Large technology companies and innovators in the consumer financial services space should expect to see stepped up regulatory attention ahead. The Consumer Financial Protection Bureau (CFPB) continues to increase its focus on data-intensive business practices and “large technology conglomerates” in consumer finance, as evidenced by the recent statement of Director Rohit Chopra and Chief Technologist Erie Meyer. The statement announces the CFPB’s efforts to step up its capabilities to address “transformative technologies.”1 This statement was made in conjunction with a statement from the Federal...

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On March 1, 2024, Judge Liles Burke of the U.S. District Court for the Northern District of Alabama issued a decision in National Small Business United d/b/a National Small Business Association v. Yellen (Case No. 5:22-cv-1448-LCB) stating that the Corporate Transparency Act (CTA) is unconstitutional. In response to some reports calling this decision the “death” of the CTA, we wanted to provide an update on the status of the matter in our view. On November 15, 2022, the National Small Business Association...

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On April 1, 2024, changes to various immigration processes will take effect, including the following: Certain USCIS Forms Take Effect—with No Grace Period. Starting April 1, 2024, U.S. Citizenship and Immigration Services (USCIS) will only accept the 04/01/24 versions of Form I-129 and I-485. USCIS will use the postmark date of a filing to determine which form version and fees are correct but will use the received date for purposes of any regulatory or statutory filing deadlines. New USCIS Fees Take Effect. As GT previously...

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Speaking at the Global Competition Review: Law Leaders Global Summit last month, Commissioner Alvaro M. Bedoya of the Federal Trade Commission (FTC) argued that the FTC could — and should — combat worker misclassification under Section 5 of the FTC Act, as an unfair method of competition. Commissioner Bedoya advocated that worker misclassification — when an employer classifies a worker, who should be an employee, as an independent contractor — satisfies the criteria established by the FTC in its November 2022...

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A recent regulatory update may impact your strategy for recruiting international talent. On 20 March 2024, the regulation of 15 March 2024_ setting the gross average annual salary needed to calculate the minimum salary level for a highly qualified worker  was published in mémorial A123 (the “Regulation”). It adjusts the annual threshold for the minimum salary required for highly qualified third-country workers who want to work in Luxembourg with an EU Blue Card. Key points From an immigration perspective, third-country nationals who want to live and...

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On March 6, 2024, the SEC adopted new climate disclosure rules. These rules require companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company’s business or consolidated financial statements. The new rules call for a dramatic change in the nature and extent of disclosures US companies are required to make about the impact of climate change. The gathering and reporting of these incremental disclosures may require significant changes to...

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Logistics need to change both up and downstream if companies are to make progress on emissions reductions. To adapt to supply-chain disruptions during the pandemic and through ongoing geopolitical conflicts, as in the Red Sea, companies have implemented longer shipping routes, opted for air freight, and often cobbled solutions together without indexing heavily on the environmental impacts of those choices. They won’t be able to in the future. Regulatory shifts like the European Union's Carbon Border Adjustment Mechanism (CBAM) and California's At-Berth Rule are reshaping...

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Digital transformation can bring significant opportunities for your organization. It’s an evolution that spans dashboard creation, data estates and warehouses, and the potential of artificial intelligence (AI) and predictive analytics. Consider how your organization can understand and harness transformative technologies like AI and predictive analytics. Let’s walk through the trends, see how it’s being used in the business world, and review potential challenges. The rapidly evolving world of AI and predictive analytics From the early days of explicit instructions to the current...

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It can be exceedingly difficult for companies to fill jobs that require specialized skills, such as finance and accounting, especially in a tight labor market with low unemployment. With so many job vacancies available to a limited number of qualified candidates, businesses must use all the resources available to stand out from the pack, build relationships, and amass a vast pool of skilled talent from which to recruit for years to come. One critical resource to consider is a...

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On Wednesday 20 March, the European Commission announced a series of targeted actions to boost biotechnology and biomanufacturing on the continent. The Communication on Building the future with nature identifies hurdles for the sector and how these are to be overcome. The strategy comes at a time where Europe is increasingly aware of the need to boost its competitiveness globally, as addressed in the Communication on the long-term competitiveness of the EU. Biotechnology and biomanufacturing have evolved as promising technological frontiers in the 21st century. They...

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