Ballard Spahr LLP

Ballard Spahr LLP is a Philadelphia-based law firm of more than 500 lawyers practicing throughout the United States in the areas of litigation, business and finance, intellectual property, public finance, and real estate. The firm is one of the largest in the United States according to The American Lawyer.

SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

By Brian D. Pedrow & Gustavo Cardona

March 7, 2021

On March 4th, the SEC sent a very clear signal about one of its chief enforcement priorities by announcing the creation of a Climate and ESG Task Force within the Division of Enforcement. ESG stands for Environmental, Social, and Governance. From the labor and employment perspective, the “S” in ESG often relates to diversity, equity and inclusion, human capital development, employee working conditions and whether workers have a voice. These can encompass issues like pay…

Money Laundering Watch

Decline in Number of Banks and Credit Unions Banking Marijuana-Related Businesses Appears to Have Leveled Off

By Beth Moskow-Schnoll

March 7, 2021

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In its most recent Marijuana Banking Update, the Financial Crimes Enforcement Network (FinCEN) stated that the decline in the number of banks and credit unions actively banking marijuana-related businesses (MRBs) in the United States “appears to have leveled off.” As of December 31, 2020, there were 684 banks and credit unions banking MRBs. That is slightly up from the previous quarter’s total of 677, although it’s still down from a peak of 747 in…

HR Law Watch

Latest Changes to PPP Program Include Bigger Loans for Schedule C Filers

By Jessica Federico, Meredith S. Dante & Shannon D. Farmer

March 5, 2021

As previously reported here, President Biden directed the Small Business Administration (SBA) to impose an exclusive two-week window where only the smallest businesses – those with fewer than 20 employees and sole proprietors – can apply for Paycheck Protection Program (PPP) loans. He also instructed the SBA to change the loan calculations so certain small businesses could get bigger loan amounts, and ease certain eligibility restrictions. The restricted window on new PPP loan applications…

Consumer Finance Monitor

CFPB proposes to delay mandatory compliance date for new general qualified mortgage

By Richard J. Andreano, Jr.

March 4, 2021

The CFPB has proposed to delay the mandatory compliance date for the new general qualified mortgage (QM) rule that amends the Regulation Z ability to repay/QM rule from July 1, 2021 to October 1, 2022. As previously reported, in December 2020, a little over a month before former Director Kraninger resigned, the CFPB issued two final QM rules. One rule creates the new general QM based on an annual percentage rate (APR) limit to…

Consumer Finance Monitor

NYDFS penalizes mortgage company for cyber breach

By Kim Phan

March 4, 2021

On March 3rd, the New York Department of Financial Services (“NYDFS”) announced a settlement with Residential Mortgage Services, Inc. (“RMS”) to resolve allegations that RMS violated the NYDFS Cybersecurity Regulation relating to a 2019 cyber breach. In July 2020, NYDFS conducted an examination of RMS as a licensed mortgage banker. During the examination, NYDFS uncovered evidence that allegedly revealed that RMS had been subject to a cyber breach that had not been reported to NYDFS.…

HR Law Watch

Employee Files Suit Alleging Employer-Mandated COVID Vaccine Violates Emergency Use Authorization Law

By Tara L. Humma & Meredith S. Dante

March 4, 2021

On February 28, 2021, an employee of a county detention center filed suit in federal court in New Mexico seeking an injunction to prevent the employee from being fired for refusing to get a COVID-19 vaccine on the basis that the vaccines have only been approved by the U.S. Food and Drug Administration (FDA) under an Emergency Use Authorization (EUA) and cannot be mandated by employers under the EUA law. The case is Isaac Legaretta,…

Money Laundering Watch

DOJ Fraud Section 2020 Year in Review: Money Laundering Statute Remains an Overseas Enforcement Tool

By John F. Hundley & Nicholas Kato

March 4, 2021

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On February 24, the Department of Justice’s (“DOJ”) Criminal Division Fraud Section released its 2020 Year In Review (“the Report”) touting its white-collar enforcement successes. Among them: four cases in which the DOJ wielded the United States’ money laundering statutes to pursue alleged overseas bribery recipients who are beyond the reach of the Foreign Corrupt Practices Act (“FCPA”). This is a pattern we have covered previously (here, here, here, …

Consumer Finance Monitor

Magistrate judge denies CFPB’s motion for partial dismissal of lawsuit challenging creation of Taskforce on Federal Consumer Financial Law

By Christopher J. Willis

March 4, 2021

A magistrate judge has denied the CFPB’s motion for partial dismissal of the lawsuit filed in a Massachusetts federal district court challenging the creation of the CFPB’s Taskforce on Federal Consumer Financial Law. The plaintiffs in the lawsuit are the National Association of Consumer Advocates (NACA), U.S. Public Interest Research Group (U.S. PIRG), and Professor Kathleen Engel. Professor Engel, currently a Research Professor of Law at Suffolk University, unsuccessfully sought membership on the Taskforce. The…

Consumer Finance Monitor

Acting CFPB Director Uejio’s blog post on consumer complaint responses and potential racial disparities: is your company’s handling of complaints ready for scrutiny by the “new CFPB”?

By Barbara S. Mishkin

March 4, 2021

We first review recent studies finding racial disparities in connection with consumer complaints and look at the methodology used for those studies and its limitations. We then discuss how the CFPB uses complaint data, the risks faced by companies that are the subject of complaints, and the key components of an effective complaint management system that companies should have in place. Ballard Spahr attorney Alan Kaplinsky hosts the conversation, with Chris Willis, Co-Chair of the…

HR Law Watch

House Hearing on Proposed Diversity, Equity, and Inclusion-related Legislation

By Brian D. Pedrow, Denise M. Keyser & Anu Susan Thomas

March 3, 2021

On February 25, 2021, the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing entitled, “Climate Change and Social Responsibility: Helping Corporate Boards and Investors Make Decisions for a Sustainable World.” The hearing invited panelists, including James Andrus, an investment manager for the California Public Employees’ Retirement System (CalPERS), to discuss a variety of topics, including environmental, social, and governance (ESG) disclosures involving diversity, equity, and inclusion (DEI) metrics, as well as…

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SEC Announces Enforcement Task Force Focused on Climate and ESG Issues

Decline in Number of Banks and Credit Unions Banking Marijuana-Related Businesses Appears to Have Leveled Off

Latest Changes to PPP Program Include Bigger Loans for Schedule C Filers

CFPB proposes to delay mandatory compliance date for new general qualified mortgage

NYDFS penalizes mortgage company for cyber breach

Employee Files Suit Alleging Employer-Mandated COVID Vaccine Violates Emergency Use Authorization Law

DOJ Fraud Section 2020 Year in Review: Money Laundering Statute Remains an Overseas Enforcement Tool

Magistrate judge denies CFPB’s motion for partial dismissal of lawsuit challenging creation of Taskforce on Federal Consumer Financial Law

Acting CFPB Director Uejio’s blog post on consumer complaint responses and potential racial disparities: is your company’s handling of complaints ready for scrutiny by the “new CFPB”?

House Hearing on Proposed Diversity, Equity, and Inclusion-related Legislation

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