October 2009 Client Alerts

October 30, 2009

Authored by: Bryan Cave

FinCEN’s New Bank Secrecy Act Compliance Outreach Initiative Targeted at Depository Institutions With Assets Under $5 Billion

Yesterday FinCEN announced a new outreach initiative targeted at depository institutions with assets under $5 billion. The outreach initiative builds upon knowledge FinCEN previously gained from its meetings with larger financial institutions. As part of its ongoing outreach efforts, FinCEN is now seeking to engage smaller to moderate size depository institutions who are working to implement the four pillars of the Bank Secrecy Act regulatory regime: (1) policies, procedures and internal controls; (2) designation of a compliance officer; (3) ongoing training; and (4) independent testing.

For more information, please read the client alert published by Bryan Cave LLP’s Financial Institutions Client Service Group on October 15, 2009.

New FTC Advertising Guide Goes Into Effect December 1, 2009

Companies that use endorsements, comparison studies, or customer testimonials in their advertisements should consider the Federal Trade Commission’s new Guide Concerning the Use of Endorsements and Testimonials in Advertising.

For more information, please read the client alert published by Bryan Cave LLP’s Consumer Protection Client Service Group on October 6, 2009.

EPA Proposes to Use PSD and Title V Programs to Control GHG Emissions

Fulfilling its promise to regulate greenhouse gas emissions regardless of the fate of climate change legislation in Congress, the EPA has proposed to use the Clean Air Act’s PSD and Title V programs for regulation of greenhouse gas emissions.

For more information, please read the client alert published by Bryan Cave LLP’s Environmental Client Service Group on October 7, 2009.

Appeals Court Rejects Privilege for Client Communications to Counsel Intended to be Shared with Auditors

Likening a corporate internal investigation to a “treacherous path”, a recent U.S. appeals court decision underscores the risks to a claim of attorney-client privilege that can result from sharing information with a corporation’s outside auditors.

For more information, please read the client alert published by Bryan Cave LLP’s White Collar Defense and Investigations & Securities Litigation and Enforcement Groups on October 9, 2009.

Congressional Leaders Introduce Legislation on October 6 to Overturn Age Discrimination Opinion

In June 2009, the United States Supreme Court issued an opinion in Gross v. FBL Financial Services, Inc., that has been viewed as a victory for employers. The Court held in Gross that, in a case alleging disparate treatment of an older worker in violation of the Federal Age Discrimination in Employment Act (ADEA), the employee has the burden to prove by a preponderance of the evidence that age as the determining factor in the challenged employment decision.

For more information, please read the client alert published by Bryan Cave LLP’s Labor & Employment Client Service Group on October 8, 2009.

Qualified Plan Limits

The Internal Revenue Service has announced its 2010 cost-of-living adjustments for retirement plans in a press release dated October 15, 2009. The chart below reflects the qualified plan limits for calendar years 2007 – 2010.

For more information, please read the client alert published by Bryan Cave LLP’s Employee Benefits & Executive Compensation Client Service Group on October 15, 2009.

Defendants in Civil Lawsuits and Their Insurers Must Report Medicare Beneficiary Information

Under the Medicare, Medicaid and SCHIP Extension Act of 2007, liability insurance including self-insurance, no-fault insurance, workers compensation and group health plans must report the identities and certain other information of Medicare beneficiaries after a claim is resolved through a settlement, judgment, award or other payment.

For more information, please read the client alert published by Bryan Cave LLP’s Health Care and Life Sciences Practice Client Service Group on October 16, 2009.

New IRS Guidance: Application to Retirement Plans

Last month, the Internal Revenue Service issued a series of Revenue Rulings and Notices to promote retirement plan savings. This Client Bulletin provides a brief description of this new guidance as well as its potential application to your retirement plans.

For more information, please read the client alert published by Bryan Cave LLP’s Employee Benefits & Executive Compensation Client Service Group on October 27, 2009.