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DOJ CONTINUES EFFORTS TO ENCOURAGE VOLUNTARY CORPORATE SELF-DISCLOSURE WITH NEW SAFE HARBOR POLICY

On October 4, 2023, Deputy Attorney General Lisa Monaco announced the next (but not final) chapter of the U.S. Department of Justice’s concerted attempt to promote voluntary corporate self-disclosure of misconduct with a new Mergers & Acquisitions Safe Harbor Policy.

Background

The DOJ in recent years has expressed a commitment to creating clear, predicable, and standardized policies that incentivize companies to voluntarily self-disclose misconduct to the government, which the Department describes as the “clearest path for a company to avoid a guilty plea or an ...

Takeaways from the 2023 South Asian Bar Associate Conference

From July 20-23, 2023, the South Asian Bar Association of North America hosted its annual conference, “The Next Revolution,” in Boston. SABA’s conference brought together 800 South Asian attorneys from all over the continent, including in-house counsel, government attorneys, and private practitioners.

Palvia was selected for the Class of 2023 of SABA’s Leadership Institute and met many members of the class at the conference, along with SLI graduates from prior years. Learn more about SABA here.


[Palvia is second from the left at the SABA Leadership Institute Reception]


The Federal Reserve, FDIC and OCC Issue Final Guidance on Risk Management in Third-Party Relationships

On June 6, 2023, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC, and collectively with the Board and the FDIC, the Agencies) issued their final version of the Interagency Guidance on Third-Party Relationships: Risk Management (the Final Guidance). The Final Guidance is intended to promulgate effective risk management practices by banking organizations with respect to all of their third-party relationships.  

The Final Guidance replaces each ...

Tanisha Palvia and Alli Davidson co-author article: SCOTUS clarifies intent requirement for False Claims Act cases

Moore & Van Allen (MVA) Litigation Member Tanisha Palvia and Associate Alli Davidson discuss the Supreme Court decision on the intent standard for False Claims Act violations and explore its implications in their article titled, “SCOTUS clarifies intent requirement for False Claims Act cases” which was published by Westlaw and Reuters on July 6.

Related Materials

SCOTUS clarifies intent requirement for False Claims Act cases

New Legal Challenge Emerges to FDIC’s Supervisory Guidance on Re-presentment and Non-Sufficient Funds Fees

When following supervisory scrutiny of fees charged to bank customers, the Consumer Financial Protection Bureau’s (CFPB) activities are often the focus. The Minnesota Bankers Association and Lake Central Bank of Minnesota, however, have recently filed a lawsuit against the Federal Deposit Insurance Corporation (FDIC) and Martin Gruenberg (in his capacity as the FDIC’s Chairman) seeking, among other things, declaratory and injunctive relief from the FDIC’s application or enforcement of its recent supervisory guidance on non-sufficient funds (NSF) fees (the ...

Kyle Jacob and Jim McLoughlin co-author Westlaw article: Supreme Court dramatically expands scope of state court jurisdiction over businesses

Moore & Van Allen (MVA) Employment & Labor Associate Kyle Jacob and Litigation Member Jim McLoughlin’s article titled, “Supreme Court dramatically expands scope of state court jurisdiction over businesses” was published by Westlaw on July 25.

The article

A new 5-4 decision from the U.S. Supreme Court holding registration to do business in a state is sufficient for personal jurisdiction even if the subject of the lawsuit has no connection to the state will have far reaching effects on the ability of consumers, employees, and others to sue businesses outside of their home ...

Tanisha Palvia and Jim McLoughlin’s article published by Bloomberg Law: The Fourth Circuit Has the Most Liberal Rule 33 Interpretation

Moore & Van Allen (MVA) Litigation Members Tanisha Palvia and Jim McLoughlin’s article titled, “The Fourth Circuit Has the Most Liberal Rule 33 Interpretation” was published by Bloomberg Law on July 18. Tanisha and Jim McLoughlin analyze the Rule 33 standard, the path to the Supreme Court for this important circuit split, and its potential impact on criminal cases.

To read the full article, please click here.

On June 28, the CFBP released a set of FAQ’s on the CFPB’s recently finalized Small Business Lending Rule (“Section 1071”). There are twenty-one questions covering matters under “Institutional Coverage” and “Covered Credit Transactions and Small Businesses”. The FAQs are particularly helpful when considering short-term loans, affiliation considerations, and extensions of credit to individuals that may be in-scope for Section 1071.

Federal Financial Regulatory Agencies Propose Quality Control Standards for Use of Automated Valuation Models

On June 1, six Federal financial regulatory agencies[1] (Agencies) jointly issued a Notice of Proposed Rulemaking (the Proposed Rule) requiring the implementation of quality control standards for the use of automated valuation models (AVMs) to estimate the value of real estate. The standards would apply to AVMs used by mortgage originators and secondary market issuers in determining the collateral value of a mortgage secured by a consumer’s principal dwelling. The rulemaking was required by Section 1473(q) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ...

Recent CFPB Releases Continue Focus on Bank Fees and Identify CFPB Concerns with Use of AI in Customer Service

The Consumer Financial Protection Bureau (CFPB) issued releases in May and June that reflected their continued focus on consumer protection issues associated with both bank fees and the use of artificial intelligence (AI) by financial institutions. On May 10, 2023, the CFPB issued Circular 2023-02 (the Circular) advising that a financial institution’s unilateral reopening of a deposit account to process a debit or deposit received after account closure can constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA). On June 6, 2023, the CFPB ...

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