On June 3, 2020, Congress passed the PPP Flexibility Act to loosen requirements for loan forgiveness for CARES Act Paycheck Protection Program (PPP) borrowers. The new forgiveness rules will allow
Continue Reading Congress Passes the PPP Flexibility Act

On Sept. 30, 2018, Gov. Jerry Brown signed into law Senate Bill No. 826 (SB 826), California’s new legislation promoting gender balance on the boards of directors of publicly held
Continue Reading New California Law Imposing Gender Diversity on Boards of Publicly Held Corporations Raises Constitutional Concerns

On June 7, 2017, the U.S. House Financial Services Committee held a hearing entitled “Flood Insurance Reform: A Taxpayer’s Perspective.” The hearing examined the National Flood Insurance Program (NFIP) and
Continue Reading U.S. House Financial Services Committee Hearing on Flood Insurance Reform and Passes Legislation

The Federal Communications Commission (FCC) has proposed rules to implement a provision in the Bipartisan Budget Act of 2015 (Budget Act) that allows robocalls (i.e., calls made with an
Continue Reading FCC Proposes Rules to Limit the Use of Robocalls to Collect Debts Owed to or Guaranteed by the United States

Through her Sept. 9, 2015, Memorandum entitled “Individual Accountability for Corporate Wrongdoing,” the Deputy Attorney General of the United States, Sally Quillian Yates, issued clear marching orders to civil and criminal prosecutors that will surely shape current and future Wall Street prosecutions. The stated purpose of the memo, to improve “effective enforcement of the civil and criminal laws that protect [our nation’s] financial system…”(Sept. 9, 2015, Memorandum from Sally Quillian Yates, Page 1) makes it clear that this policy directive will dramatically impact the resolution of virtually all civil or criminal investigations for corporations and individuals in the financial services industry. The theme of the Deputy Attorney General’s message is equally clear: any corporation hoping to resolve a civil or criminal matter with the Department of Justice (DOJ) must be prepared to serve up individuals who have participated in wrongful conduct.

Although it is debatable whether this is in fact a shift in policy (as the Memorandum claims), what is clear is that this is the first time DOJ has articulated this policy in a written document. Therefore, anyone trying to resolve issues arising out of a civil or criminal investigation must be mindful of the marching orders to prosecutors contained in the Memorandum.

Continue Reading DOJ’s Recent Memo Reshapes Government Investigations