5 Immigrant Investor Program without amendment until September 30,…more

Construction Industry, EB-5, EB-5 Regional Centers, Housing Developers, Immigrant Investor Program

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Is the Delaware Supreme Court Pushing Back on Chancery’s Suspicion of Non-Competes?

The Delaware Court of Chancery has been increasingly willing of late to strike down non-compete covenants as overbroad, a trend accompanied by a growing unwillingness to “blue pencil” agreements by narrowing terms to what the…more

Competition, Corporate Counsel, DE Supreme Court, Limited Liability Company (LLC), Limited Partnerships

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Georgia Passes New Social P3 Legislation

Georgia Governor Nathan Deal signed into law new public-private partnership (P3) legislation, the Partnership for Public Facilities and Infrastructure Act (SB 59) (the Act) on May 5, 2015. The Act allows state and local…more

Governor Deal, New Legislation, Public Private Partnerships (P3s), Public Projects, State and Local Government

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Updated USPTO Patent Fee Schedule Includes Significant Increases and Additions

The U.S. Patent and Trademark Office (USPTO) last week established an updated patent fee schedule, effective January 16, 2018. The updated schedule provides for a modest increase for most fees—but also more significant increases…more

Covered Business Method Patents, Design Patent, Fees, Filing Fees, Intellectual Property Protection

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What to Expect From Motions for Centralization of COVID-19 Business Interruption Cases in an MDL

For each day that economic activity remains restricted due to the coronavirus pandemic, the stakes continue to rise both for businesses seeking insurance recoveries critical to their survival and for insurers that face the…more

Business Interruption, Case Consolidation, Coronavirus/COVID-19, Insurance Claims, Insurance Litigation

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DOJ Rescinds 10 ADA Guidance Documents

U.S. Attorney General Jeff Sessions recently announced that the Department of Justice (DOJ) rescinded 25 guidance documents that the department deemed unnecessary, inconsistent with existing law, or otherwise improper…more

Americans with Disabilities Act (ADA), Department of Justice (DOJ), Deregulation, Disability Discrimination, Executive Orders

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IRS Approves New Rules To Minimize Taxes Related to M&A Transactions

The Internal Revenue Service recently adopted long-awaited regulations intended to provide a new means of minimizing taxes in M&A transactions. The newly adopted regulations take effect on May 15, 2013, under Section 336(e) of…more

IRS

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Five Things Every Office Building Owner (and Its Lender) Should Consider

The drumbeat of the challenges facing almost every corner of the office building market should be loud and clear to owners and lenders. For some, the current situation is dire, while for others it will likely worsen in the…more

Borrowers, Commercial Leases, Commercial Tenants, Fixed Operating Expenses, Investors

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Seattle Passes Bill to Incentivize “Office-to-Residential” Conversions

The Seattle City Council passed Council Bill 120937 on February 11, 2025, aimed to encourage developers and commercial property owners to convert underutilized commercial properties into residential housing. Set to take effect…more

Affordable Housing, Commercial Property Owners, Community Development, Construction Project, Local Ordinance

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New Utah Law Prohibits Unequal Treatment of Rental Units by Homeowners Associations

Recent revisions to Utah law clarify the role and authority of homeowners associations in restricting owners’ renting out of their units, and may require associations to take action to comply. House Bill 98, signed into law this…more

Amended Legislation, Condominiums, Homeowners Association (HOA), Rental Property

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US Supreme Court Confirms Redistricting Authority of State Courts

On June 27 in Moore v. Harper, a 6-3 majority of the United States Supreme Court upheld a state court’s power to invalidate a congressional district map that violates the state’s constitution. In an opinion written by Chief…more

Constitutional Challenges, Gerrymandering, Moore v Harper, Redistricting, SCOTUS

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Philadelphia Earned Income Tax Credit Bill Signed

Philadelphia Mayor Jim Kenney has signed a bill expanding employers' notice requirements to employees concerning the federal Earned Income Tax Credit (EITC)…more

Earned Income Credit, Local Ordinance, New Legislation, Notice Requirements, Required Forms

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Arizona Extends Sunset of Alternative Project Delivery Methods

In Arizona, municipalities and special taxing districts, such as community facilities districts, are required to use public procurement procedures in connection with the acquisition and construction of public infrastructure…more

Arizona, Construction Management at Risk, Construction Project, Design-Build, Infrastructure

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OSHA Announces Requirement That Protective Equipment for Construction Employees Be Well-Fitting

On December 12, 2024, the Occupational Safety and Health Administration (OSHA) issued a final rule updating its personal protective equipment (PPE) standard for construction workers. The new rule explicitly requires that such…more

Construction Project, Construction Workers, Critical Infrastructure Sectors, Employer Liability Issues, Employer Responsibilities

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Are Whistleblower Protection Violations the New SEC Sweep?

The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages…more

Broker-Dealer, Dodd-Frank, Employees, Employment Contract, Enforcement Actions

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Bank associations seek a preliminary injunction to block CFPB overdraft rule

Mississippi Bankers Association, the American Bankers Association, the Consumer Bankers Association, America’s Credit Unions, and three banks are seeking a preliminary injunction blocking the CFPB from implementing the bureau’s…more

Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Regulatory Reform, Financial Services Industry, Lack of Authority

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Business Better Podcast Episode: Sustainability Spotlight – A Conversation with Vicinity Energy

This episode is part of our Sustainability Spotlight series, which highlights the sustainability efforts that businesses are making to combat climate change and other environmental challenges. This episode features a discussion…more

Carbon Emissions, Climate Change, Energy Policy, Energy Sector, Environmental Policies

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New payday loan rate cap goes into effect in Colorado

As discussed in an earlier post, on November 6, 2018, Colorado’s voters passed Proposition 111, seeking to limit interest rates and fees charged on payday loans in Colorado to an annualized percentage rate of thirty-six percent…more

Consumer Financial Products, Financial Services Industry, Interest Rate Caps, Payday Loans, State and Local Government

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Pandemic Lease Modifications: Addressing Legislative Developments

With COVID-19 raging and many businesses, large and small, seeking to manage their overhead and obligations, commercial landlords and tenants are examining their leases for potential modifications that would enable them to…more

Commercial Leases, Commercial Property Owners, Commercial Tenants, Coronavirus/COVID-19, Eviction

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Ninth Circuit draws line on FCRA required disclosures

In Theresa Tailford, et al. v. Experian Information Solutions, the U.S. Court of Appeals for the Ninth Circuit recently affirmed a district court decision which held that Experian Information Solutions, Inc. did not violate the…more

Consumer Information, Consumer Reporting Agencies, Consumer Reports, Credit Reports, Experian

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Demise of Chevron Deference Sends Shockwaves Through Labor and Employment Regulatory Landscape

In just a month since the U.S. Supreme Court overturned the Chevron Deference Doctrine, district courts across the country have blocked several federal agency rules, including an injunction in Texas barring enforcement of the…more

Administrative Procedure Act, Administrative Proceedings, Chevron Deference, Chevron v NRDC, Clean Air Act

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I-9s and the New Administration – Act Now to Protect Your Workforce

Companies across various industries in the United States should begin preparing for President-elect Donald Trump's expected crackdown on immigration, and particularly focus on ensuring their employees’ I-9 forms are in order…more

Audits, Corporate Counsel, Department of Homeland Security (DHS), Enforcement Actions, Foreign Workers

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Investment Management Update

SEC Issues Guidance on Mutual Fund Fee Structure - The Securities and Exchange Commission’s (SEC) Division of Investment Management recently issued a guidance update addressing disclosure issues and certain procedural…more

Administrative Proceedings, Beneficial Owner, Brokers, Business Continuity Plans, Conflicts of Interest

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New 2025 Annual Report Requirements for PA Corporations, Nonprofits, and Associations

The Pennsylvania Associations Code now requires annual reports to be filed as a result of Pennsylvania Act 122 (the Act), which will affect Pennsylvania entities or associations, as well as foreign entities or associations…more

Annual Reports, Business Entities, Corporate Governance, Filing Deadlines, Filing Requirements

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$6.3 Million Judgment Awarded in Alleged Timeshare Resale Scam

A federal court recently entered a final judgment against and approved settlement agreements with several telemarketing companies charged by the Federal Trade Commission with operating a timeshare resale scam. The judgment…more

Federal Trade Commission (FTC), Scams, Telemarketing Sales Rule, Timeshare

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SEC Adopts Rule Amendments to Modernize Certain Disclosures Under Regulation S-K

By a 3-2 vote, the U.S. Securities and Exchange Commission (SEC) has adopted amendments designed to modernize the disclosure requirements involving description of business (Item 101), legal proceedings (Item 103), and risk…more

Amended Rules, Business Strategies, Capital Markets, Climate Change, Disclosure Requirements

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Oral argument held in SDNY credit union lawsuit challenging Mulvaney appointment

The U.S. District Court for the Southern District of New York recently held oral argument regarding the pending motions in the Lower East Side People’s Federal Credit Union v. Trump and Mulvaney…more

Administrative Agencies, Administrative Appointments, Article III, Banking Sector, Consumer Financial Protection Act (CFPA)

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Wisconsin Appeals Court Rejects National Bank Act Preemption

In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act…more

Appellate Courts, Consumer Financial Products, Debt Collection, Financial Institutions, Financial Services Industry

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White Paper: OK, Boomer: With COVID-19, It’s Time to Dust Off That Resiliency Again

This article is directed to Baby Boomer business owners (BBBOs) who are feeling overwhelmed by the prospect of having to reset their transition plans. Many of us who are active in the business transition planning space have been…more

Business Ownership, Business Plans, Business Valuations, Coronavirus/COVID-19, Transitional Arrangements

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Business Better Podcast Episode: Health Care Delivery Trends: Understanding Micro-Hospitals

In this episode, we discuss the current trend in the health care industry regarding the development of micro-hospitals, especially in certain rural areas. We explain what a micro-hospital is (and is not), the drivers behind the…more

Healthcare, Healthcare Facilities, Rural Areas

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Foreign Trademark Owners Now Will Need a U.S. Attorney

While it always has been advisable to seek the assistance of an experienced trademark attorney to handle trademark matters, beginning August 3, 2019 (Effective Date), federal trademark applicants, registrants, and parties to…more

Foreign Trademark, Intellectual Property Protection, Lanham Act, Legal Representatives, Madrid Protocol

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Nevada Law Will Require Employers to Provide Leave to Employees Who Are Victims of Domestic Violence

A Nevada law going into effect on January 1, 2018, will require employers to provide 160 hours of leave to an employee who is a victim of domestic violence if the employee has worked for at least 90 days…more

Domestic Violence, New Legislation, Paid Time Off (PTO), Stalking, State and Local Government

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Colorado Proposes Cybersecurity Rules for Investment Advisers, Broker-Dealers

The Colorado Division of Securities recently issued proposed rules directed at establishing cybersecurity requirements for broker-dealers and investment advisers. The proposed rules were issued only a month after New York…more

Broker-Dealer, Cybersecurity, Data Protection, Electronic Communications, Financial Services Industry

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Safe Harbor Policy Incentivizes Disclosure of Acquired Companies’ Misconduct

Summary - Deputy Attorney General Lisa O. Monaco unveiled Wednesday, Oct. 4, the Department of Justice’s (DOJ) new safe harbor policy for voluntary self-disclosures (VSD) arising from mergers and acquisitions (Safe Harbor…more

Acquisition Agreements, Compliance, Corporate Misconduct, Department of Justice (DOJ), Merger Agreements

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Innovative Zoning Strategies: Addressing Affordable Housing Shortages

The American Southwest is experiencing a notable shift in its approach to addressing affordable housing shortages. California, Nevada, and Arizona are exploring and debating various zoning relief measures to incentivize private…more

Affordable Housing, Construction Project, Critical Infrastructure Sectors, Housing Market, Low Income Housing

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Supreme Court: Licensee's Right to Use Trademarks Survives Licensor's Rejection of Licensing Agreement in Bankruptcy

The Supreme Court held this week that a debtor-licensor’s rejection of a trademark licensing agreement as an executory contract pursuant to section 365(a) of the Bankruptcy Code does not terminate the licensee’s rights to use…more

Bankruptcy Code, Breach of Contract, Certiorari, Commercial Bankruptcy, Debtors

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Navigating the Post-Wayfair Tax Maze: What’s Happening, What’s Next, and What’s at Stake

Considerable changes to sales tax laws in more than two dozen states continue to challenge online retailers, who must swiftly comply with a complex and shifting network of regulations…more

E-Commerce, Internet Retailers, Physical Presence Test, Retail Market, Sales Tax

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Department of the Treasury Suspends Enforcement of the Corporate Transparency Act and Plans to Revise Rule to Limit Scope

Does it matter if a law is valid if the Government refuses to enforce it? For months, we have watched (and blogged on) courts grappling with the constitutionality and enforceability of the Corporate Transparency Act (“CTA”). …more

Anti-Money Laundering, Beneficial Owner, Business Ownership, Corporate Transparency Act, Enforcement Actions

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Minnesota Legislature Sends Privacy Bill to Governor

Minnesota becomes the latest state to move to pass legislation regulating the processing and controlling of personal data (HF 4757 / SF 4782). If signed into law by Governor Tim Walz, the Minnesota Consumer Data Privacy Act, or…more

Consumer Privacy Rights, Data Collection, Data Privacy, Data Protection, Information Technology

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NLRB Acting General Counsel Rescinds Numerous Biden-Era Guidance Memoranda

The National Labor Relations Board’s Acting General Counsel has moved quickly to undo the work of his predecessor, a Biden appointee, who President Trump recently removed from office. On February 14, 2025, Acting General…more

Biden Administration, Deregulation, Employee Rights, Employment Policies, Federal Labor Laws

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California Court of Appeal Says No More “Headless” PAGA Lawsuits

In an effort to avoid arbitrating individual claims under the Private Attorneys General Act (“PAGA”), a recent trend emerged in California litigation involving “headless” PAGA lawsuits. Essentially, plaintiffs would expressly…more

Appeals, Arbitration Agreements, California, Class Action, Dispute Resolution

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Colorado Supreme Court Issues Win for Oil and Gas Industry

The Colorado Supreme Court on January 14 issued an opinion thought to be favorable to Colorado's oil and gas industry…more

Appeals, Climate Change, CO Supreme Court, Environmental Claims, Environmental Litigation

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Carried Interest – Proposed Regulations and the Impact on Private Equity

Treasury and the IRS released proposed regulations under Section 1061 of the Internal Revenue Code (the Code) on July 31, 2020, that require certain taxpayers to satisfy a three-year holding period, rather than a one-year…more

Capital Gains, Carried Interest, Carried Interest Tax Rates, Holding Periods, Income Taxes

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Updated: Employer Guidelines: Nine Step Guide to PPP Loan Forgiveness

For more information on calculating loan forgiveness, including the documentation requirements, see our PPP Guidance and the applicable instructions for the loan forgiveness application that applies to your business. …more

Borrowers, Coronavirus/COVID-19, Loan Forgiveness, Paycheck Protection Program (PPP), Small Business Loans

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D.C. Circuit TCPA Decision Gives Industry Partial Victory But No Certainty

The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)…more

ATDS, Auto-Dialed Calls, Banking Sector, Cell Phones, FCC

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Five Things Every Office Building Owner (and Its Lender) Should Consider

The drumbeat of the challenges facing almost every corner of the office building market should be loud and clear to owners and lenders. For some, the current situation is dire, while for others it will likely worsen in the…more

Borrowers, Commercial Leases, Commercial Tenants, Fixed Operating Expenses, Investors

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Eleventh Circuit Rejects Administrative Feasibility as a Prerequisite for Class Certification

The Eleventh Circuit has joined the Second, Sixth, Seventh, Eighth, and Ninth Circuits in rejecting administrative feasibility as a prerequisite for class certification. The decision reverses unpublished Eleventh Circuit…more

Ascertainable Class, Class Action, Class Certification, FRCP 23(b)(3)

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Pennsylvania Supreme Court Rules Only Original Purchasers May Recover Damages for Breach of the Builder’s Implied Warranty of Habitability

The Pennsylvania Supreme Court ruled that a builder’s implied warranty of habitability extends only to the initial buyer of a home, and not to subsequent purchasers. In Conway v. The Cutler Group, Inc., the Court reversed an…more

Buyers, Construction Contracts, Construction Defects, Construction Industry, Contract Disputes

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Third Circuit Affirms Decision Enjoining Hackensack Meridian - Englewood Merger

Summary - The Third Circuit upheld the district court’s decision to grant a preliminary injunction enjoining the merger between Englewood Healthcare Foundation and Hackensack Meridian Health, Inc., handing a victory to the…more

Anti-Competitive, Antitrust Provisions, Competition, Federal Trade Commission (FTC), Mergers

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Supreme Court Agrees Again To Decide Critical Disparate Impact Questions under the Fair Housing Act

The question of whether plaintiffs suing under the Fair Housing Act may bring disparate impact claims is back on the U.S. Supreme Court's docket as a result of the Court's decision today to grant certiorari in Mount Holly v…more

Consumer Financial Protection Bureau (CFPB), Discrimination, Disparate Impact, ECOA, Fair Housing Act (FHA)

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Trademark Office Shortens Deadline to Respond to Office Actions

The United States Patent and Trademark Office (USPTO) is amending the rules of practice in trademark cases to implement provisions of the Trademark Modernization Action of 2020 (TMA). Effective December 3, 2022, the period to…more

Trademark Act, Trademark Application, Trademark Modernization Act (TMA), Trademark Registration, Trademarks

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Mayor Bowser Proposes Important TOPA and ERAP Reforms

Finally, some potential good news for multifamily property owners and developers in DC. It appears that the discussions on reforming the Tenant Opportunity to Purchase Act (TOPA), as well as the Emergency Rental Assistance…more

Affordable Housing, Community Development, Landlords, Multi-Family Development, New Legislation

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CFPB issues bulletin on medical debt collection and consumer reporting requirements in connection with the No Surprises Act

The CFPB has issued a compliance bulletin and policy guidance on medical debt collection and consumer reporting requirements in connection with the No Surprises Act…more

Consumer Financial Protection Bureau (CFPB), Consumer Reporting Agencies, Fair Credit Reporting Act (FCRA), FDCPA, Medical Debt

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Fed Makes a Move: First Rate Cut Since 2020 Signals Economic Shift

This week, the Federal Reserve’s Federal Open Markets Committee (FOMC) decided that its target policy rate range would decrease by 50 basis points, resulting in a new target range for the Federal Funds Rate of 4.75 percent to 5…more

Borrowers, Federal Reserve, Financial Institutions, Financial Services Industry, Fixed-Rate Loans

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House Financial Services Committee Announces AI Working Group

On January 11, 2024, the House Financial Services Committee announced the formation of a bipartisan Working Group on Artificial Intelligence (“AI”). The working group is to be led by the Chairman of the Digital Assets Financial…more

Algorithms, Artificial Intelligence, Biden Administration, California Consumer Privacy Act (CCPA), Digital Assets

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California, Nevada Expand Scope of Customer Personal Information Subject to Reasonable Security Measures

Recent statutory amendments passed in California and Nevada expanding the definition of “personal information” will significantly impact the security measures businesses operating in these states must implement when handling…more

Compliance, Cybersecurity, Data Privacy, Data Security, Financial Institutions

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SCOTUS Adopts "No Fair Ground of Doubt" Standard for Violations of Bankruptcy Discharge Order

In a unanimous decision, the U.S. Supreme Court ruled recently in Taggart v. Lorenzen that a creditor in a bankruptcy case may be held in civil contempt, and subject to sanction, where there is "no fair ground of doubt" about…more

Appeals, Attorney's Fees, Bankruptcy Appellate Panel (BAP), Bankruptcy Code § 524(a), Bankruptcy Discharge Order

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Section 202: using federal sources to assist the growing elderly population

During one of the sessions at Ballard Spahr’s Ninth Annual National Housing Symposium, Mara Blitzer from the U.S. Department of Housing and Urban Development (HUD) discussed federal housing resources for aging Americans with a…more

Affordable Housing, HUD

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CFPB Releases Consumer Complaint Snapshot: 50 State Report

On October 23, 2018, the Consumer Financial Protection Bureau (CFPB) issued a new report, Complaint Snapshot: 50 State Report, providing a high-level overview of the trends in consumer complaints submitted to the CFPB from…more

Consumer Complaint System, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Debt Collection, Financial Services Industry

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Obama Signs 21st Century Cures Act, Adding $6.3 Billion For Medical Research

The Cures Act aims to increase the speed by which new drugs are brought to market by streamlining clinical trials, allowing the use of patient data in the regulatory review process, and modernizing U.S. Food and Drug…more

21st Century Cures Initiative, Addiction Equity Act, Affordable Care Act, Benefit Plan Reimbursements, Clinical Trials

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U.S. Regulatory Hurdles for a PGA/PIF Merger

The PGA Tour announced that it had, along with the DP World Tour, entered into a Framework Agreement with the Public Investment Fund of the Kingdom of Saudi Arabia (PIF) to create “a global golf partnership.” While the Framework…more

Antitrust Division, Antitrust Provisions, CFIUS, Contract Terms, Department of Justice (DOJ)

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Hotel Group Seller’s COVID-19 Response Breaches ‘Ordinary Course’ Covenant, Excusing Buyer’s Performance

Delaware’s Supreme Court held this month that a buyer’s obligation to close a hotel group purchase was excused where the seller adopted what it described as “proportional changes in response to extraordinary circumstances–like…more

Buyers, Coronavirus/COVID-19, Corporate Counsel, Hotels, Ordinary Course of Business Defense

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FTC Guidance on Negative Option Programs and Increased Enforcement

On October 22, the Federal Trade Commission (“FTC”) issued a policy statement providing further guidance on its enforcement of federal law with regard to negative option marketing. The FTC noted in an associated press release…more

Automatic Renewals, Electronic Fund Transfer Act, Federal Trade Commission (FTC), ROSCA, Subscription Services

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New Inclusionary Housing Mandates for Baltimore City

Summary - The Baltimore City Council has passed a new inclusionary housing law which will require most new multifamily, market-rate projects to make at least 10% of their units available to households with limited incomes, at…more

Construction Project, Financial Assistance Policies, Inclusionary Housing Ordinance, Low Income Housing, Multi-Family Development

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Pennsylvania Amends Data Breach Notification Law

In early November, Pennsylvania amended its data breach notification law broadening the definition of personal information. The amendment adds “health insurance information” and “medical information” as data elements that could…more

Breach Notification Rule, Cybersecurity, Data Breach, Data Protection, Data Security

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SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosure

The Securities and Exchange Commission (SEC) adopted rules expanding climate-related disclosure requirements in annual reports and registration statements for U.S. public companies and foreign private issuers. The final rules,…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Final Rules, Financial Institutions

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Innovative Zoning Strategies: Addressing Affordable Housing Shortages

The American Southwest is experiencing a notable shift in its approach to addressing affordable housing shortages. California, Nevada, and Arizona are exploring and debating various zoning relief measures to incentivize private…more

Affordable Housing, Construction Project, Critical Infrastructure Sectors, Housing Market, Low Income Housing

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Fielding Case May Impact Taxation of Your Minnesota Trust

Trustees of irrevocable trusts created by Minnesota residents may be impacted by a recent decision of the Minnesota Supreme Court. On July 18, 2018, in Fielding v. Commissioner of Revenue..…more

Appeals, Client Services, Constitutional Challenges, Income Taxes, Irrevocable Trusts

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New York State’s LLC Transparency Act to Complement the Federal CTA

New York State’s LLC Transparency Act, that will come into effect December 21, 2024, complements the Federal Corporate Transparency Act by requiring New York limited liability companies and foreign limited liability companies…more

Anti-Money Laundering, Beneficial Owner, Corporate Transparency Act, Financial Crimes, FinCEN

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DOJ launches whistleblower pilot program and cracks down on artificial intelligence misuse

Following a year of new DOJ policies and guidance designed to incentivize companies to self-report misconduct and to cooperate with government investigations, the DOJ has added a new pilot whistleblower rewards program. In…more

Artificial Intelligence, CFTC, Corporate Misconduct, Department of Justice (DOJ), False Claims Act (FCA)

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Supreme Court Heightens Standard for Employers to Deny Religious Accommodations

On June 29, 2023, the Supreme Court of the United States (SCOTUS) issued a unanimous opinion, authored by Justice Alito, in Groff v. DeJoy, Postmaster General, 600 U.S. ___ (2023), in which it “clarified” decades-old precedent…more

Civil Rights Act, De Minimus Doctrine, Employer Liability Issues, Equal Employment Opportunity Commission (EEOC), Groff v DeJoy

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Proposed Tax Legislation May Significantly Impact Estate Planning Options

Summary - Proposed legislation introduced in Congress could dramatically alter major estate and gift planning strategies…more

Estate Planning, Generation-Skipping Transfer, Grantor Retained Annuity Trusts (GRATs), Proposed Legislation

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New York’s Charging Station Legislation Paves the Way for More Electric Vehicles

Summary - In an effort to accelerate electric vehicle (EV) usage, New York’s Legislature passed four vehicle charging infrastructure bills this session that are awaiting action by Governor Kathy Hochul. Under the Climate…more

Automotive Industry, Charging Stations, Clean Energy, Climate Action Plan, Electric Vehicles

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The FTC Announces New Enforcement Actions Against Certain Businesses for Engaging in “Deceptive AI” Practices

As part of a new enforcement initiative called “Operation AI Comply,” the FTC recently announced that it has brought the following five enforcement actions against businesses that use or sell AI tools in a manner that the FTC…more

Algorithms, Antitrust Violations, Artificial Intelligence, Enforcement Actions, Federal Trade Commission (FTC)

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White House Pauses Federal Funding Under Inflation Reduction Act and Infrastructure Investment and Jobs Acts

On January 20, 2025, the White House issued an Executive Order titled Unleashing American Energy. Citing the detrimental effect of “ideologically motivated regulations,” the Order broadly establishes a new executive energy…more

Administrative Procedure Act, Energy Policy, Energy Projects, Executive Orders, Federal Funding

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New Law Affects FHA Requirements for Condominium Financing

President Obama signed the Housing Opportunity Through Modernization Act (H.R. 3700) into law on July 29. Title III of the Act will significantly modify Federal Housing Administration (FHA) condominium mortgage insurance…more

Condominiums, Fannie Mae, Federal Housing Administration (FHA), Freddie Mac, HUD

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Tax-Exempt Bonds: Telephonic Public Hearings Now Permanent

For public hearings held on or after March 18, 2022, new Revenue Procedure 2022-20, released by the Internal Revenue Service, allows issuers and approving governmental units to conduct telephonic public hearings for tax-exempt…more

Bonds, IRS, Revenue Procedures, Tax-Exempt Bonds

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Virginia Takes Significant Step Toward Casino Gaming

Casino gaming also would be limited to cities that meet certain very specific criteria relating to poverty rates, unemployment, and population decreases, among other factors. Effectively, the criteria would limit casino gaming…more

Business Licenses, Casinos, Gambling, Gaming, Licensing Rules

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FTC settles claims alleging tenant background screening company failed to use reasonable procedures to assure the accuracy of its reports

The Federal Trade Commission recently announced that it settled an action it filed against AppFolio, Inc. (“AppFolio”), regarding alleged unfair or deceptive acts or practices, in violation of Section 5 of the FTC Act, 15 U.S.C…more

Background Checks, Background Screening Services, Fair Credit Reporting Act (FCRA), Federal Trade Commission (FTC), FTC Act

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New Economic Development Opportunities Possible Thanks to Improved Marketability of Philadelphia Tax Increment Finance Transactions

The tools available to the City of Philadelphia to finance community and economic development projects have been enhanced under a new law that authorizes the imposition of special assessments to support tax increment finance…more

Bonds, Economic Development, New Legislation, Public Finance, Public Improvement Projects

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NLRB Board Member Challenges President Trump’s Executive Power

On September 6, 2023, Democratic member Gwynne Wilcox was appointed to the NLRB by former President Joe Biden. Her five-year term was scheduled to end in 2028. …more

Administrative Appointments, Biden Administration, Constitutional Challenges, Employee Rights, Executive Orders

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Arizona Supreme Court Expands Just Compensation Rights in Eminent Domain Case

In a significant victory for property owners, the Arizona Supreme Court held this week that damages in condemnation cases can include compensation for the reduction in value caused by the proximity of homes to a new highway even…more

Appellate Courts, Arizona, AZ Supreme Court, Condemnation, Constitutional Challenges

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Pennsylvania appellate court rejects claim that dunning letter sent post-expiration of the statute of limitations violated law

On March 30, 2023, a three-judge panel of the Superior Court of Pennsylvania held in a precedential opinion that debt collectors can send collection letters to debtors after the expiration of the statute of limitations without…more

Debt Collection, Debt Collectors, FDCPA, Statute of Limitations, Time-Barred Debt

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House Committee Announces Formation of Working Group to Develop Federal Comprehensive Privacy Law

On February 12, 2025, the House Energy and Commerce Committee Chair Brett Guthrie (R-Ky) and Vice Chair John Joyce (R-Pa) announced the formation of 12-member working group tasked with developing comprehensive data privacy…more

California Consumer Privacy Act (CCPA), Consumer Privacy Rights, Data Collection, Data Privacy, Data Protection

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Paid COVID Leave is Back in Philadelphia

In June, 2021, Philadelphia’s previous public health emergency leave mandate expired. However, on March 9, 2022, Philadelphia Mayor Jim Kenney signed a new bill extending COVID-19 paid sick leave to certain eligible employees…more

Coronavirus/COVID-19, Employer Liability Issues, Infectious Diseases, Paid Leave, Paid Time Off (PTO)

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Gun Sales Platform Seeks Reversal of Ruling That Undermines Protections for Website Owners

An intermediate appellate court in Wisconsin has issued a decision that removes an important legal defense from a host of website owners, including those who provide a platform for buyers and sellers to connect…more

Appeals, Civil Liability, Domestic Violence, Firearms, Online Platforms

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DE Supreme Court: No Class Vote Required Where Corporations With Multi-Class Capital Structure Adopted Exculpatory Charter Provision

Delaware’s Supreme Court unanimously rejected challenges by stockholders of two corporations who argued the respective companies invalidly adopted exculpatory charter provisions without giving each class of stock a separate…more

Business Litigation, Charter Amendments, DE Supreme Court, Delaware General Corporation Law, Exculpatory Clauses

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Federal Reserve Provides $2.3 Trillion in Loans

On April 9, 2020, the Federal Reserve issued a press release announcing that it would be seeking to undertake additional actions to provide up to $2.3 trillion in loans to support the economy…more

Business Interruption, CARES Act, Coronavirus/COVID-19, Federal Loans, Financial Stimulus

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CMS Rule Proposes to Further Modify Stark Regulations' Definition of Indirect Compensation Arrangement

Summary - On July 23, 2021, the Centers for Medicare & Medicaid Services (CMS) released proposed changes to the Physician Self-Referral Law, commonly known as the “Stark Law,” regulations defining an “indirect compensation…more

Centers for Medicare & Medicaid Services (CMS), Compensation, Health Care Providers, Proposed Rules

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Business Better Podcast Episode: Strategic Partnership and Company-Building Investments – A Conversation with Prairie Capital

In today’s episode, we’re joined by D.J. Lipke, a Principal at Prairie Capital. Prairie Capital is a private equity firm that has provided businesses with thought partnership and strategic guidance for over two decades. Jeffrey…more

Investment, Investors, Private Equity, Private Equity Firms, Private Equity Funds

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SEC’s Acting Director of Division of Corporation Finance Addresses ESG Disclosure Framework

John Coates, the Acting Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC), issued a public statement entitled “ESG Disclosure – Keeping Pace with Developments Affecting Investors,…more

Climate Change, Corp Fin, Disclosure Requirements, Environmental Social & Governance (ESG), Securities and Exchange Commission (SEC)

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CREFC Miami Takeaways

Days two and three of the CREFC Conference in Miami were active for the Ballard Spahr Team, with the highlight being our annual reception attended by more than 220 guests. In follow-up to our day one summary alert, we wanted to…more

Debt, Financial Services Industry, Lenders, Loans, Property Owners

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The Iliad Flows: Federal Judge Allows FTC “Dark Patterns” Suit Against Amazon to Proceed

In a lengthy ruling, a Seattle federal judge has allowed the Federal Trade Commission (FTC) to proceed with its groundbreaking case alleging that Amazon’s Prime online subscription marketing tactics constituted deceptive “dark…more

Amazon Marketplace, Corporate Counsel, Enforcement Actions, Federal Trade Commission (FTC), FTC Act

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California Supreme Court Poised to Provide Guidance on Ascertainability in Class Actions

On May 8, 2019, the California Supreme Court will hear oral argument regarding an important issue involving class certification in California state courts: how to apply the requirement of ascertainability in the class…more

Ascertainable Class, CA Supreme Court, Class Action, Class Certification, Class Members

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Inflation Reduction Act Tax Changes, Part 1

On August 16, 2022, President Biden signed into law the Inflation Reduction Act (IRA). The IRA made a variety of changes to the Internal Revenue Code (Code). This Alert discusses four of the changes: the one percent excise tax…more

Excise Tax, Inflation Reduction Act (IRA), Internal Revenue Code (IRC), Tax Credits

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The Federal Reserve’s Entry into Real-Time Payments

Real-time payments (RTP) has been the rave of recent payments industry news. With the Federal Reserve announcing that it is about to embark upon the creation of a ubiquitous real-time payments framework, the topic is top-of-mind…more

APIs, Contractual Safeguards, Federal Reserve, Financial Fraud, Financial Institutions

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Practical Pointers for Compliance With New MHPAEA Regulations

The Departments of the Treasury, Labor, and Health and Human Services have published final regulations under the Mental Health Parity and Addiction Equity Act that prohibit group health plans and health insurers from imposing…more

Department of Health and Human Services (HHS), Department of Labor (DOL), Employee Benefits, Employee Retirement Income Security Act (ERISA), Employer Group Health Plans

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New SEC Thresholds in Definition of Smaller Reporting Company Effective September 10

The Securities and Exchange Commission (SEC) on June 28, 2018, adopted amendments to the definition of "smaller reporting company" (SRC) in Rule 405 under the Securities Act of 1933 (Securities Act), Rule 12b-2 under the…more

Disclosure Requirements, Emerging Growth Companies, Regulation S-K, Regulation S-X, Securities and Exchange Commission (SEC)

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Treasury Department Announces $3.5 Billion in New Markets Tax Credit Allocation Awards

Eighty-five community development entities (CDEs) have been selected to receive $3.5 billion in New Markets Tax Credit (NMTC) allocation authority in the 2012 round of the NMTC Program. The announcement of the latest round of…more

Community Development Entities, New Market Tax Credits

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DOE to Hold Public Hearings on Trump-Era Title IX Rules & Protections for LGBTQ+ Individuals in Schools

Summary - The Department of Education (DOE) will hold five days of virtual public hearings on Title IX enforcement starting on June 7. This comes as part of the DOE’s comprehensive review of its Title IX regulations in…more

Department of Education, Educational Institutions, Gender Identity, LGBTQ, Sexual Orientation Discrimination

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Oregon Considering DIDMCA Opt-Out Legislation

Oregon may become the latest state attempting to stop out-of-state banks from “exporting” home-state interest rates on loans made to Oregon consumers. Like similar legislation adopted by Colorado in 2023, House Bill 2561…more

Consumer Financial Products, Depository Institutions, DIDMCA, FDIC, Financial Regulatory Reform

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President Can Fire NLRB General Counsel, Suggests District of New Jersey Judge

Within hours of his inauguration, President Biden broke with tradition by firing the General Counsel of the National Labor Relations Board (NLRB) after he refused to resign. Some companies have claimed that this decision was…more

Biden Administration, NLRA, NLRB, NLRB General Counsel

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Are Whistleblower Protection Violations the New SEC Sweep?

The Securities and Exchange Commission (SEC) continues to investigate companies for including language in their employment and separation agreements or retail client settlement agreements that potentially discourages…more

Broker-Dealer, Dodd-Frank, Employees, Employment Contract, Enforcement Actions

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SEC Increases Scrutiny of Whistleblower Protections

Summary - The Securities and Exchange Commission (SEC) has recently announced settlements with a number of companies whose separation agreements or internal policies the SEC viewed as impeding employees’ participation in the…more

Anti-Retaliation Provisions, Corporate Counsel, Employer Liability Issues, Enforcement Actions, Former Employee

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CTA Reporting Requirements Reinstated With March 21 Deadline for Most Reporting Companies

As a result of a decision by the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury on Tuesday, February 18, beneficial ownership information (BOI) reporting requirements under the…more

Beneficial Owner, Corporate Transparency Act, Filing Deadlines, Financial Crimes, FinCEN

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CFPB seeking public comment on buy-now-pay-later products

Having sent orders last month to five companies that offer buy-now-pay-later (BNPL) products directing them to provide information to the Bureau, the CFPB published a notice in today’s Federal Register seeking public comment to…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Services Industry, Public Comment

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CTA Reporting Requirements Reinstated With March 21 Deadline for Most Reporting Companies

As a result of a decision by the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury on Tuesday, February 18, beneficial ownership information (BOI) reporting requirements under the…more

Beneficial Owner, Corporate Transparency Act, Filing Deadlines, Financial Crimes, FinCEN

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Federal Court Addresses Frequently Overlooked Nuances of Electronic Document Production

U.S. Magistrate Judge Paul S. Grewal of the Northern District of California recently issued an order in Venture Corp., Ltd. v. Barrett shedding light on the meaning of two Federal Rules of Civil Procedure governing document…more

Discovery, Document Productions, Federal Rules of Civil Procedure

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CREFC Miami Takeaways

Days two and three of the CREFC Conference in Miami were active for the Ballard Spahr Team, with the highlight being our annual reception attended by more than 220 guests. In follow-up to our day one summary alert, we wanted to…more

Debt, Financial Services Industry, Lenders, Loans, Property Owners

See all updates »

States Aim to Restrict Government Investment and Contracts with Bank Ban Bills and Similar Legislation

Summary - The legislative tug of war continues. Despite a presidential veto on March 20, 2023, of a Congressional resolution that repealed a Department of Labor rule allowing retirement plan managers to weigh climate change…more

Banking Sector, Banks, Financial Institutions, Investment

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Cosby Case Highlights Role of Public Access to Court Records

The April 2018 criminal trial of iconic entertainer and "America's Dad" Bill Cosby has ended with a guilty verdict…more

#MeToo, Bill Cosby, Criminal Convictions, Judicial Records, Public Access Laws

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FATF Updates Risk-Based Approach Guidance for the Real Estate Sector

As we have repeatedly blogged, concerns about perceived anti-money laundering (“AML”) risks in the real estate industry are rising globally. Consistent with this concern, the Financial Action Task Force (“FATF”) has updated its…more

AML/CFT, Anti-Money Laundering, Bank Secrecy Act, Customer Due Diligence (CDD), FATF

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DOE Changes Student Borrower Defense Rules

The U.S. Department of Education (DOE) released final regulations for student borrower defense-to-repayment claims on August 30, 2019. The regulations create a number of notable changes, including permitting education…more

Borrower Defense Rule, Class Action Arbitration Waivers, Department of Education, Deregulation, Educational Institutions

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Minnesota Supreme Court Extends Actual Malice Standard for Presumed Damages to Nonmedia Defendants

On June 26, 2019, the Minnesota Supreme Court held that a private plaintiff may not recover presumed damages for defamatory statements involving a matter of public concern unless the plaintiff can establish actual malice. This…more

Actual Malice, Damages, Defamation, Domestic Violence, Negligence

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National Housing Conference 2023 – 5 Takeaways

We were thrilled to be back—live and in-person—for Ballard Spahr’s 18th annual National Housing Conference last month. Not surprisingly, overcoming challenges in development and preservation of multifamily housing emerged as a…more

Affordable Housing, Community Development, Construction Project, Grants, Housing Developers

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FinCEN Issues $15 Million Dollar Civil Penalty Against Shinhan Bank America for Alleged Failure to Implement and Maintain Effective AML Compliance Program

On September 29, the Financial Crimes Enforcement Network (“FinCEN”) entered into a consent order with Shinhan Bank America (“SHBA”), which imposed a $15 million dollar civil penalty against SHBA for allegedly willfully failing…more

Anti-Money Laundering, Bank Secrecy Act, BSA/AML, Consent Order, Enforcement Actions

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MLA Compliance Deadline For Credit Card Accounts Is Tuesday, October 3

The Military Lending Act (MLA) will apply to credit card accounts starting Tuesday, October 3. The final rule took effect last October but provided a one-year exemption for “credit extended in a credit card account under an…more

Consumer Financial Protection Bureau (CFPB), Credit Cards, Deadlines, Department of Defense (DOD), Military Lending Act

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U.S. Supreme Court Deals Blow to Agency In-House Enforcement Powers

The U.S. Supreme Court’s 6-3 decision in Securities and Exchange Commission v. Jarkesy, et al. significantly curtails the SEC’s enforcement powers by ruling that the agency’s administrative adjudication of securities fraud cases…more

Administrative Law Judge (ALJ), Jury Trial, SCOTUS, SEC v Jarkesy, Securities and Exchange Commission (SEC)

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CFPB Issues Remittance Transfer Consent Order

On December 21, 2020, the CFPB issued its third consent order involving violations of Subpart B of Regulation E, 12 C.F.R. §§ 1005.30 to 1005.36, the Remittance Transfer Rule (“Remittance Rule”) in the last four months and…more

Consent Order, Consumer Financial Protection Bureau (CFPB), Regulation E, Remittance Transfer Rule

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Philadelphia Zoning and Land Use Update - November 2022

The Ballard Spahr Zoning and Land Use Team continues to monitor all aspects of the Philadelphia land use approval process, including the issuance of zoning and building permits, regulation of construction work, and zoning and…more

Construction Project, Permits, Urban Planning & Development, Zoning Laws

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CTA Reporting Requirements Reinstated With March 21 Deadline for Most Reporting Companies

As a result of a decision by the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury on Tuesday, February 18, beneficial ownership information (BOI) reporting requirements under the…more

Beneficial Owner, Corporate Transparency Act, Filing Deadlines, Financial Crimes, FinCEN

See all updates »

Effects of COVID-19 on Energy Projects and Programs

Globally, the coronavirus (COVID-19) has caused not only a major public health crisis but also major economic uncertainty, as business are directed to close, supply chains are brought to a standstill, and "stay in place" orders…more

Coronavirus/COVID-19, Energy Policy, Energy Projects, Infrastructure, Operators of Essential Services

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HUD Programs During a Government Shutdown

The 2024 Federal Fiscal Year (FFY2024) begins on October 1, 2023, and as of the writing of this Alert, Congress has not passed and the President has not signed a bill to provide funding for FFY2024. As a result, federal…more

Administrative Agencies, Federal Funding, Fiscal Year, Government Shutdown, HUD

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Municipal Securities Regulation and Enforcement - 2024 Mid-Year Review

In the first half of 2024, the Financial Industry Regulatory Authority (FINRA) issued several fines and suspensions against participants in the municipal market, including for violations of its registration, reporting,…more

Broker-Dealer, Department of Justice (DOJ), Financial Industry Regulatory Authority (FINRA), Financial Institutions, Financial Regulatory Reform

See all updates »

Colorado Gaming Commission Moves to Ban Licensees From Involvement in Marijuana Industry

The Colorado Limited Gaming Control Commission proposed new resolutions on September 20 that would bar all Colorado gaming licensees from ?any involvement with the marijuana industry? and, conversely, prohibit anyone involved in…more

Decriminalization of Marijuana, Dispensaries, Gambling, Gaming, Gaming Control Boards

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The Split Deepens: 2nd Circuit Holds that Title VII Bans Sexual Orientation Discrimination

The U.S. Supreme Court now has a greater incentive to resolve the issue of whether Title VII of the Civil Rights Act of 1964 prohibits employers from discriminating against employees on the basis of sexual orientation…more

Civil Rights Act, Employer Liability Issues, Employment Litigation, Equal Employment Opportunity Commission (EEOC), Gender Discrimination

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NLRB Adopts New Test for Evaluating Workplace Policies

On the eve of former Chairman Philip Miscimarra's departure from the National Labor Relations Board (NLRB), the Board Thursday created a new test for determining the lawfulness of workplace policies, overturning the test…more

Boeing, Employee Rights, Employment Policies, NLRA, NLRB

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CFPB issues supervision order establishing supervision over World Acceptance using risk-based authority

The CFPB has released a supervisory order which establishes that the CFPB has supervisory authority over World Acceptance Corp. (WAC) based on the CFPB’s conclusion that it has reasonable cause to determine that WAC “is engaging…more

Consumer Financial Products, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Financial Services Industry

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Term SOFR Hedges: The Price of Perfection

Summary - As a result of the shift from LIBOR to the Secured Overnight Finance Rate (SOFR), borrowers who use interest rate swaps or options to manage interest rate risk may be asked to pay extra to maintain a hedge under…more

Alternative Reference Rates Committee (ARRC), Bank Loan Markets, Borrowers, CFTC, Consumer Financial Products

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The FTC's Revised Health Breach Notification Rule Is Now in Effect

The Federal Trade Commission (FTC) continues to enforce and update its Health Breach Notification Rule (HBNR) amidst a fast-changing regulatory environment. A new rule, which took effect this week, expands the scope of the HBNR,…more

Breach Notification Rule, Cybersecurity, Data Breach, Data Privacy, Data Protection

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USPTO Will Extend Deadlines for Delays Caused by COVID-19 Outbreak

The United States Patent and Trademark Office (USPTO) has extended trademark registration deadlines falling between March 27 and April 30, 2020…more

Deadlines, Extensions, Intellectual Property Protection, Trademark Application, Trademark Trial and Appeal Board

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Federal Court Blocks Maryland's Online Political Ad Law Under First Amendment

In a 50-page opinion and order issued recently, a Maryland federal court ruled in favor of a coalition of Maryland and Washington, D.C.-based news organizations on their challenge to a Maryland law that would have placed…more

Advertising, First Amendment, Free Speech, Journalists, Media Relations

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NLRB Revives Prior Standard on Arbitral Deference

On December 23, 2019, the National Labor Relations Board (NLRB, or the Board) overturned an Obama-era decision regarding deference to labor arbitration proceedings…more

Administrative Law Judge (ALJ), Arbitration, Arbitration Agreements, Babcock & Wilcox Construction, Collective Bargaining Agreements (CBA)

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Colorado’s Newly Enacted Income-Based Non-Compete Law Marks Tightening of Restrictive Covenants

In May 2022, Colorado legislators passed a law that bans employee non-compete clauses for workers making less than six figures annually.  Governor Jared Polis (D) signed the bill into law on June 8, 2022, giving it an effective…more

Employer Liability Issues, Employment Contract, Non-Compete Agreements, Restrictive Covenants

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New Jersey “Wage Theft”  Amendments Apply Only Prospectively

In a unanimous decision, on May 15, 2024, the New Jersey Supreme Court held that the state’s amendments (Chapter 212) to the Wage Payment Law (WPL) and the Wage and Hour Law (WHL) apply prospectively, and therefore plaintiffs…more

Employer Liability Issues, Equal Pay, New Jersey, Retroactive Application, State Labor Laws

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SEC Adopts Disclosure Rules on Pay-Versus-Performance

Summary - The Securities and Exchange Commission (SEC) has adopted amendments to rules requiring most reporting companies to publish pay-versus-performance information in certain proxy statements and information statements…more

Disclosure Requirements, GAAP, Non-GAAP Financial Measures, Securities and Exchange Commission (SEC), Smaller Reporting Companies

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Two New Laws Benefiting Commercial Landlords in California Take Effect Jan. 1

Landlords of shopping centers and other commercial properties in California should take steps now to reap the benefits of two new laws—both effective starting January 1, 2019—governing abandoned premises and personal property…more

Abandoned Property, Commercial Leases, Commercial Tenants, Governor Brown, Landlords

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Municipal Securities Regulation and Enforcement: 2023 Mid-Year Review

2023 MID-YEAR REVIEW - In the first half of 2023, several rule changes have been proposed by the Municipal Securities Rulemaking Board (MSRB) and the U.S. Securities and Exchange Commission (SEC), including changes to “Best…more

Broker-Dealer, Cybersecurity, Enforcement Actions, Environmental Social & Governance (ESG), Financial Industry Regulatory Authority (FINRA)

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Department of the Treasury Suspends Enforcement of the Corporate Transparency Act and Plans to Revise Rule to Limit Scope

Does it matter if a law is valid if the Government refuses to enforce it? For months, we have watched (and blogged on) courts grappling with the constitutionality and enforceability of the Corporate Transparency Act (“CTA”). …more

Anti-Money Laundering, Beneficial Owner, Business Ownership, Corporate Transparency Act, Enforcement Actions

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New 2025 Annual Report Requirements for PA Corporations, Nonprofits, and Associations

The Pennsylvania Associations Code now requires annual reports to be filed as a result of Pennsylvania Act 122 (the Act), which will affect Pennsylvania entities or associations, as well as foreign entities or associations…more

Annual Reports, Business Entities, Corporate Governance, Filing Deadlines, Filing Requirements

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Municipal Securities Regulation and Enforcement - 2024 Mid-Year Review

In the first half of 2024, the Financial Industry Regulatory Authority (FINRA) issued several fines and suspensions against participants in the municipal market, including for violations of its registration, reporting,…more

Broker-Dealer, Department of Justice (DOJ), Financial Industry Regulatory Authority (FINRA), Financial Institutions, Financial Regulatory Reform

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Respect the Razorblade: How to Protect Your IP When Your Business’s Business Is Repeat Customers

In this episode, we discuss how your intellectual property can be leveraged to maximize the profitability of nonconsumable devices and their complementary consumable products. While profits can be made via the initial sale of…more

Intellectual Property Protection, IP Portfolio, Patents, Trademarks

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Consumer Finance Monitor Podcast Episode: How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for Innovative Consumer Financial Products; Part Two: Earned Wage Access

Today’s podcast, which repurposes a recent webinar, is the conclusion of a two-part examination of the CFPB’s use of a proposed interpretive rule, rather than a legislative rule, to expand regulatory requirements for earned wage…more

Buy Now Pay Later (BNPL), Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Earned Wage Access, Financial Services Industry

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President Biden Unveils Broad Vision to Crackdown on Foreign and Domestic Corruption

Agenda Highlights Intersection of National Security, Corruption and Anti-Money Laundering - On June 3, 2021, President Biden unveiled a National Security Study Memorandum entitled Memorandum on Establishing the Fight Against…more

Anti-Corruption, Anti-Money Laundering, Biden Administration, Corporate Transparency Act, Corruption

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AML Problems Plague Swedbank: The Internal Investigation Report

Second Post in a Two-Post Series - On March 19, 2020, Swedbank received its first sanction at the conclusion of parallel investigations by Swedish and Estonian authorities for its role in the seemingly non-stop Anti-Money…more

Anti-Money Laundering, Financial Crimes, Financial Institutions, Financial Transactions, Money Laundering

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UPDATED: HUD Issues COVID-19 FAQs for Housing Authorities

During this time of uncertainty, Public Housing Authorities (PHAs) are now operating under stressed conditions with limited resources. HUD posted a revised “COVID-19 FAQs for Public Housing Agencies” on April 22, 2020, including…more

Affordable Housing, Coronavirus/COVID-19, Eviction, HUD, Low-Income Issues

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CTA Reporting Requirements Reinstated With March 21 Deadline for Most Reporting Companies

As a result of a decision by the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury on Tuesday, February 18, beneficial ownership information (BOI) reporting requirements under the…more

Beneficial Owner, Corporate Transparency Act, Filing Deadlines, Financial Crimes, FinCEN

See all updates »

CTA Reporting Requirements Reinstated With March 21 Deadline for Most Reporting Companies

As a result of a decision by the U.S. District Court for the Eastern District of Texas in Smith v. U.S. Department of the Treasury on Tuesday, February 18, beneficial ownership information (BOI) reporting requirements under the…more

Beneficial Owner, Corporate Transparency Act, Filing Deadlines, Financial Crimes, FinCEN

See all updates »

SEC Adopts Amendments to Financial Disclosures about Acquisitions and Dispositions of Businesses

On May 21, 2020, the Securities and Exchange Commission (the SEC) announced the adoption of amendments to certain rules and forms relating to financial disclosures about acquisitions and dispositions of businesses “to improve…more

Acquisition Agreements, Disclosure Requirements, Financial Statements, IASB, IFRS

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SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosure

The Securities and Exchange Commission (SEC) adopted rules expanding climate-related disclosure requirements in annual reports and registration statements for U.S. public companies and foreign private issuers. The final rules,…more

Climate Change, Disclosure Requirements, Environmental Social & Governance (ESG), Final Rules, Financial Institutions

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Condominium Termination: A Potential Path for Repurposing and Redeveloping Aging Condominium Buildings

Summary - Termination has been a component of condominium law from its inception but has been pursued only in limited circumstances. It is unfamiliar ground for many associations and practitioners. This article reviews the…more

Condominium Associations, Condominiums, Land Developers, Real Estate Market, Termination

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NY Court of Appeals Holds No Bankruptcy Preemption of Lender Tort Claims Against Related Third Parties

Summary - The State of New York Court of Appeals held that claims against non-debtor related parties, based on their actions to aid or induce Chapter 11 debtors to breach contractual loan covenants, were not subject to…more

Appeals, Bankruptcy Court, Chapter 11, Commercial Bankruptcy, Debtors

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Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigation

Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court enjoined…more

Banks, Colorado, Consumer Financial Products, DIDMCA, Financial Services Industry

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COVID-19 Sparks Interim Valuations for ESOPs

The spread of COVID-19 and the resulting economic downturn has caused employee stock ownership plan (ESOP) companies to question their annual stock valuations for purposes of ESOP participant distributions and diversifications…more

Coronavirus/COVID-19, Economic Downturn, ESOP

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FDA Issues Draft Guidance on Cybersecurity for Postmarket Medical Devices

The Food and Drug Administration's (FDA) most recent draft guidance focuses on cybersecurity in postmarket medical devices and makes recommendations for identifying, assessing, and responding to cybersecurity vulnerabilities…more

Cybersecurity, Food and Drug Administration (FDA), Medical Devices

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DOJ Mandates Consultation and/or Approval Before Investigating Congressional Members or Staffers

Summary - Local U.S. Attorneys will be required to consult with, and in some circumstances obtain approval from, the Department of Justice (DOJ)’s Public Integrity Section before proceeding in any cases involving members of…more

Consultation, Criminal Investigations, Department of Justice (DOJ), Federal Crimes, Government Investigations

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FinCEN Issues Enforcement Order Against Crypto Exchange Bitzlato in First-Time Use of Section 9714(a)

In its first use of Section 9714(a) of the Combating Russian Money Laundering Act, the Financial Crimes Enforcement Network (“FinCEN”) issued a notice of enforcement order (the “Order”) on January 18, 2023 against the…more

Anti-Money Laundering, Cryptocurrency, Department of Justice (DOJ), FinCEN

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The CAA Prescription Drug Benefit Reporting Requirement

Summary - The Consolidated Appropriations Act, 2021 (CAA) requires group health plans and health insurers to submit information regarding the costs of prescription drug costs and other health care services each year to the…more

Consolidated Appropriations Act (CAA), Department of Health and Human Services (HHS), Drug Pricing, Employee Retirement Income Security Act (ERISA), Prescription Drugs

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In Key TOPA Case, D.C. Court Says Reallocation of Existing Owners’ Interests Is Not a “Sale”

The District of Columbia Court of Appeals recently determined, in Williams v. Kennedy, that a conveyance of ownership interests in a rental property does not constitute a sale under D.C.’s Tenant Opportunity to Purchase Act…more

Appeals, Change of Ownership, Real Estate Transactions, Rental Property, Right of First Refusal

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CRE CLOs And Distress

Collateralized loan obligations (CLOs) are securitization vehicles that have traditionally been backed by pools of “bank loans”—senior-secured corporate loans with floating rate coupons. CLOs generally comprise a diverse pool of…more

CMBS, Collateralized Loan Obligations, Investment, REMIC, Securitization Market

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Is Your Organization Tax-Exempt in D.C.? Act Soon to Retain the Exemption!

Organizations wishing to apply for or retain an exemption from the District of Columbia on income and franchise tax, sales and use tax, or personal property tax are subject to some new filing requirements…more

Determination Letter, Filing Requirements, Franchise Taxes, Income Taxes, IRS

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Expenses Paid With Proceeds of Forgiven PPP Loans Are Not Deductible

The IRS issued Notice 2020-32 explaining that otherwise deductible business expenses paid for with the proceeds of a forgiven PPP loan are not deductible for federal income tax purposes. This means that when a taxpayer pays…more

CARES Act, Coronavirus/COVID-19, Federal Loans, IRS, Paycheck Protection Program (PPP)

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EPA Finalizes Superfund and Drinking Water PFAS Rules

The U.S. Environmental Protection Agency (EPA) finalized two of the most anticipated environmental regulations related to per- and polyfluoroalkyl substances—known as PFAS—in the past two weeks: listing of PFOA and PFOS as…more

CERCLA, Contamination, Drinking Water, Environmental Policies, Environmental Protection Agency (EPA)

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Ninth Circuit Reverses Trial Court’s Finding That Qualcomm Violated Antitrust Laws

The Ninth Circuit reversed a district court’s ruling that Qualcomm violated the Sherman Antitrust Act through its licensing and sales practices related to cellular microchips, resulting in a defeat to the Federal Trade…more

Anticompetitive Behavior, Antitrust Violations, Federal Trade Commission (FTC), Intellectual Property Protection, IP License

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Budget Deal Addresses Health Benefit Issues

The Congressional agreement that reopened the federal government for three weeks quietly addressed—at least temporarily—several high-profile issues affecting public and private health benefits…more

Affordable Care Act, Cadillac Tax, Children's Health Insurance Program (CHIP), Compensation & Benefits, Employee Benefits

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The Infrastructure Investment and Jobs Act: Moving Authority Into Projects, A Public and Private Perspective

Today’s episode features a discussion on how to engage with the Infrastructure and Jobs Act and moving authority into projects from a public and private perspective. Our experts will discuss opportunities presented by the new…more

Biden Administration, Infrastructure, Infrastructure Financing, Infrastructure Investment and Jobs Act (IIJA)

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Governmental Accounting Standards Board Proposes Updated P3 Guidelines

The primary objective of the guidelines is to improve financial reporting by addressing issues related to P3s and APAs. The guidelines provide uniform guidance on accounting and financial reporting for transactions that meet the…more

Comment Period, Draft Guidance, GASB, Infrastructure, Project Finance

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New SEC Thresholds in Definition of Smaller Reporting Company Effective September 10

The Securities and Exchange Commission (SEC) on June 28, 2018, adopted amendments to the definition of "smaller reporting company" (SRC) in Rule 405 under the Securities Act of 1933 (Securities Act), Rule 12b-2 under the…more

Disclosure Requirements, Emerging Growth Companies, Regulation S-K, Regulation S-X, Securities and Exchange Commission (SEC)

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Holiday Relief for Reporting Requirements

In a new set of Frequently Asked Questions, the U.S. Departments of Labor, Health and Human Services, and the Treasury provide significant relief to health plan sponsors and insurers seeking to report on expenditures for…more

Department of Health and Human Services (HHS), Department of Labor (DOL), Employee Benefits, Health Insurance, Health Plan Sponsors

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IRS Issues Guidance on Clean Energy Tax Credits

Summary - The IRS recently released guidance with respect to the new tax credit direct payment and transferability rules created under the Inflation Reduction Act enacted last August. The guidance explains how to register for…more

Clean Energy, Energy Projects, Inflation Reduction Act (IRA), Infrastructure, Investment Tax Credits

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SEC Signals New Phase of Regulation FD Enforcement

The United States Securities and Exchange Commission (SEC) announced yesterday, August 20, 2019, that it charged TherapeuticsMD, Inc., a pharmaceutical company headquartered in Boca Raton, Florida, with violations of Regulation…more

Disclosure Requirements, Enforcement Actions, FDA Approval, Financial Markets, Food and Drug Administration (FDA)

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CFPB issues medical debt rule; regulation immediately challenged in federal court

The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in…more

Consumer Financial Protection Bureau (CFPB), Consumer Privacy Rights, Credit Reports, Data Privacy, Debt Collection

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NLRB Decision Serves as Reminder of Weingarten Requirements

More than 40 years after the U.S. Supreme Court's decision in NLRB v. Weingarten Inc., the National Labor Relations Board's (NLRB) recent decision in Circus Circus Casinos Inc. serves as a good reminder for employers regarding…more

Disciplinary Proceedings, Employee Rights, Employer Liability Issues, Employment Litigation, Internal Investigations

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Federal Reserve’s Municipal Liquidity Facility: Arizona Impact

On April 9, 2020, the Municipal Liquidity Facility (MLF) was established pursuant to Section 13(3) of the Federal Reserve Act to assist States and certain local governments with their increased liquidity needs due to the…more

Coronavirus/COVID-19, Federal Loans, Federal Reserve, Liquidity, Municipal Liquidity Facility (MLF)

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United Nations Targets Corruption and Illicit Cross-Border Finance

U.N. Report Focus on Improving Accountability, Transparency and Good Governance - On March 2, 2020 the United Nations released a Report on Financial Integrity For Sustainable Development (the “Report”). Although the Report is…more

Cross-Border Transactions, Financial Crimes, Money Laundering, United Nations

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Business Better Podcast Episode: The Looming Threat of Immigration Raids at Your Workplace – What to do When ICE Comes Knocking

In light of recent executive orders, today’s podcast focuses on what organizations can expect with the new administration’s promises on immigration, as well as what employers can do when U.S. Immigration and Customs Enforcement…more

Employer Liability Issues, Foreign Nationals, Immigration and Customs Enforcement (ICE), Raids, Workplace Investigations

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Oregon Creates Community Solar Program

Oregon Governor Kate Brown has signed legislation enacting a new community solar program permitting utilities and third parties to own or operate a community-based renewable energy project. The law also sets a specific target…more

Coal-Fired Generation, Energy Projects, Energy Sector, New Legislation, Public Utilities Commission

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Illinois Supreme Court: BIPA Damages Accrue with Each Collection

In a landmark decision that will have widespread effects, the Illinois Supreme Court ruled that a claim accrues each time—rather than just the first time—that data is collected in violation of the Biometric Information Privacy…more

Biometric Information, Biometric Information Privacy Act, Data Collection, Data Privacy, Employer Liability Issues

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Impact of USPTO Interim Guidance on Chemical, Pharmaceutical, and Biotech Inventions

The recent interim guidance issued by U.S. Patent and Trademark Office (USPTO) provides applicants and practitioners with more helpful information about which types of claims the USPTO will find to satisfy subject matter…more

AMP v Myriad, Genetic Materials, Guidance Update, Mayo v. Prometheus, Patent-Eligible Subject Matter

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New Jersey Enacts Groundbreaking Charter School Financing Law

The state of New Jersey has enacted a groundbreaking law granting public charter schools and renaissance schools access to low-interest financing through the Public Charter and Renaissance School Facilities Loan Program. This…more

Charter Schools, Construction Project, Educational Institutions, Financial Institutions, Infrastructure

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Housing Market Industry Group Urges Supreme Court to Preserve CFPB’s Mortgage and Real-Estate Regulations Regardless of Constitutional Question’s Outcome

As the financial services industry continues to monitor the proceedings in Community Financial Services Association of America v. Consumer Financial Protection Bureau, an industry group composed of the Mortgage Bankers…more

Consumer Financial Protection Bureau (CFPB), Financial Services Industry, Mortgage Bankers Association, Mortgages

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CFPB issues new circular on deceptive practices in connection with marketing remittance transfers

The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even if…more

Consumer Financial Products, Consumer Financial Protection Act (CFPA), Consumer Financial Protection Bureau (CFPB), Digital Wallets, Financial Services Industry

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Federal Court Holds 30-Day Validation Notice Language Violates FDCPA

A federal district court in Pennsylvania recently granted summary judgment to a debtor in a lawsuit filed against a collection law firm under the Fair Debt Collection Practices Act (FDCPA)…more

Collection Action, Debt Collection, Debt Collectors, FDCPA, Notice Requirements

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SEC Releases Guidance on Cybersecurity Disclosures

In light of the increasing significance of cybersecurity incidents, and their potential impact on a company's operations, on February 21, the Securities and Exchange Commission (SEC) issued guidance to public reporting companies…more

Cyber Attacks, Cyber Crimes, Cybersecurity, Data Breach, Data Protection

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Landlord’s Acceptance of Rent After Notice to Terminate Expires Dooms California Unlawful Detainer Claim

After serving a 30-day notice to terminate a commercial lease and filing an unlawful detainer case, a landlord continued to bill a tenant for rent and common area maintenance (CAM) fees, and unconditionally accepted rent…more

Breach of Contract, California, Commercial Leases, Common Areas, Contract Terms

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NLRB’s Independent Contractor Test Shifts Back To Pre-Trump Standard

Last week, the National Labor Relations Board (“Board”) issued a decision changing the legal standard it will use to determine whether workers are “employees” covered by the National Labor Relations Act (“NLRA”), or independent…more

Department of Labor (DOL), Employer Liability Issues, Federal Labor Laws, Gig Economy, Hiring & Firing

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New USPTO Guidance Hones AI-Related Patent Eligibility Criteria

The U.S. Patent and Trademark Office (USPTO) has issued new guidance on patent subject matter eligibility, specifically concerning AI inventions. This guidance aims to assist patent examiners in assessing whether claims in a…more

Algorithms, Artificial Intelligence, Data Processing Rules, Innovative Technology, Intellectual Property Protection

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Federal Court Dismisses CCPA Claim Against Marriot International, Inc. For Lack of Standing

On January 12, 2021, the federal District Court for the Central District of California dismissed a data breach law suit—including a claim filed under the California Consumer Privacy Act (“CCPA”)—against Marriott International,…more

Article III, California Consumer Privacy Act (CCPA), Corporate Counsel, Cybersecurity, Data Breach

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Antitrust Enforcement in the Procurement Space During the Second Trump Administration

Although the scope of federal antitrust enforcement under the second Trump administration remains uncertain, the Procurement Collusion Strike Force (PCSF) is expected to remain active. The PCSF, which was started by the first…more

Antitrust Division, Antitrust Provisions, Antitrust Violations, Bribery, Department of Justice (DOJ)

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HUD Releases Supplemental RAD Notice

Summary - Recently, the U.S. Department of Housing and Urban Development (HUD) released its highly anticipated Supplement to the RAD Notice (Supplement), which makes a number of changes to the current Rental Assistance…more

Affordable Housing, HUD, Low-Income Issues, Public Housing, Real Estate Market

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FDIC, OCC and Justice Department update bank merger guidelines

The FDIC, the OCC and the Justice Department earlier this month issued updated standards for bank mergers. The three agencies acted separately, although officials noted that they had worked with the other agencies involved…more

Bank Merger Act, Department of Justice (DOJ), FDIC, Federal Reserve, Financial Institutions

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Nevada Lifts Commercial Evictions and Foreclosures Moratorium

The State of Nevada lifted the moratorium on commercial evictions and commercial foreclosures in the state, effective July 1, 2020…more

Commercial Tenants, Coronavirus/COVID-19, Eviction, Executive Orders, Foreclosure

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Amendments Strengthen Toxic Substances Control Act

President Obama's signing of amendments to the Toxic Substances Control Law sealed a welcome effort to overhaul the 40-year-old Toxic Substances Control Act (TSCA). The amendments were spurred on by a rare bipartisan consensus…more

Chemicals, Environmental Protection Agency (EPA), Legislative Amendments, Manufacturers, Preemption

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Real Estate News in Metro DC

Ballard Spahr’s mixed-use, condominium, and multifamily lawyers are pleased to provide this newsletter to keep you apprised of important developments and trends in real estate law in Maryland, Virginia, and Washington, D.C…more

Condominiums, Construction Defects, Construction Industry, Construction Project, Disclosure Requirements

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Booking.com Not Generic: Supreme Court Holds Combined Generic Terms Can Be Eligible for Trademark Registration

The Supreme Court held June 30, 2020, in United States Patent and Trademark Office v. Booking.com B.V., that a generic term combined with a generic internet-domain suffix is not per se ineligible for trademark registration…more

Acquired Distinctiveness, Appeals, Booking.com, Descriptive Trademarks, Domain Name Registration

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2020 Annual Meeting Considerations for Public Reporting Companies as a result of COVID-19

In an effort to limit exposure and contain Coronavirus Disease-2019 (COVID-19), public companies are monitoring developments in the outbreak and announcements from public health authorities and federal, state, and local…more

Annual Meeting, Coronavirus/COVID-19, Corporate Governance, EDGAR, Filing Deadlines

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SEC Announces First Enforcement Action Against Public Company for Misleading COVID-19 Disclosures

Summary - The Securities and Exchange Commission (SEC) announced today that it has settled its case against The Cheesecake Factory charging the national restaurant chain with providing misleading disclosures in filings—the…more

Coronavirus/COVID-19, Enforcement Actions, Securities and Exchange Commission (SEC), Securities Exchange Act

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Congress, White House Signal Increased Antitrust Enforcement

Summary - Increased antitrust enforcement is a hot topic in the nation’s capital this summer, with the House Judiciary Committee approving a package of legislation that would reshape the antitrust laws last week and an…more

Antitrust Provisions, Competition, Federal Trade Commission (FTC), Mergers, Vertical Mergers

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CRE CLOs And Distress

Collateralized loan obligations (CLOs) are securitization vehicles that have traditionally been backed by pools of “bank loans”—senior-secured corporate loans with floating rate coupons. CLOs generally comprise a diverse pool of…more

CMBS, Collateralized Loan Obligations, Investment, REMIC, Securitization Market

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Key Takeaways From the 2025 J.P. Morgan Health Care Conference

Cautious Optimism for Deal Making. The general consensus is that we will likely see an increase in M&A and capital market transactions in the life sciences sector in 2025…more

Acquisition Agreements, Artificial Intelligence, Biotechnology, Capital Markets, Data Protection

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Connecticut poised to become fifth state to enact privacy law

Connecticut is the next in a growing list of states to pass comprehensive data privacy legislation.  Last Friday, the Connecticut legislature passed, by large margins, Senate Bill 6 — which we are referring to as the Connecticut…more

Cybersecurity, Data Privacy, Data Protection, Personal Data, Popular

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Court Enjoins Bulk of President Trump’s DEI Executive Order, Democratic State AGs Offer Guidance on ‘Lawful’ Practices

Reverberations from the Trump administration’s recent executive order (EO) denouncing diversity, equity, and inclusion (DEI) practices intensified Friday when a federal judge in Baltimore issued a nationwide preliminary…more

Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination, Employment Litigation

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SEC Proposes to Improve the Retail Investor Experience Through Modernized Fund Shareholder Reports and Disclosures

The Securities and Exchange Commission (the SEC) proposed comprehensive modifications to the disclosure framework for mutual funds and exchange-traded funds (ETFs and, collectively with mutual funds, funds). The purpose of the…more

Disclosure Requirements, ETFs, Exchange-Traded Products, Investment Management, Mutual Funds

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FTC targets deceptive practices in merchant cash advance case

The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with…more

Consumer Financial Products, Enforcement Actions, Federal Trade Commission (FTC), Financial Institutions, Financial Services Industry

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FTC Webinar Provides Additional Guidance on Final Rule Banning Noncompete Agreements

As we previously reported, the Federal Trade Commission (FTC) voted to issue a final rule (the “Rule”) that would prevent most employers from enforcing noncompete agreements against workers, with only limited exceptions for…more

Competition, Corporate Sales Transactions, Employees, Employer Liability Issues, Employment Contract

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D.C. Circuit Decision Clouds Joint Employer Battle

At the end of December, the U.S. Court of Appeals for the District of Columbia Circuit upheld a 2015 National Labor Relations Board (NLRB) decision that established a broad test for determining whether two entities could be…more

Browning-Ferris Industries of California Inc., Collective Bargaining, Employer Liability Issues, Franchises, Hiring & Firing

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Your Role in Protecting Tax-Exempt Bonds During Legislative Changes

President Trump has indicated that one of his key economic priorities is to extend the expiring provisions of the Tax Cuts and Jobs Act (TCJA). However, Congress still needs to resolve disagreements on the cost and funding of…more

Income Taxes, Internal Revenue Code (IRC), Investment, IRS, Municipal Bonds

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Nevada Lifts Commercial Evictions and Foreclosures Moratorium

The State of Nevada lifted the moratorium on commercial evictions and commercial foreclosures in the state, effective July 1, 2020…more

Commercial Tenants, Coronavirus/COVID-19, Eviction, Executive Orders, Foreclosure

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Carrots and Sticks – FTC Presses Parties Under Investigation to Accept Tolling Agreements

On February 20, 2024, Director Samuel Levine of the Federal Trade Commission’s Bureau of Consumer Protection (Bureau) issued a statement promoting the use and acceptance of tolling agreements. Tolling agreements pause the…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Financial Services Industry, FTC Act

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FDIC Chairman Gruenberg issues remarks at National Community Reinvestment Coalition on FDIC’s economic inclusion strategy

FDIC’s Chairman Martin J. Gruenberg recently gave remarks at the National Community Reinvestment Coalition on the FDIC’s economic inclusion strategy. …more

Affordable Housing, Banks, Community Development, Community Reinvestment Act, Consumer Financial Products

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Maryland's Nutrient Trading Program Set to Launch: Program Regulations Effective July 16

The Maryland Department of the Environment (MDE) has published final regulations to implement Maryland's Water Quality Nutrient Trading Program…more

Discharge of Pollutants, Environmental Policies, Regulatory Oversight, Regulatory Requirements, State and Local Government

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New IRS Form 15620 Standardization Simplifies Section 83(b) Elections

The Internal Revenue Service (IRS) recently released IRS Form 15620, Section 83(b) Election (Form 15620), an approved form for taxpayers to use to make a Section 83(b) election. A taxpayer is not required to use Form 15620 to…more

Compensation & Benefits, Employee Benefits, Internal Revenue Code (IRC), IRC Section 83(b), IRS

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Philadelphia Employers Will Soon Be Required to Provide Commuter Benefits to Their Employees

Summary - On June 9, 2022, the Philadelphia City Council passed an ordinance that would require certain employers to make available to eligible employees a commuter transit benefit program. The bill is currently awaiting the…more

Commute Time, Covered Employees, Employer Liability Issues, Travel Time, Wage and Hour

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SEC Adopts Final Rules to Facilitate Intrastate and Regional Securities Offerings

The Securities and Exchange Commission (SEC) has adopted final rules modernizing and expanding the ways in which smaller companies can raise capital. Rule 147 of the Securities Act of 1933, as amended, provides a safe…more

Capital Raising, Crowdfunding, Doing Business, Financial Institutions, Financial Markets

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Department of Interior Revises Regulations for Native American Graves Protection and Repatriation Act

Revised regulations to the Native American Graves Protection and Repatriation Act (NAGPRA) went into effect January 12, 2024, setting a five-year deadline for museums and Federal agencies to consult and update inventories of…more

Department of the Interior, Federal Funding, Museums, Native American Issues

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FTC Can Regulate Cybersecurity Practices, Third Circuit Rules

The Federal Trade Commission (FTC) can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act, the U.S. Court of Appeals for the Third Circuit has ruled in a very important…more

Appeals, Banking Sector, Banks, Best Practices, COPPA

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FEC: Cybersecurity Services to Candidates, Political Parties Not In-Kind Contributions

The Federal Election Commission (FEC) released a draft advisory opinion (draft AO) this week, holding that a nonprofit corporation providing certain cybersecurity services to candidates and political parties are not in-kind…more

501(c)(4), Advisory Opinions, Cyber Threats, Cybersecurity, Digital Service Providers

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Ballard Spahr provides comments to CFPB on administrative adjudication proceedings

Ballard Spahr attorneys have submitted comments to the CFPB in response to its Request for Information Regarding Bureau Rules of Practice for Adjudication Proceedings…more

Adjudicatory Process, Administrative Proceedings, Consumer Financial Protection Bureau (CFPB), Enforcement Actions, Request For Information

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Consumer Finance Monitor Podcast Episode: The Demise of the Chevron Doctrine – Part II

On June 28, in Loper Bright v. Raimondo, et al., the Supreme Court overturned the Chevron deference doctrine, a long-standing tenet of administrative law established in 1984 in Chevron U.S.A., Inc. v. Natural Resources Defense…more

Chevron Deference, Enforcement Authority, Financial Services Industry, Government Agencies, Loper Bright Enterprises v Raimondo

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Wisconsin Appeals Court Rejects National Bank Act Preemption

In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act…more

Appellate Courts, Consumer Financial Products, Debt Collection, Financial Institutions, Financial Services Industry

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Consumer Finance Monitor Podcast Episode: The FTC's Updates to its Guides on the Use of Endorsements and Testimonials in Advertising and Proposed Rule on the Use of Consumer Reviews and Testimonials

Our special guest is Michael Ostheimer, Senior Consumer Protection Attorney in the FTC’s Division of Advertising Practices. In June 2023, the FTC updated its guides that set forth the FTC’s position on how Section 5 of the FTC…more

Banking Sector, Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Lenders, Federal Trade Commission (FTC)

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Life Sciences Industry Update: 2024 Mid-Year Report

ARTIFICIAL INTELLIGENCE IN LIFE SCIENCES - Life sciences companies are forming AI-driven strategic collaborations with tech giants, creating synergy that promises to revolutionize the industry. Companies like NVIDIA,…more

Algorithms, America Invents Act, Artificial Intelligence, Bayh-Dole Act, Chevron Deference

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Small Business Interest Group Challenges CTA’s Constitutionality

In our last post discussing the new regulations issued under the Corporate Transparency Act (“CTA”), we suggested that “time will tell whether industry groups will launch lawsuits challenging the Final Rule.” That time has…more

Beneficial Owner, Corporate Transparency Act, Financial Crimes, FinCEN, Money Laundering

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The SEC FY 2023 Budget Request Predicts Increased Enforcement Activities

Summary - The Securities and Exchange Commission (SEC) this week released its annual Congressional Budget Justification. The agency is seeking a budget of $2.15 billion for FY 2023, which is almost $240 million more than it…more

Enforcement Actions, Initial Public Offering (IPO), Securities and Exchange Commission (SEC), Special Purpose Acquisition Companies (SPACs)

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No provisions on arbitration or interest rate cap in final version of NDAA

The final version of the National Defense Authorization Act for Fiscal Year 2022 (NDAA) (S. 1605) currently awaiting President Biden’s signature does not contain several proposed provisions that members of the consumer financial…more

Arbitration, Biden Administration, NDAA, Servicemembers Civil Relief Act (SCRA)

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FinCEN Withdraws Designation of ABLV Bank as Foreign Financial Institution “Of Primary Money Laundering Concern”

A Gesture Providing Limited Solace to a Now-Defunct Bank - Six years ago, in early 2018, we blogged about the U.S. Department of the Treasury’s Financial Crimes Enforcement Network’s (“FinCEN’s”) designation of ABLV Bank, AS…more

AML/CFT, Anti-Money Laundering, Banks, Financial Crimes, Financial Institutions

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DOJ Seeks to “KleptoCapture” Sanctioned Russian Oligarch’s NYC and Miami Properties Via Forfeiture

Last month we blogged on an indictment in the Southern District of New York (“SDNY”) charging Vladimir Voronchenko (“Vorenchenko”) with scheming to make payments to maintain multiple properties in New York and Florida owned by…more

Department of Justice (DOJ), Economic Sanctions, Forfeiture, International Emergency Economic Powers Act (IEEPA), Money Laundering

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Corporate Political Disclosure Rankings Show ‘Dramatic Gap’ in Transparency Between Largest and Smaller Companies

Summary - The Center for Political Accountability (CPA) and the University of Pennsylvania’s Zicklin Center for Governance and Business Ethics unveiled their 2022 CPA-Zicklin Index on October 11, revealing a “dramatic gap” in…more

Corporate Culture, Corporate Governance, Ethics, Transparency

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Maryland to Increase IDOT Exemption Threshold Effective July 1, 2024

Summary - The threshold for indemnity deed of trust (IDOT) recordation tax deferral in Maryland increased from $3,000,000 to $12,500,000, effective July 1, 2024. This is welcome news for commercial real estate owners and…more

Deed of Trust, IDOT, Loans, Mortgages, Recordation Taxes

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Sixth Circuit Sides with The New York Times in Defamation Suit

An article in The New York Times about controversy surrounding an Ohio State University cancer researcher was not defamatory because reasonable readers would understand it was “a standard piece of investigative journalism” that…more

Cancer, Defamation, Journalism, Motion to Dismiss, New York Times

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California Workers Must Continue to Wear Masks Unless All Employees are Vaccinated

With California set to lift nearly all masking and social distancing requirements on June 15, the California Occupational Safety and Health Standards Board (“Cal/OSHA”) has placed the burden on employers with unvaccinated…more

Cal-OSHA, Coronavirus/COVID-19, Infectious Diseases, Masks, Vaccinations

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States and Business Groups Challenge Increase to FLSA Salary Threshold

Twenty-one states and more than 50 business groups, in separate actions, have filed suit in the Eastern District of Texas seeking to enjoin implementation of the Department of Labor's (DOL) Final Rule increasing the salary…more

Department of Labor (DOL), Exempt-Employees, Fair Labor Standards Act (FLSA), Final Rules, Minimum Salary

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Webinar Recording - Artificial Intelligence An Overview of the U.S. and EU Regulatory Landscape

The emergence of tools like ChatGPT has demonstrated the tremendous business potential for artificial intelligence. At the same time, businesses need to be aware of the growing patchwork of laws and regulations in the U.S. and…more

Artificial Intelligence, EU, Regulatory Requirements

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DOJ Final Rule Sets Deadline for State and Local Governments’ Online Application Accessibility

The Department of Justice’s (DOJ) final rule on the accessibility of web content and mobile apps under Title II of the Americans with Disabilities Act (ADA) goes into effect June 24, 2024. With limited exceptions, the rule…more

Americans with Disabilities Act (ADA), Department of Justice (DOJ), Disability Discrimination, Final Rules, Public Accommodation

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UPDATED: New York Federal Reserve Expands Eligible Issuers and Provides Indicative Pricing and Sample Transaction Documents for Municipal Liquidity Facility

The Federal Reserve Bank of New York (the New York Fed) has announced an expansion of its $500 billion Municipal Liquidity Facility to allow participation by designated cities and counties that do not meet the population…more

Bond Issuers, FRBNY, Municipal Liquidity Facility (MLF), Municipal Securities Market, Popular

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White House Pauses Federal Funding Under Inflation Reduction Act and Infrastructure Investment and Jobs Acts

On January 20, 2025, the White House issued an Executive Order titled Unleashing American Energy. Citing the detrimental effect of “ideologically motivated regulations,” the Order broadly establishes a new executive energy…more

Administrative Procedure Act, Energy Policy, Energy Projects, Executive Orders, Federal Funding

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Court Enjoins Bulk of President Trump’s DEI Executive Order, Democratic State AGs Offer Guidance on ‘Lawful’ Practices

Reverberations from the Trump administration’s recent executive order (EO) denouncing diversity, equity, and inclusion (DEI) practices intensified Friday when a federal judge in Baltimore issued a nationwide preliminary…more

Civil Rights Act, Department of Justice (DOJ), Diversity and Inclusion Standards (D&I), Employment Discrimination, Employment Litigation

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House Committee Announces Formation of Working Group to Develop Federal Comprehensive Privacy Law

On February 12, 2025, the House Energy and Commerce Committee Chair Brett Guthrie (R-Ky) and Vice Chair John Joyce (R-Pa) announced the formation of 12-member working group tasked with developing comprehensive data privacy…more

California Consumer Privacy Act (CCPA), Consumer Privacy Rights, Data Collection, Data Privacy, Data Protection

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Increased Interest Rates May Require Special Districts to Rebate Earnings on, or Change Investments of, Tax-Exempt Bond Proceeds

Since March 2022, the Federal Reserve has gradually raised interest rates in its ongoing fight against inflation and has indicated plans to continue increasing rates through 2023. Due to this rising interest rate environment,…more

Interest Rates, Rebates, Special Districts, Tax-Exempt Bonds

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Consumer Finance Monitor Podcast Episode: The Fall of The CFPB, The Rise of The State AG

In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB. With…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Institutions, Financial Regulatory Reform, Financial Services Industry

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Plaintiffs Free to Appeal The CFPB 1071 Rule After Some Plaintiffs Drop Their CFPB Unlawful Funding Claim

On August 26, 2024, Chief Judge Randy Crane in the S.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd, Data Collection, Dodd-Frank

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White House Reverses Course on Spending Freeze Order

In a two-sentence memo, the White House rescinded the spending freeze announced with great fanfare just two days prior and which we previously reported on here. The broad scope of the directive suspended all federal financial…more

Administrative Agencies, Executive Orders, Federal Employees, Federal Funding, Regulatory Freeze

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New Jersey Enacts Groundbreaking Charter School Financing Law

The state of New Jersey has enacted a groundbreaking law granting public charter schools and renaissance schools access to low-interest financing through the Public Charter and Renaissance School Facilities Loan Program. This…more

Charter Schools, Construction Project, Educational Institutions, Financial Institutions, Infrastructure

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Nevada Narrows Director and Officer Liability for Alleged Duty-of-Care Violations

A Nevada Supreme Court ruling last week further narrows the scope of Nevada officer and director liability for violations of their duty of care…more

Breach of Duty, Business Judgment Rule, Directors, Duty of Care, Gross Negligence

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New Hampshire Enacts P3 Legislation

New Hampshire has joined a growing number of jurisdictions in the United States that have enacted legislation enabling public-private partnerships (P3) for transportation infrastructure projects. According to Governor Maggie…more

Construction Industry, Construction Project, Department of Transportation (DOT), Design-Build-Finance-Operate-Maintain (DBFOM), Infrastructure

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California’s DFPI seeks comments on additional products and services to be registered under the CCFPL

In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and student…more

California, California Consumer Financial Protection Law (CCFPL), Comment Period, Consumer Financial Products, Department of Financial Protection and Innovation (DFPI)

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The Split Deepens: 2nd Circuit Holds that Title VII Bans Sexual Orientation Discrimination

The U.S. Supreme Court now has a greater incentive to resolve the issue of whether Title VII of the Civil Rights Act of 1964 prohibits employers from discriminating against employees on the basis of sexual orientation…more

Civil Rights Act, Employer Liability Issues, Employment Litigation, Equal Employment Opportunity Commission (EEOC), Gender Discrimination

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USDOT Implements Infrastructure Act’s Final Rules for RRIF and TIFIA Programs

The U.S. Department of Transportation (USDOT) announced its final rule amending the Railroad Rehabilitation and Improvement Financing (RRIF) and Transportation Infrastructure Finance and Innovation Act (TIFIA) programs to…more

Department of Transportation (DOT), Final Rules, Infrastructure, Infrastructure Financing, Infrastructure Investment and Jobs Act (IIJA)

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State authorities stepping up consumer protection efforts

In the wake of recent federal directives diminishing the Consumer Financial Protection Bureau (CFPB), state authorities are increasingly stepping in to uphold consumer protections. Michigan Attorney General Dana Nessel has been…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Enforcement Actions, Financial Regulatory Reform, Overdraft Fees

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Investment Management Update

The Investment Management Update keeps you apprised of recent developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. …more

Best Interest Standard, Broker-Dealer, Business Development Companies, Conflicts of Interest, Disclosure Requirements

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South Dakota Supreme Court Protects Trusts from California Order

California resident Cleopatra Cameron was the beneficiary of trusts created under California law. In 2009, her husband, Christopher Pallanck, filed for divorce in California. As part of the divorce proceeding, the California…more

Alimony, Beneficiaries, Child Support, Divorce, Full Faith and Credit Clause

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Nevada Supreme Court Holds Reporter’s Privilege Applies After Reporter’s Death

Summary - The Nevada Supreme Court reversed a lower court’s order allowing police and district attorneys to search through assertedly privileged newsgathering material on seized electronic devices of murdered Las Vegas…more

Amicus Briefs, Confidential Source, Crime Victims, Criminal Prosecution, Electronic Devices

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Is your direct-to-consumer company using “dark patterns” on its website?

Navigating the virtual marketplace has become an integral part of the consumer experience in the digital age. Lurking behind the convenience and accessibility of e-commerce websites, however, lies a subtle yet pervasive tactic…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Consumer Lenders, Direct to Consumer Sales, E-Commerce

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Investment Management Update

Here in is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry…more

Annuities, Cryptocurrency, Cybersecurity, Enforcement Actions, Hedge Funds

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Tax-Exempt Bonds: Telephonic Public Hearings Now Permanent

For public hearings held on or after March 18, 2022, new Revenue Procedure 2022-20, released by the Internal Revenue Service, allows issuers and approving governmental units to conduct telephonic public hearings for tax-exempt…more

Bonds, IRS, Revenue Procedures, Tax-Exempt Bonds

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Managing Legal Issues From the Use of ChatGPT and Generative AI

The AI application ChatGPT quickly became a household name, but already is morphing into a more advanced version of generative AI. At the same time, Microsoft’s redesigned Bing search engine will soon run on a new,…more

Artificial Intelligence, Data Privacy, Data Security, Machine Learning

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Telehealth Compliance: Don’t Be Complacent During COVID-19

The incremental adoption of telehealth services exploded at the onset of the COVID-19 public health emergency (PHE), establishing telehealth as an integral tool for patient care…more

Centers for Medicare & Medicaid Services (CMS), Coronavirus/COVID-19, Health Care Providers, Public Health Emergency, Telehealth

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DOJ Upends FARA Regulations With New Notice of Proposed Rulemaking

The U.S. Department of Justice (DOJ) published its long-awaited Notice of Proposed Rulemaking (NPRM) on January 2, 2025, amending decades-old regulations issued under the Foreign Agents Registration Act of 1938 (FARA) and…more

Department of Justice (DOJ), Disclosure Requirements, Foreign Agents, Foreign Agents Registration Act (FARA), National Security

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Who Is a ‘Foreign Official’ under the FCPA? Eleventh Circuit Weighs In

Providing appellate guidance for the first time, the U.S. Court of Appeals for the Eleventh Circuit interpreted a key term defining the types of “foreign officials” subject to the Foreign Corrupt Practices Act (FCPA) and…more

Appeals, Appellate Review, Department of Justice (DOJ), Foreign Corrupt Practices Act (FCPA), Foreign Official

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Court Rejects Philadelphia's Method of Assessing Condominium Properties

In Philadelphia, real estate taxes are based on assessed values set by the Office of Property Assessment (OPA). The OPA sets a land value and improvement value for each property. Since 2003, the City has given owners of new…more

Condominiums, Property Tax, Property Valuation, Tax Abatement, Tax Assessment

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Selected Business Provisions of the Proposed Tax Relief for American Families and Workers Act of 2024

On January 31, 2024, the United States House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (TRAFW Act), which is now under consideration in the Senate. The TRAFW Act, in addition to other…more

Bonus Depreciation, Employee Retention, Internal Revenue Code (IRC), IRS, Pending Legislation

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Supreme Court Provides New Ammunition for Defeating Securities Fraud Class Actions

The U.S. Supreme Court today gave companies new ammunition to defeat securities fraud class actions. In Halliburton v. Erica P. John Fund, the Court held that defendants can, at the preliminary class certification stage, rebut…more

Basic v Levinson, Class Action, Fraud, Fraud-on-the-Market, Halliburton

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CFPB Lifts Nearly Two-Year Hiring Freeze

The CFPB has lifted a nearly two-year hiring freeze and accelerated its recruitment efforts. Mick Mulvaney imposed the freeze when he replaced Richard Cordray, an appointee of President Barack Obama, and became interim Director…more

Consumer Financial Protection Bureau (CFPB), Critical Infrastructure Sectors, Hiring & Firing, Hiring Freeze, Policy Statement

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When A Purported Money Laundering Investigation Turns Into a Class Action Complaint: The Latest Round in BofI’s Fight to Put Money Laundering Allegations in the Rearview Mirror

In February 2017, we blogged about a whistleblower complaint filed against Bank of the Internet (“BofI”) by its former internal auditor. The blog post addressed what the whistleblower believed was BofI’s wrongdoing in relation…more

AML/CFT, BSA/AML, Criminal Investigations, Financial Institutions, Loss Causation

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The Short-Term Impact of Coronavirus on Deal Activity

Speculation about the impact of coronavirus and recent stock market volatility, including Thursday’s worst decline since the 1987 market crash, on M&A activity has intensified. Members of Ballard Spahr’s Mergers & Acquisitions…more

Acquisition Agreements, Business Continuity Plans, China, Coronavirus/COVID-19, Crisis Management

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Nothing to See Here: Treasury Report Naming Russian Oligarchs Rehashes Old News and Provides No New Sanctions

Twelve minutes ahead of the deadline set by Congress back in August, the U.S. Treasury Department issued a highly anticipated report listing Russian oligarchs and senior political figures. That sound you heard at 11:48 Monday…more

CAATSA, Economic Sanctions, Money Laundering, Office of Foreign Assets Control (OFAC), Russia

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SEC Signals New Phase of Regulation FD Enforcement

The United States Securities and Exchange Commission (SEC) announced yesterday, August 20, 2019, that it charged TherapeuticsMD, Inc., a pharmaceutical company headquartered in Boca Raton, Florida, with violations of Regulation…more

Disclosure Requirements, Enforcement Actions, FDA Approval, Financial Markets, Food and Drug Administration (FDA)

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N.Y. Decision May Hinder Early Class Action Settlements

The decision of the New York Court of Appeals, in Desrosiers v. Perry Ellis Menswear, LLC., and in Vasquez v. Nat'l Sec. Corp., has created a potential obstacle to early class action settlements in cases filed in New York state…more

Appeals, Class Certification, Corporate Counsel, Employment Litigation, Hiring & Firing

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New York Governor Bolsters Freedom of Information Law

Champions of government oversight notched a significant win this week as New York Governor Andrew Cuomo signed legislation strengthening that state's Freedom of Information Law (FOIL)…more

Attorney's Fees, Legal Fees, New Legislation, Public Access Laws, Public Records

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Fed Circuit Decision Gives Broad Patents New Concerns

The Federal Circuit Court of Appeals overruled prior precedent this week in Williamson v. Citrix Online, LLC and lowered the standard for patent invalidity under 35 U.S.C. § 112 (f)—the statute that requires functional claims…more

Appeals, Covered Business Method Patents, Means-Plus-Function, Patent Invalidity, Patent Litigation

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Form 8-K Disclosures – COVID-19 Impacts

As a result of the operational and economic turmoil that has been caused by the global spread of COVID-19, many public reporting companies are considering disclosure obligations regarding the various ways the virus has impacted…more

Coronavirus/COVID-19, Corporate Governance, Disclosure Requirements, Form 8-K, Publicly-Traded Companies

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Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers

On June 10, 2024, the Connecticut Department of Banking (“Department”) issued guidance (the “Guidance”) to give direction on required consumer-like disclosures in certain commercial financing offers…more

Banks, Connecticut, Consumer Financial Products, Disclosure Requirements, Financial Institutions

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HR 7024: Low-Income Housing Legislation on the Move

On January 19, 2024, the House Ways and Means Committee approved the bipartisan tax legislation, “The Tax Relief For American Families and Workers Act of 2024”. Two proposed changes to Section 42 of the Internal Revenue Code…more

Internal Revenue Code (IRC), IRS, LIHTC, Low Income Housing, Popular

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HUD OIG Update

The Office of the Inspector General (OIG) for the Department of Housing and Urban Development (HUD) recently issued its Semiannual Report to Congress for the period from April through September 2018…more

Administrative Authority, Annual Reports, Community Development, Criminal Conspiracy, Criminal Prosecution

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"Retail Rap" – Analysis of Business and Legal Trends in the Industry: November 2019

Welcome to our latest edition of Retail Rap. From influencer marketing to launching a startup and ensuring digital advertising complies with the latest regulations, retail issues are making news—and presenting legal challenges…more

Advertising, Brand, California Consumer Privacy Act (CCPA), Cookies, Cybersecurity

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Consumer Finance Monitor Podcast Episode: Navigating the New CFPB Open Banking Rule

In today’s podcast episode, we’re joined by Alex Johnson, Founder of Fintech Takes, and Paige Paridon, Senior Vice President, Senior Associate General Counsel & Co-Head of Regulatory Affairs at Bank Policy Institute, to take a…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Dodd-Frank, Financial Institutions, Financial Services Industry

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Northwestern University Football Players Can’t Form Union, NLRB Says and Refuses to Determine if They Are “Employees”

Northwestern University football players cannot form a union, the National Labor Relations Board (NLRB or Board) decided today. The NLRB based its ruling on its duty to maintain stability in labor relations and notably avoided…more

Employees, Football, NCAA, NLRA, NLRB

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Wisconsin Senate Proposes New Bill to Revise Money Transmission, Consumer Lenders, Collection Agency, and Other Financial Services Licenses

In November 2023, S.B. 668 was introduced in the Wisconsin Senate. S.B. 668 would make sweeping changes to the state laws governing financial service providers. The bill creates a pathway for the Wisconsin Department of…more

Collection Agencies, Consumer Lenders, Debt Collection, Financial Institutions, Financial Regulatory Reform

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Nasdaq Files Rule Requiring Diverse Representation on Boards of Listed Companies

SUMMARY - On December 1, 2020, The Nasdaq Stock Market filed a proposed rule with the U.S. Securities and Exchange Commission (SEC), which, if approved, will require listed companies to disclose the racial, LGBTQ+ status, and…more

Board of Directors, Diversity, Nasdaq, Securities and Exchange Commission (SEC)

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Municipal Securities Regulation and Enforcement: 2022 Year in Review and Look Ahead

As is widely known, the new issue market slowed down in 2022 due to a variety of factors, including rising interest rates, reduced institutional demand resulting from municipal bond fund outflows, inflation and recession fears,…more

Disclosure Requirements, Municipal Bonds, Municipal Securities Issuers, Municipal Securities Market

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NYSE MKT Amends Rules on How Listed Companies May Disclose Material News

Recent amendments to the NYSE MKT Company Guide provide that NYSE MKT-listed companies can comply with that Exchange’s immediate release policy by disseminating required information using any method or combination of methods…more

NYSE, Press Releases, Publicly-Traded Companies, Regulation FD, Securities and Exchange Commission (SEC)

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New Inclusionary Housing Mandates for Baltimore City

Summary - The Baltimore City Council has passed a new inclusionary housing law which will require most new multifamily, market-rate projects to make at least 10% of their units available to households with limited incomes, at…more

Construction Project, Financial Assistance Policies, Inclusionary Housing Ordinance, Low Income Housing, Multi-Family Development

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Illinois swipe fee injunction extended to cover out-of-state banks, but not federal credit unions

Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state banks…more

Banks, Consumer Financial Products, Federal Credit Unions, Financial Institutions, Financial Services Industry

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CFPB to amend prepaid rule and extend effective date

The CFPB announced last Thursday that it expects to issue a final rule amending its final prepaid accounts rule “soon after the new year.”  In June 2017, the CFPB issued proposed amendments to the rule…more

Consumer Financial Products, Consumer Financial Protection Bureau (CFPB), Financial Services Industry, Prepaid Payment Products, Proposed Amendments