Code of Federal Regulations

  • Money out, money in: Small farms can benefit from food safety expenditures

    They must pay a higher percentage of their sales than big farms to do it, but small produce growers eventually end up with more money in their pockets if they implement food safety practices. The big produce operations can’t always meet commodity demands, making regional buys a key part of the supply chain for retailers... (See Article)

    Jul 10, 2020 6:33 PM

  • Prudential Regulators Amend Swap Margin Rules

    On July 1, 2020, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency (together, the “agencies”) published a final rule adopting amendments to the agencies’ regulations imposing margin requirements on swap dealers and security-based swap dealers (“covered swap entities”). (See Article)

    Jul 10, 2020 6:32 PM

  • Second Circuit Confirms U.S. Discovery Not Available in Private International Arbitrations

    A ripening circuit split over the availability of U.S. discovery in foreign arbitration proceedings took another step toward a possible Supreme Court showdown with the July 8 decision by the United States Court of Appeals for the Second Circuit in In re: Application and Petition of Hanwei Guo, which held that U.S. courts may not order domestic discovery for use in private commercial arbitrations abroad. The decision is consistent with the Fifth Circuit’s interpretation of the statute at issue, 28 U.S.C. § 1782, but is at odds with Fourth and Sixth Circuit decisions allowing parties to conduct discovery in the United States for use in foreign arbitrations. (See Article)

    Jul 10, 2020 6:32 PM

  • Tennessee Banks and Others Participating in Fully Operational Main Street Lending Program

    The Federal Reserve Bank of Boston has announced that the Main Street Lending Program (the Program) is now fully operational and ready to purchase participations in eligible loans that are submitted to the Program by registered lenders. (See Article)

    Jul 10, 2020 6:32 PM

  • Sanctions Spree: New Round Of Sanctions Against China And Russia

    Amid the COVID-19 pandemic and Black Lives Matter demonstrations, the U.S. Congress has stepped up its election year efforts by threatening heightened sanctions on China and Russia. The latest such bill, the Hong Kong Autonomy Act (“HKAA”), passed with ease through both houses of Congress last week without objection, signaling bipartisan consensus for an aggressive approach in responding to developments in Hong Kong. Notably, Congress passed the HKAA a mere two weeks after another China sanctions bill, the Uyghur Human Rights Policy Act, became law... (See Article)

    Jul 10, 2020 6:32 PM

  • The Federal Advisor - July 2020

    In an effort to keep you informed of what’s happening in Washington, D.C., Shumaker Advisors has prepared this monthly federal policy and political update, a high-level review of the issues being discussed in the U.S. Congress and the Administration. It provides a general overview of the month ahead , as well as a “deeper dive” and unique perspective on an issue or issues worth keeping an eye on over the longer term. As the federal response to the COVID-19 pandemic demonstrates, decisions made in Washington, D.C. affect each and every one of us in some way. It is more important than ever to be aware of, and engaged in what’s happening there. Please see full Advisory below for more information. (See Article)

    Jul 10, 2020 6:32 PM

  • WHAT TO DO IF: One Party Wants To Go Off The Record; Another Party Does Not!

    This scenario is generally encountered in proceedings that have turned acrimonious. A dynamic the reporter may encounter in this situation is the Noticing Attorney directing you to go off the record “because I hired you.” As well, someone may declare, “If you stay on the record, I refuse to pay for that part of the transcript.” It’s important to understand that what’s at play is simply a bit of legal skirmishing that has nothing to do with the reporter. Be mindful that this isn’t about you and remain calm and professional. An effective way to handle this situation would be to firmly but politely state:.. (See Article)

    Jul 10, 2020 6:32 PM

  • Data Security Threats to Consider While Employees are Working Remotely

    COVID-19 has thrown many businesses into the fire of remote working. Morphisec reported in its Work-from-Home (WFH) Employee Cybersecurity Threat Index that remote working was an entirely new experience for 49 percent of employees, and 25 percent of employees working from home aren’t familiar with security protocols in place for their devices. So what can organizations do to maintain security and confidentiality while WFH procedures are in place and strengthen remote working environment policies moving forward? (See Article)

    Jul 10, 2020 6:32 PM

  • SCOTUS Gives Religious Exemptions Wide Berth in Two Key Employment Rulings

    On July 8, the U.S. Supreme Court issued two 7-2 decisions involving religious exemptions to federal employment and benefits laws. (See Article)

    Jul 10, 2020 6:32 PM

  • CCLD Offers Guidance on the Application of Tolling Doctrines to M&A Agreement Clauses Modifying the Statute of Limitations for Representations and Warranties Claims

    AssuredPartners of Virginia, LLC v. Sheehan, C.A. No. N19C-02-175 AML CCLD (Del. Super. Ct. May 29, 2020) - A disgruntled buyer brought suit against its seller for breaches of representations and warranties four years after the execution of the applicable asset purchase agreement (“APA”). (See Article)

    Jul 10, 2020 6:32 PM

  • Portland's Residential Real Estate Market Responds Surprisingly To COVID-19

    The COVID-19 health crisis has indelibly affected society, impacting our behaviors, habits, and priorities. Unlike previous recessions, our relationship to spending and saving may be markedly different in our current circumstance. One clear example in Portland is how the residential real estate market has responded to the coronavirus pandemic... (See Article)

    Jul 10, 2020 6:32 PM

  • Emerging Technologies Washington Update - July 2020 #2

    This week: Coronavirus response; House Democrats seek increased oversight of U.S. Agency for Global Media; technology companies among Paycheck Protection Program loan recipients. (See Article)

    Jul 10, 2020 6:32 PM

  • Massachusetts District Court Holds Contractors Are Not Additional Insureds on Developer’s Builder’s Risk Policy

    In Factory Mut. Ins. Co. v. Skanska United States Bldg., No. 18-cv-11700-DLC, 2020 U.S. Dist. LEXIS 95403 (Skanska), the United States District Court for the District of Massachusetts considered whether contractors on a construction job were additional insureds on the developer’s builder’s risk insurance policy. After a water loss occurred during construction, the builder’s risk insurance carrier paid its named insured for the resultant damage, and subsequently filed a subrogation action against two contractors... (See Article)

    Jul 10, 2020 6:32 PM

  • Trump v. Trump: Publisher is not an Agent of Author Subject to a Non-Disclosure Agreement

    On July 1, the Appellate Division of the State of New York Supreme Court issued a decision on whether an author’s non-disclosure agreement (NDA) binds a publisher and other similarly situated distributors. The decision allows publisher Simon & Schuster to proceed with the publication of Mary Trump’s book about her uncle, President Donald Trump, titled Too Much and Never Enough, How My Family Created the World’s Most Dangerous Man. (See Article)

    Jul 10, 2020 6:32 PM

  • The “Wolf Of Wall Street” Defamation Suit – The Risk Of An “Inspired By” Character In Movies And TV

    The motion picture Wolf of Wall Street was based on a book of the same title written by Jordan Belmont. In the book, Andrew Greene, who was director, general counsel, and head of the corporate finance department at Stratton Oakmont between 1993 and 1996, was discussed extensively. In the book, Greene is referred to by his nickname “Wigwam” (a reference to his toupee) and described as engaging in criminal conduct. In the motion picture, Wolf of Wall Street a minor character named Nicky Koskoff, who wears a toupee and went by the nickname “Rugrat” is depicted as engaging in unsavory and illegal behavior... (See Article)

    Jul 10, 2020 6:32 PM

  • Tax Time is Here

    The deadline for filing 2019 federal and state income tax returns is right around the corner – July 15, 2020. If you were divorced in 2019, here are a few things to think about... (See Article)

    Jul 10, 2020 6:32 PM

  • Nevada Supreme Court Approves the Use of Lost Note Affidavits in Foreclosure Proceedings

    Over the last decade or so, many Nevada borrowers faced with foreclosure of their residences have objected to foreclosure proceedings because the lender does not hold the original promissory note. In Jones v. U.S. Bank National Association, 136 Nev. Adv. Op. 16 (April 2, 2020), the Nevada Supreme Court held in a case of first impression that a lender who does not hold the original promissory note may proceed with foreclosure proceedings upon submission of a lost note affidavit and other evidence demonstrating that the lender is entitled to enforce the lost promissory note. (See Article)

    Jul 10, 2020 6:32 PM

  • Saving Estate Generation Tax Skipping With Upstream Gifts To The Older Generation

    Complex times are times to seek advice and consult your Estate Planner. Federal estate tax laws in place during the 1970s, 1980s and 1990s were very oppressive. These laws were modified to a great extent and now benefit wealthier members of society. Currently, an unmarried US citizen with an estate worth less than $11,580,000 will not have to pay a federal estate tax. By law, this $11,580,000 threshold amount (also known as the exemption amount) is set to decrease to $5,000,000 at the end of calendar year 2025 (subject to adjustment for inflation). For a married couple, the exemption amount is $23,160,000. In addition to this statutorily mandated reduction in the exemption amount, the curr (See Article)

    Jul 10, 2020 6:32 PM

  • DOJ And The SEC Publish Long-Awaited Update To The FCPA Resource Guide

    On July 3, 2020, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) published the Second Edition of “FCPA: A Resource Guide to the U.S. Foreign Corrupt Practices Act” (the “Guide”). Originally published in 2012, the Guide is considered the “Bible” for those operating in the FCPA space as it provides the best understanding of the government’s view of the statute, its enforcement policies, and compliance expectations for companies. The Guide also offers helpful and more recent summaries of enforcement actions, declinations, hypotheticals, case law, and DOJ opinion releases... (See Article)

    Jul 10, 2020 6:32 PM

  • EBA provides clarity on the implementation of the prudential framework in the context of COVID-19

    On 7 July 2020, the European Banking Authority (EBA) published a report providing clarification on certain issues concerning the application of the prudential framework that have been raised as a consequence of the COVID-19 pandemic. Specifically the report is intended to provide clarity on the implementation of the EBA guidelines on legislative and non-legislative moratoria... (See Article)

    Jul 10, 2020 4:33 PM

  • Supreme Court Re-Asserts “Ministerial Exception”

    The U.S. Supreme Court (“the Court”) today re-emphasized the “ministerial exception” to discrimination laws. The “ministerial exception” is a court-created doctrine that prevents the U.S. courts from becoming entangled in the internal governance and doctrines of religious organizations. In 2012, in Hosanna-Tabor Evangelical Lutheran Church and School v. USOC, the Court had affirmed the existence of the ministerial exception, and ruled that religious organizations were immune to suit for discrimination by, at least, “commissioned” ministers responsible for religious education... (See Article)

    Jul 10, 2020 4:32 PM

  • NC Legislative Update July 2020 #1

    The General Assembly returned to Raleigh this week for a few days, primarily focusing on veto overrides. The House placed the following veto overrides on its calendar: HB 258 Open Amusement Parks/ Arcades/ Venues; HB 652 2nd Amendment Protection Act; HB 686 Freedom to Celebrate the Fourth of July; and HB 806 Open Exercise and Fitness Facilities. The Senate took up overrides on SB 105 Clarify Emergency Powers and SB 599 Open Skating Rinks/ Bowling Alleys. (See Article)

    Jul 10, 2020 4:32 PM

  • The Internal Revenue Service reminds tax-exempt organizations that certain forms they file with the IRS are due on July 15, 2020

    For organizations that operate on a calendar-year basis, this includes the 2019 Form 990 they would have normally filed on May 15. The upcoming July 15 deadline applies to many forms that were originally due May 15, including... (See Article)

    Jul 10, 2020 4:32 PM

  • Deadline Extended For New PPP Loan Applications

    The Small Business Administration’s Paycheck Protection Program has provided forgivable loans to businesses designed to maintain employment levels by covering payroll and other expenses during the COVID-19 crisis. While many businesses have taken advantage of the program, there still remains more than $120 billion in funds available for PPP loans. To provide additional aid to businesses, the application deadline for PPP loans was recently extended from June 30 to August 8, 2020... (See Article)

    Jul 10, 2020 4:32 PM

  • Sexual Orientation And Gender Identity In The Workplace Quiz!

    Test your knowledge! How much do you know about the rights of LGBT employees? Take our quiz and find out! As always, the answers will appear after each question, so you can cheat all you want, and we'll never know. At the end there will be a special prize, selected especially for you!... (See Article)

    Jul 10, 2020 4:32 PM

  • New DOL Rule Frees TRICARE Providers from OFCCP Audits and Enforcement

    On July 2, 2020, the Department of Labor (DOL) published a final rule, which clarifies that its Office of Federal Contract Compliance Programs (OFCCP) lacks authority over certain medical providers who contract with TRICARE. While there has been a moratorium on OFCCP enforcement for TRICARE providers since 2014, the potential for future OFCCP audits and related litigation loomed large. (See Article)

    Jul 10, 2020 4:32 PM

  • Additional Commodities Eligible for Coronavirus Food Assistance Program

    On July 9, 2020, the U.S. Department of Agriculture (USDA) released an initial list of additional commodities that have been added to the Coronavirus Food Assistance Program (CFAP), and announced other adjustments to the program based on comments received from stakeholders. Producers will be able to submit applications that include these commodities on Monday, July 13, 2020 through Aug. 28, 2020. The USDA expects more eligible commodities to be announced in the coming weeks. (See Article)

    Jul 10, 2020 4:32 PM

  • Blog: What’s on the SEC’s Spring 2020 RegFlex Agenda?

    With so much going on in connection with COVID-19 and its impact, it would be easy to overlook the rest of the SEC’s agenda. And it’s a lengthy one. The new Spring Regulatory Flexibility Act Agenda was published at the end of June, so it’s time to look at what’s on deck for the SEC in the coming year or so. (That reference to “on deck” may be the only sports anyone gets this year….) SEC Chair Jay Clayton has repeatedly made clear his intent to make the RegFlex Agenda more realistic, streamlining it to show what the SEC actually expects to take up in the subsequent period. (See Article)

    Jul 10, 2020 4:32 PM

  • USDA won’t require meat and poultry testing for COVID-19

    Plant-based diet advocates known as the Physicians Committee for Responsible Medicine failed to persuade USDA’s Food Safety and Inspection Service that it should require all meat to be tested for the presence of SARS-CoV-2. The Washington D.C.-based lobbying organization petitioned FSIS on May 20 to require all meat and poultry establishments to test and report on... (See Article)

    Jul 10, 2020 2:34 PM

  • Separating Voting and Control: Shareholder Agreements and Corporate Governance

    In corporate democracy, the default system for electing directors is voting, but shareholders are free to commit their votes by contract. In private companies, shareholders routinely do so, using shareholder agreements – contracts among the owners of a firm – to bargain directly over directorships and other rights of control. In recent years, disputes involving... (See Article)

    Jul 10, 2020 12:33 PM