06 Aug
Member News, New York Related News

Troutman Pepper | Federal Court Decision Changes How Employers Must Implement Families First Coronavirus Response Act

On August 3, 2020, the U.S. District Court for the Southern District of New York struck down four parts of the regulations issued by the U.S. Department of Labor (DOL) implementing the Families First Coronavirus Response Act (FFCRA). As a result of the decision: An employee may be eligible for FFCRA leave even if the employer has no work for the employee or the employee is furloughed; More employees at healthcare institutions will be eligible for FFCRA leave; Employees may take intermittent FFCRA...

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05 Aug
Chapter News, COVID-19 News

US Economic Stimulus: What impact will it have on U.S. household income?

In the wake of the Covid-19 crisis, the US authorities adopted an unprecedented set of fiscal measures, targeting households in particular. These measures aim at preserving the purchasing power of US households, but less than half of this additional income should be spent. Chart 1. Compared fiscal policy responses 2020/2008, Source: Congressional Budget Office (CBO). Image courtesy of La Banque de France. The Covid-19 crisis has led to a sharp deterioration in the US labour market The coronavirus crisis has sent an...

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05 Aug
Member News

Ogletree Deakins | FDIC Loosens Requirements for Employment With Financial Institutions

On July 24, 2020, the Federal Deposit Insurance Corporation (FDIC) released a final rule to revise and codify into the agency’s regulations the FDIC’s Statement of Policy (SOP) on Section 19 of the Federal Deposit Insurance Act. Section 19 generally prohibits any person from participating in banking who has been convicted of a crime “involving dishonesty, breach of trust, or money laundering, or who has agreed to enter into a pretrial diversion or similar program in connection with a prosecution for any such...

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05 Aug
Member News

Noerr | Consultation on the European Central Bank’s supervisory approach to banking consolidation

The European banking sector has been characterised by low profitability and overcapacity. Consolidation in the banking sector is expected to improve the sustainability of banks’ business models and enhance the overall financial soundness of the European banking system. In weighing benefits against risks, the task for the supervisors is to make sure that the business combinations resulting from consolidations comply with prudential requirements and ensure effective risk management. On 1 July 2020, ECB Banking Supervision published a guide on the supervisory approach...

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04 Aug
Chapter News, COVID-19 News

Up-to-date report on the status of the Paycheck Protection Program (PPP) from the U.S. SBA

The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation, in consultation with the Department...

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04 Aug
Member News

Faeger Drinker | New USCIS Filing Fees Go Into Effect October 2, 2020

On August 3, 2020, U.S. Citizenship and Immigration Services (USCIS) published a final rule updating filing fees for immigration and naturalization applications. The new fees will be required starting October 2, 2020. Especially notable for employment-based applications is that there will be different filing fees for H, L and O petitions, even though they are all filed using Form I-129. Immigration Benefit/Form Number Old Fee New Fee Percent Change I-129 (H-1B)* $460 $555 21% I-129 (L-1)* $460 $805 75% I-129 (O-1) $460 $705 53% I-131 (Application for Travel Document) $575 $590 3% I-140 (Immigrant Petition for Alien Worker) $700 $555 -21% I-485 (Application to Adjust Status) $1,140 $1,130 -1% I-539 (Application to Extend/Change Nonimmigrant Status) $370 $390 8% I-765 (Application for Employment Authorization) $410 $550 34% N-400 (Application...

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04 Aug
Chapter News, COVID-19 News

IMF | Global Imbalances and the COVID-19 Crisis

The world entered the COVID-19 pandemic with persistent, pre-existing external imbalances. The crisis has caused a sharp reduction in trade and significant movements in exchange rates but limited reduction in global current account deficits and surpluses. The outlook remains highly uncertain as the risks of new waves of contagion, capital flow reversals, and a further decline in global trade still loom large on the horizon. Our new External Sector Report shows that overall current account deficits and surpluses in 2019 were just below...

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04 Aug
Member News

Houthoff News Update Financial Regulatory | Amending Dutch Decree Financial Markets 2021 and publications by EBA, EIOPA and ESMA

The Houthoff Financial Regulatory team closely monitors developments on the financial markets and within financial supervision. On 1 July 2020, the Dutch Ministry of Finance launched the consultation of the Amending Decree Financial Markets 2021 (Wijzigingsbesluit financiële markten 2021, "Amending Decree"). The Amending Decree will amend the Decree on Conduct of Business Supervision of Financial Undertakings Wft (Besluit Gedragstoezicht financiële ondernemingen Wft, "BGfo"), the Decree on Prudential Rules Wft (Besluit prudentiële regels Wft, "Bpr") and some other decrees relating to the financial...

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04 Aug
Chapter News

EU Cyber sanctions: time to act

Blog post by Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy / Vice-President of the European Commission | The Internet plays a vital role in our lives, which is why we need to protect ourselves against cyber-attacks. Today, the EU imposed its first-ever cyber sanctions, to defend its citizens and companies from cyber threats. "We will not tolerate cyber-attacks: we have the tools to protect ourselves and the determination to use the them." HR/VP Josep Borrell Not...

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04 Aug
Chapter News

Mergers: EU Commission opens in-depth investigation into the proposed acquisition of Fitbit by Google

The European Commission has opened an in-depth investigation to assess the proposed acquisition of Fitbit by Google under the EU Merger Regulation. The Commission is concerned that the proposed transaction would further entrench Google's market position in the online advertising markets by increasing the already vast amount of data that Google could use for personalisation of the ads it serves and displays. Executive Vice-President Margrethe Vestager, responsible for competition policy, said: “The use of wearable devices by European consumers is expected...

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