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Regulatory Requirements Small Business

Maynard Nexsen

SBA Proposes Rule That Will Change M&A Landscape for Small Business, Recertifications to Impact Award Eligibility

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The Small Business Administration ("SBA") recently issued a proposed rule that changes the effect of a concern's size recertification following mergers and acquisitions ("M&A") activity. Notably, the proposed rule is...more

Polsinelli

Accountancy and the Corporate Transparency Act

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The Corporate Transparency Act (CTA) is a new, federal, legal reporting and compliance regime touching on the ownership and control of covered reporting companies operating in the United States. These reporting companies are...more

Schwabe, Williamson & Wyatt PC

SBA’s Proposed Rule: Affiliation and Negative Control

Comments are due by October 7, 2024. On Friday, August 23, the Small Business Administration issued a proposed rule that would significantly change the SBA’s HUBZone small business contracting program and other small...more

Sheppard Mullin Richter & Hampton LLP

Federal Court Upholds CFPB’s Small Business Lending Rule

On August 26, the United States District Court for the Southern District of Texas issued a decision upholding the legality of the CFPB Small Business Lending Rule (the “Rule”) (designed to implement section 1071 of the...more

Schwabe, Williamson & Wyatt PC

SBA’s Proposed Rule: Impact on HUBZone and 8(a) Programs

On Friday, August 23, the Small Business Administration issued a proposed rule that would make significant changes to the SBA’s HUBZone small business contracting program, as well as modifications to other small business...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Regulatory Early Notice and Engagement Act 2024: U.S. House of Representatives Legislation Introduced Addressing the Federal...

Three Congressmen in the United States House of Representatives have introduced H.R. 8204 which is denominated the: Regulatory Early Notice and Engagement Act. (“Legislation”). ...more

Bass, Berry & Sims PLC

OHA Decision Reaffirms SBA’s Strict Adherence to Joint Venture Requirements

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In a recent decision, the Office of Hearings and Appeals (OHA) affirmed a Small Business Administration (SBA) Area Office’s size determination and held that procedural deficiencies in a contractor’s Joint Venture Agreement...more

Stinson LLP

CFPB Announces Extensions to Section 1071 Compliance Deadlines

Stinson LLP on

On May 17, 2024, the Consumer Financial Protection Bureau (CFPB) announced its intention to extend the deadlines for compliance with Section 1071 of the Dodd-Frank Act (Section 1071) requiring data collection and reporting...more

Bass, Berry & Sims PLC

The Deadline is Approaching Fast on New Data Privacy Laws

The list of U.S. state-level data privacy laws will grow substantially this summer as three more comprehensive state laws become effective. Texas, Oregon and Florida each have a comprehensive data privacy law taking effect on...more

Ballard Spahr LLP

Treasury Asks the Eleventh Circuit to Uphold the CTA and Congressional Authority

Ballard Spahr LLP on

We previously blogged on the lawsuit filed by the National Small Business Association (“NSBA”) and one of its individual members, which sought to challenge the constitutionality of the Corporate Transparency Act (“CTA”). Most...more

McDermott Will & Emery

Go Big Red! Nebraska Passes Consumer Data Privacy Law

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On April 12, 2024, the Nebraska Legislature passed the Data Privacy Act (NEDPA), sending the bill to Governor Jim Pillen’s desk for signature. NEDPA adds to the patchwork of state consumer privacy laws in that it does not...more

Troutman Pepper

The NDAA 2024: Is This the Beginning of the End for Self-Certification in SBA Set-aside Procurements?

Troutman Pepper on

On December 22, 2023, the National Defense Authorization Act for Fiscal Year 2024, Pub. L. No. 118-31, 137 Stat. 136 (2023) (NDAA 2024) went into effect. Among other things, NDAA 2024 includes a provision phasing out...more

Hinshaw & Culbertson LLP

Alabama Federal Judge Finds the Corporate Transparency Act (CTA) Unconstitutional: FinCEN Responds

The Corporate Transparency Act (the CTA), which became effective on January 1 this year, was enacted by Congress to combat sources of financial criminal activity and abuse of anonymous companies. The CTA requires a majority...more

Nelson Mullins Riley & Scarborough LLP

UPDATE: FinCEN Issues Notice Regarding the Alabama District Court’s Order Declaring the U.S. Corporate Transparency Act...

In a notice issued by FinCEN on March 4, 2024, the regulator advised that it will “comply with the court’s order for as long as it remains in effect” and will not enforce the CTA against the named plaintiffs in the instant...more

Verrill

Constitutional Challenge to the CTA

Verrill on

Recent Development - On March 1, 2024, a federal court in Alabama ruled that the Corporate Transparency Act violates the U.S. Constitution and is unenforceable on its face. The decision (NSBU v. Yellen) is highly...more

Miller Canfield

Cracks in the Corporate Transparency Act?

Miller Canfield on

On March 1, 2024, an Alabama federal court declared the Corporate Transparency Act (CTA) unconstitutional—but only enjoined its enforcement as to the specific litigants. As described in our prior alerts, the CTA...more

Mandelbaum Barrett PC

Constitutionality of the Corporate Transparency Act

Mandelbaum Barrett PC on

On March 1, 2024, the United States District Court for the Northern District of Alabama Northeast Division (“Court”) ruled the Corporate Transparency Act (“CTA” or “Act”) to be unconstitutional. The CTA, which was enacted on...more

Woods Rogers

Defense Department’s Proposed CMMC Rule Will Impose New Cybersecurity Requirements on Contractors

Woods Rogers on

The U.S. Department of Defense (DoD) released a proposed rule to implement its Cybersecurity Maturity Model Certification (CMMC) program, which would establish a comprehensive set of cybersecurity requirements applicable to...more

Keating Muething & Klekamp PLL

Decoding the White House's Executive Order on AI

President Biden signed an Executive Order regarding artificial intelligence (“AI”) on October 30, 2023 (the “Order”). The Order touts the importance of responsible development and use of AI and calls for collaboration between...more

Dunlap Bennett & Ludwig PLLC

How To Comply With The Corporate Transparency Act

As we discussed in parts one and two of this blog series, there’s a new compliance requirement for many small businesses: the Corporate Transparency Act. This law was designed to disrupt criminal activities such as money...more

The Rodman Law Group, LLC

Implications of the Corporate Transparency Act for Small Businesses

The Corporate Transparency Act (the “CTA”) was passed as part of the National Defense Authorization Act, adopted by Congress January 1, 2021. The CTA became effective on January 1, 2024, and will have an immense impact on...more

Sheppard Mullin Richter & Hampton LLP

Federal Judge Upholds California’s Small-business Lending Disclosures

On December 4, Judge R. Gary Klausner of the U.S. District Court for the Central District of California granted summary judgment to California’s DFPI upholding the recently adopted commercial financing disclosure regulations...more

Ballard Spahr LLP

House votes to override CFPB small Business lending rule

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Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more

Bass, Berry & Sims PLC

New Guidance Clarifies Facility Clearance Eligibility Determination Requirements for Joint Ventures

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On October 5, the Information Security Oversight Office (ISOO) issued a joint notice (Joint Notice) with the Small Business Association (SBA) and in coordination with the Department of Defense (DOD) clarifying that the...more

Steptoe & Johnson PLLC

Reporting Under the Corporate Transparency Act: Is Your Company in Compliance?

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Federal requirements enacted by the Corporate Transparency Act for small businesses to report information about themselves and their beneficial owners are just weeks away from taking effect. Starting January 1, 2024, many...more

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