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Reporting Donors’ Names to IRS No Longer Required for Certain Nonprofits Per Final Treasury Regulations

Certain tax-exempt organizations are no longer required to report to the IRS the names and addresses of donors on IRS Form 990, Schedule B, according to final regulations published on May 28, 2020.  Noncharitable organizations, such as 501(c)(4) social welfare organizations and 501(c)(6) trade associations, may report only the amounts received from each substantial contributor … Continue Reading

Federal Agencies Share Principles for Offering Small-Dollar Loans

On May 20, 2020, the federal financial institution regulatory agencies—the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency—issued principles for responsibly offering small-dollar loans in order to meet consumers’ growing short-term credit needs.In the interagency statement of principles, the agencies recognized … Continue Reading

Federal Reserve Publishes Additional Detail on TALF

On Wednesday, May 20, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced further details on the Term Asset-Backed Securities Loan Facility (“TALF”).  The Board’s announcement contains key documents and forms, including the Master Loan and Security Agreement; updated FAQs and a blackline reflecting changes made against the version published on … Continue Reading

The PPP Economic Necessity Certification: SBA Provides Additional Guidance

On May 13, 2020, the Small Business Administration (“SBA”) released two FAQs, numbers 46 and 47, regarding two safe harbors from an SBA inquiry into a borrower’s statutorily required certification of economic necessity for a loan under the Paycheck Protection Program  (“PPP”).  FAQ 46 states that the SBA will deem any borrower that, together with … Continue Reading

Federal Reserve Announces Further Details on TALF

On Tuesday, May 12, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced additional details regarding the Term Asset-Backed Securities Loan Facility (“TALF”).  The TALF is a financial crisis-era liquidity facility designed to help meet the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities (“ABS”). The … Continue Reading

Senators Criticize the Bureau of Consumer Financial Protection’s Decision to Ease Home Mortgage Disclosure Act Reporting Requirements

On April 28, 19 Democratic senators sent a letter to the Bureau of Consumer Financial Protection (“Bureau”) protesting both its decision to temporarily suspend quarterly mortgage lending reporting requirements under the Home Mortgage Disclosure Act (“HMDA”) during the COVID-19 pandemic, and to permanently reduce the number of entities that must provide certain types of  reporting … Continue Reading

A Rookie’s Guide to Federal Lobbying Compliance: Four Key Risks for Companies Contacting Government Officials on COVID-19 Matters

As the impact of the COVID-19 pandemic spreads through every industry, companies that previously steered clear of Washington, D.C. may find themselves contacting the federal government for assistance. From communicating with Members of Congress about potential provisions of the CARES Act to requesting new forms of assistance from federal agencies that oversee their industries, these … Continue Reading

Campaign Finance Violation for Unregistered Political Committee Upheld in Washington State, but $18 Million Penalty Must Still Pass Excessive Fine Test

In one of the most watched campaign finance disclosure enforcement cases, last week, the Washington State Supreme Court upheld a trial court’s finding that a trade association intentionally failed to register and report contributions and expenditures in opposition to a ballot initiative that would have required labeling of genetically modified organisms (GMOs) in food.  In … Continue Reading

USPTO Uses CARES Act Authority to Extend Deadlines for Patent and Trademark Owners and Applicants

The recently enacted Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contains a little-known provision to protect inventors during the ongoing COVID-19 pandemic.  Section 12004 of the CARES Act grants the U.S. Patent and Trademark Office (“USPTO”) director the temporary authority to “toll, waive, adjust, or modify, any timing deadline” established by federal patent or … Continue Reading

Compliance Considerations for Companies and Individuals Donating Funds, Goods, or Services to Domestic Government Entities

As the coronavirus pandemic continues across the country, many corporations, organizations, and individuals are looking for ways they can help fight back. This often includes donating money, goods, or services to federal, state, or local government entities. These well-intentioned donations can generate compliance problems if not handled appropriately from the start. While the situation will … Continue Reading

CFPB Releases Guidance on FCRA and Regulation V Compliance During COVID-19

On April 1, 2020, the Consumer Financial Protection Bureau (“CFPB”) released a statement on “Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.” This statement provides guidance outlining the CFPB’s expectations of furnishers and consumer reporting agencies (“CRAs”) during the COVID-19 pandemic, and signals that … Continue Reading

Past as Prologue: The Wave of Investigations to Follow the Pandemic Recovery and Actions that Companies Can Take Now to Prepare

On March 30, 2020, the inspectors general of several major agencies selected the Department of Defense Inspector General, Glenn Fine, to lead a newly created federal oversight entity that will investigate waste, fraud, and abuse in connection with the massive new coronavirus economic relief legislation. The inspectors general were exercising new authority contained in the … Continue Reading

New Paid Sick Leave Requirements Impact Government Contractors

Recent legislation significantly expanded many workers’ entitlement to paid sick leave and paid family leave.  These new benefits take effect on April 1st.  Our employment and benefits experts have described those requirements in a series of posts, including overviews here and here, and New York-specific considerations here.  Federal government contractors should pay particular attention to … Continue Reading

Competition Guardrails for Collaborating in Response to COVID-19

COVID‑19 has caused a public health crisis and extreme disruption to economic markets.  As communities, governments, and businesses come together to combat these challenges, questions are naturally arising about how to comply with the antitrust laws under such extraordinary circumstances. The United States antitrust agencies have advised that, with limited exception, companies should rely on … Continue Reading

New Jersey “Dark Money” Disclosure Law Permanently Enjoined

Last year, we blogged about a new and highly restrictive disclosure law in New Jersey that took aim at so-called “dark money” spending by nonprofit and political organizations.  In response to a series of lawsuits, a federal court has issued an order permanently prohibiting the state from enforcing the law against “independent expenditure committees” as … Continue Reading

The Supply Chain Security Constellation: Mapping Recent U.S. Government Actions

The new year has already brought significant news for companies that do business with the U.S. government, and for those that trade in materials and technology that represent priorities for national security stakeholders.  Our colleagues in the firm’s CFIUS practice thoughtfully analyzed the regulations implementing the Foreign Investment Risk Review Modernization Act, and other experts … Continue Reading

FRB Governor Brainard Discusses Path Forward on Community Reinvestment Act Reform

On January 8, 2020, Federal Reserve Board (“FRB”) Governor Lael Brainard delivered remarks on the state of Community Reinvestment Act (“CRA”) reform before an audience at the Urban Institute.  As we summarized in a client alert, last month, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) released … Continue Reading

New Online Political Advertising Rules Coming to California January 1

Amid ongoing focus on how social media and other companies approach online advertising, California’s latest effort to require disclosure of online advertising will take effect January 1.  We blogged on these revisions to the California DISCLOSE Act, sometimes called the Social Media DISCLOSE Act, when they passed back in 2018.  Absent federal action, we expect … Continue Reading

New Changes to Foreign Agents Registration Act Forms and E-File System

Following the Department of Justice’s announcement in March of an initiative to increase enforcement of the Foreign Agents Registration Act (“FARA”), the Department has rolled out a new e-file system for FARA registrations.  Notably, the new system only applies to new registrants, although the Department indicated that it will transition existing registrants to the new … Continue Reading

U.S. and U.K. Sign CLOUD Act Agreement

On October 3, 2019, the United States and United Kingdom signed an agreement on cross-border law enforcement demands for data from service providers (“Agreement”). The Agreement is the first bilateral agreement to be entered under the Clarifying Lawful Overseas Use of Data (CLOUD) Act. It obligates each Party to remove barriers in their domestic laws … Continue Reading

Lowest Priced Technically Acceptable Procurements Not Always Acceptable: New DFARS Rule Continues Shake-Up of LPTA Procurements

On September 26, 2019, the Department of Defense issued a final rule amending the Defense Federal Acquisition Regulation Supplement to establish new restrictions on the use of Lowest Price Technically Acceptable source selection procedures.  Effective October 1, 2019, this new rule imposes specific limitations and prohibitions governing when and under what circumstances LPTA procedures are … Continue Reading

Federal Reserve Issues Notice of Proposed Rulemaking Regarding Confidential Supervisory Information and FOIA Procedures

On June 14, 2019, the Federal Reserve Board (“Federal Reserve”) released a Notice of Proposed Rulemaking (“NPR”) requesting public comment on updates to its regulations governing the disclosure of confidential supervisory information (“CSI”) and its Freedom of Information Act (“FOIA”) procedures. Although the Federal Reserve classified many of the proposed revisions as “clarifications” or “technical … Continue Reading

Beyond The FCPA: New U.S. Regulator Enforcing Against Foreign Corruption

Yet another U.S. regulator is entering the foreign corruption space.  The Commodity Futures Trading Commission is a civil agency that oversees commodity and derivatives markets in the United States.  It enforces the Commodity Exchange Act, a set of statutes that are enforced criminally by the U.S. Department of Justice.  The CFTC has authority to impose … Continue Reading
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