http://www.pattonboggs.com/ en-us Thu, 02 Sep 2010 10:08:34 GMT Thu, 02 Sep 2010 10:08:34 GMT The Deepwater Horizon explosion, fire, sinking, and well blowout demonstrated the failure of BP’s contingency plans for a worstcase accident. Congressional hearings in June strongly suggested that some of the other plans currently in place in the Gulf of Mexico would not work any better. These plans use much the same language as BP’s, and contain similar errors, errors showing use of an Alaskan template without adequate updates of personnel or adaptation to local flora and fauna. The government’s repeated approval of these plans suggest that regulators were not just asleep but comatose. http://www.pattonboggs.com/news/Detail.aspx?news=1265 News http://www.pattonboggs.com/news/Detail.aspx?news=1265 Wed, 01 Sep 2010 00:00:00 GMT IN THIS ISSUE: Federal Trade Commission Revises Consumer Reporting Disclosures http://www.pattonboggs.com/news/Detail.aspx?news=1266 News http://www.pattonboggs.com/news/Detail.aspx?news=1266 Mon, 30 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1258 News http://www.pattonboggs.com/news/Detail.aspx?news=1258 Fri, 27 Aug 2010 00:00:00 GMT We have all been paying attention to the looming legislation intended to amend the Mine Safety and Health Act (HR 5663). By now, everyone has heard the arguments for and against the amendments so I don’t know that we need to rehash them here. http://www.pattonboggs.com/news/Detail.aspx?news=1256 News http://www.pattonboggs.com/news/Detail.aspx?news=1256 Thu, 26 Aug 2010 00:00:00 GMT The recently-enacted Health Reform Law (the Patient Protection and Affordable Care Act [Pub. L. No. 111-148] as amended by the Health Care and Reconciliation Act of 2010 [Pub. L. No. 111-152], collectively known as the “Affordable Care Act” or “ACA”) added a provision to the Internal Revenue Code imposing an excise tax of 2.3 percent on the sale of medical devices after 2012. Due to uncertainty associated with whether certain products will be characterized as medical devices, and which devices will ultimately be eligible for an exemption from the excise tax, it is imperative for manufacturers, importers, distributors and retailers of products potentially subject to the excise tax to become involved in the policy debate.  http://www.pattonboggs.com/news/Detail.aspx?news=1255 News http://www.pattonboggs.com/news/Detail.aspx?news=1255 Tue, 24 Aug 2010 00:00:00 GMT IN THIS ISSUE: Patton Boggs LLP Mortgage Banking Team Wins Victory for Florida-licensed Clients Will Dodd-Frank Mean the End of Operating Subsidiaries? http://www.pattonboggs.com/news/Detail.aspx?news=1257 News http://www.pattonboggs.com/news/Detail.aspx?news=1257 Mon, 23 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1264 News http://www.pattonboggs.com/news/Detail.aspx?news=1264 Mon, 23 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1254 News http://www.pattonboggs.com/news/Detail.aspx?news=1254 Fri, 20 Aug 2010 00:00:00 GMT IN THIS ISSUE: Fed Issues Final, Interim and Proposed Rules Addressing a Range of Mortgage Lending Issues Including Loan Originator Compensation Restrictions Federal Financial Institution Regulators Issue Reverse Mortgage Loan Guidance HUD Announces FHA Refinance Program Enhancements to Help Struggling Borrowers New York Adopts New Mortgage Servicing Regulations American Association of Residential Mortgage Regulators (AARMR) Holds Annual Regulatory Conference in St. Louis, Missouri News from the Hill: The Future of Housing Finance  http://www.pattonboggs.com/news/Detail.aspx?news=1253 News http://www.pattonboggs.com/news/Detail.aspx?news=1253 Mon, 16 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1263 News http://www.pattonboggs.com/news/Detail.aspx?news=1263 Mon, 16 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1250 News http://www.pattonboggs.com/news/Detail.aspx?news=1250 Fri, 13 Aug 2010 00:00:00 GMT IN THIS ISSUE: News from the Hill: Dodd-Frank Regulatory Reform Act – Spotlight on the Bureau of Consumer Financial Protection FHA Premium Increase North Carolina Amends the Emergency Program to Reduce Home Foreclosures Act Did You Know? http://www.pattonboggs.com/news/Detail.aspx?news=1251 News http://www.pattonboggs.com/news/Detail.aspx?news=1251 Mon, 09 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1262 News http://www.pattonboggs.com/news/Detail.aspx?news=1262 Mon, 09 Aug 2010 00:00:00 GMT FIVE KEY QUESTIONS That Congress Left to the New Bureau of Consumer Financial Protection 1. Is the Bureau’s rulemaking authority as broad as it seems? YES. The Bureau’s Director “may prescribe rules and issue orders or guidance, as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, and to prevent evasions thereof.” Simply put, the Bureau’s principal mission is to ensure “that all consumers have access to markets for consumer financial products and services and that those markets for financial consumer markets and services are fair, transparent, and competitive.” This broad mandate means that virtually any consumer financial product or service, or any person offering such product or service, is likely to come under scrutiny and, potentially, regulation, even if the legislation does not explicitly provide for it. This includes an array of products and services offered by banks, credit unions, mortgage lenders, pawn brokers and other lenders. The Bureau will have the authority to adopt rules defining the types of financial consumer products, services and entities it will regulate and which ones will be exempted. http://www.pattonboggs.com/news/Detail.aspx?news=1247 News http://www.pattonboggs.com/news/Detail.aspx?news=1247 Fri, 06 Aug 2010 00:00:00 GMT Denver, August 6, 2010—Patton Boggs LLP is expanding its Denver office by adding several attorneys to the firm’s experienced health care team. Stephen P. Nash, a veteran health care lawyer and Sven C. Collins, an accomplished litigator, join the firm’s Denver office as partners along with two associates from Holme Roberts & Owen LLP. “This is a significant strategic move for our Denver office,” said Robert M. Bearman, managing partner of Patton Boggs’ Denver office. “Steve and his team will be a tremendous asset to our firm’s growing health care practice.” Mr. Nash, the former chair of Holme Roberts & Owen’s health care practice, brings to the table more than three decades of experience representing health care organizations. He has spent his career working with academic medical centers, hospitals and health systems, health information exchanges, medical groups and other physician organizations, health plans and other managed care organizations, long term care organizations, ancillary health service providers and health care investors. Mr. Nash’s team is lead counsel for a number of large single provider and group Medicare appeals, both before the Provider Reimbursement Review Board and in Federal court. He is actively engaged in advising on planning and implementing strategic initiatives in response to Federal and state health care reform. In addition, Mr. Nash is recognized for his expertise in health information technology, having advised Colorado’s statewide health information exchange, CORHIO, from its inception five years ago. “I am thrilled by the opportunity to help with the continuing growth of the health care practice at Patton Boggs,” Mr. Nash said. “In this historic period of healthcare reform, the opportunity to join forces with the nation’s top public policy practice, and to offer our clients meaningful access to the legislative and rule-making process, is compelling.” A 1996 graduate of the University of Colorado School of Law, Mr. Collins focuses his practice on litigation and risk management guidance in health care, employment and labor, trade secrets and unfair competition. Joining Mr. Nash and Mr. Collins are two associates with whom they have worked closely on a broad range of health care projects, including transactional work, regulatory compliance and reimbursement litigation. Mimi Hu, who earned her law degree from Boston University and Michi Tsuda, who earned his MBA and law degree from the University of Colorado, are highly skilled attorneys who will continue to make significant contributions to this health care team. http://www.pattonboggs.com/news/Detail.aspx?news=1249 News http://www.pattonboggs.com/news/Detail.aspx?news=1249 Fri, 06 Aug 2010 00:00:00 GMT In the aftermath of the 2009 economic crises in Eastern Europe, Spain, Greece and Dubai and the commercial risks these failures have presented to investors, it is not surprising that avoiding political risk remains a high priority for investors in emerging markets.  Many view political risk as a growing concern given the potential for the financial pressures on states to affect their ability to meet contract obligations or to lead them to exercise greater control over their economies through confiscation, nationalization or expropriation.  http://www.pattonboggs.com/news/Detail.aspx?news=1245 News http://www.pattonboggs.com/news/Detail.aspx?news=1245 Thu, 05 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1246 News http://www.pattonboggs.com/news/Detail.aspx?news=1246 Thu, 05 Aug 2010 00:00:00 GMT As noted in our July 26, 2010 Mortgage Banking Update, the federal banking agencies including the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Farm Credit Administration, and the National Credit Union Administration (Banking Agencies) jointly issued their final rule (Final Rule) regarding the registration requirements for Mortgage Loan Originators of financial institutions and certain affiliates of those institutions. http://www.pattonboggs.com/news/Detail.aspx?news=1243 News http://www.pattonboggs.com/news/Detail.aspx?news=1243 Wed, 04 Aug 2010 00:00:00 GMT IN THIS ISSUE: News from the Hill: Congress, Administration Begin to Focus on GSE Reform Federal Banking Agencies Publish Final Rule on SAFE Act Implementation VA Issues Long-Awaited RESPA Guidance  HOEPA Trigger Increase  Seventh Circuit Says, Even in the Absence of Payment Demands, Loan Modifications Communications Can Violate FDCPA  http://www.pattonboggs.com/news/Detail.aspx?news=1244 News http://www.pattonboggs.com/news/Detail.aspx?news=1244 Mon, 02 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1261 News http://www.pattonboggs.com/news/Detail.aspx?news=1261 Mon, 02 Aug 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1242 News http://www.pattonboggs.com/news/Detail.aspx?news=1242 Fri, 30 Jul 2010 00:00:00 GMT On July 21, 2010 President Obama signed into law the comprehensive financial reform legislation entitled the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).  The focus now shifts to the drafting of numerous regulations mandated by the Dodd-Frank Act, and construction of the newly established Consumer Financial Protection Bureau (CFPB).  This Alert summarizes various provisions of the Dodd-Frank Act that will affect how the residential mortgage industry operates for the foreseeable future.  Regulators must now decide how to best implement the law, with the aid of a follow-on technical bill to be released later by Congress.   http://www.pattonboggs.com/news/Detail.aspx?news=1240 News http://www.pattonboggs.com/news/Detail.aspx?news=1240 Wed, 28 Jul 2010 00:00:00 GMT IN THIS ISSUE: Dodd-Frank Wall Street Reform and Consumer Protection Act into Law  Federal Banking Agencies Release Final Rule on SAFE Act New Jersey Provides Licensing Relief  Prerequisites from Judicial Foreclosure  http://www.pattonboggs.com/news/Detail.aspx?news=1241 News http://www.pattonboggs.com/news/Detail.aspx?news=1241 Mon, 26 Jul 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1260 News http://www.pattonboggs.com/news/Detail.aspx?news=1260 Mon, 26 Jul 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1239 News http://www.pattonboggs.com/news/Detail.aspx?news=1239 Thu, 22 Jul 2010 00:00:00 GMT Today, President Obama signed into law the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Dodd-Frank Act”). The House of Representatives and the Senate had approved the Conference Report of this legislation on June 30 and July 15, respectively. http://www.pattonboggs.com/news/Detail.aspx?news=1236 News http://www.pattonboggs.com/news/Detail.aspx?news=1236 Wed, 21 Jul 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1235 News http://www.pattonboggs.com/news/Detail.aspx?news=1235 Wed, 21 Jul 2010 00:00:00 GMT INSIGHTS is our environmental, health and safety, and crisis management newsletter.  In this July 2010 issue:  In this issue: 1.  Democrats Introduce Sweeping Safety Law Amendments 1.A.  General Industry (OSHA) 1.B.  Mine Safety (MSHA) 2.  Senate Approves Millions to Address Mine Case Backlog 3.  SEC Disclosures to Include Mine Safety Enforcement and Fatality Data 4.  UBB Cleared for Probe as Massey Challenges MSHA 5.  IG Critical of MSHA 6.  OSHA Chief Spells Out Priorities 7.  MSHA Issues Guidance on Guards, Fall Protection 8.  OSHA Launches Severe Violators Enforcement Program  9.  OSHA Enforcement Case Roundup 10. Companies Try to Stop Release of CSB Report 11. Board Seeks Ban on Pipe-Cleaning Procedure 12. BP Oil Rig Explosion Getting CSB’s Attention 13. Moure-Eraso Confirmed to Lead CSB 14. Mining Group Forces Release of Diesel Study Reports 15. Sugar Producer to Pay $6 Million after Fatal Explosion 16. FMSHRC Proposes Simplified Litigation Procedures 17. Court Grants MSHA Injunction Request 18. Insurers Sue Operator over Mine Disaster Losses 19. Wal-Mart Puts Big Money into Fighting OSHA Fine 20. Mesothelioma Case Roundup http://www.pattonboggs.com/news/Detail.aspx?news=1233 News http://www.pattonboggs.com/news/Detail.aspx?news=1233 Mon, 19 Jul 2010 00:00:00 GMT In this issue David Brody Returns to the Denver Office Suedeen Kelly Joins Patton Boggs Patton Boggs, a Full Service Law Firm Current Oil and Gas Related Issues http://www.pattonboggs.com/news/Detail.aspx?news=1234 News http://www.pattonboggs.com/news/Detail.aspx?news=1234 Mon, 19 Jul 2010 00:00:00 GMT IN THIS ISSUE: News from the Hill: President Signs Dodd-Frank Wall Street Reform and Consumer Protection Act into Law   HUD Issues Further RESPA Rule Guidance   Further FHA Reforms Proposed House Passes Flood Insurance Reform Revised Settlement Cost Booklet Patton Boggs’ Repurchase, Coverage & Recovery Team Addresses Industry Wide Repurchase Issues Department of Housing and Urban Development Releases SAFE Act Guidance http://www.pattonboggs.com/news/Detail.aspx?news=1238 News http://www.pattonboggs.com/news/Detail.aspx?news=1238 Mon, 19 Jul 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1259 News http://www.pattonboggs.com/news/Detail.aspx?news=1259 Mon, 19 Jul 2010 00:00:00 GMT As global economies are gradually recovering, notwithstanding the current disrupti ons in Europe, we are beginning to see a resurgence of Islamic securitized transactions and other structured financing. For example, Standard Chartered plans to arrange more than US$4 billion of Sukuk in 2010, and GE Capital has announced it will issue a secondSukuk in late 2010 or early 2011 (GE Capital’s first Sukuk was oversubscribed). http://www.pattonboggs.com/news/Detail.aspx?news=1232 News http://www.pattonboggs.com/news/Detail.aspx?news=1232 Thu, 15 Jul 2010 00:00:00 GMT Many of the gigantic bankruptcies of 2009 did not follow the usual bankruptcy rules. In cases such as General Motors Corp. (Case No. 0950026), Chrysler LLC (Case No. 50002) and Calpine Corporation, exigent circumstances forced creditors to make a dramatic shift in the strategies previously used in Chapter 11 bankruptcy cases from preparing a plan of reorganization to making a fast sale of the bankruptcy estate assets under § 363 of the Bankruptcy Code. Traditional Chapter 11 reorganizations have proven to be costly and disruptive for corporate debtors. Section 363 sales have largely supplanted traditional Chapter 11 reorganizations because they are faster and more cost efficient. Though not a new concept, parties have recently opted to pursue “pre-packaged” bankruptcy filings or “pre-packs.” http://www.pattonboggs.com/news/Detail.aspx?news=1228 News http://www.pattonboggs.com/news/Detail.aspx?news=1228 Wed, 14 Jul 2010 00:00:00 GMT IN THIS ISSUE: FHFA Issues 64 Subpoenas Related to Mortgage-Backed Securities New Hampshire Requires Branch Licenses for Mortgage Servicers and Mortgage Loan Originator Licenses for Branch Managers of Mortgage Bankers, Brokers and Servicers http://www.pattonboggs.com/news/Detail.aspx?news=1231 News http://www.pattonboggs.com/news/Detail.aspx?news=1231 Mon, 12 Jul 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1230 News http://www.pattonboggs.com/news/Detail.aspx?news=1230 Mon, 12 Jul 2010 00:00:00 GMT In 1996 the U.S. Congress passed the Iran Sanctions Act (ISA), which authorized the imposition of sanctions against companies that agreed to invest more than $20 million in the Iranian petroleum or petrochemical sector. In fact, several companies made or agreed to make investments in Iranian oil and gas fields after passage of the ISA, but successive U.S. Presidents declined to impose sanctions against them. Earlier this year, increasing frustration at the failure to impose sanctions, coupled with increasing concerns about Iran generally, led the U.S. House of Representatives and the U.S. Senate to pass separate bills to amend and strengthen the ISA. Those separate bills were reconciled by a House/Senate Conference Committee and, on June 24, the resulting bill was passed unanimously by the Senate (99-0) and overwhelmingly by the House (408-8). President Obama signed the bill into law on July 1, 2010. http://www.pattonboggs.com/news/Detail.aspx?news=1210 News http://www.pattonboggs.com/news/Detail.aspx?news=1210 Tue, 06 Jul 2010 00:00:00 GMT A violation of the federal false marking statute occurs when a patent owner (1) falsely marks an article with a patent number, or the words “patent,” “patented,” “patent pending” or the like, and (2) does so with an intent to deceive the public. 35 U.S.C. § 292. The statute authorizes “qui tam” actions whereby any person can bring a lawsuit for a false marking violation and share any recovery with the government. On June 10, 2010, the Court of Appeals for the Federal Circuit held that marking a product with either an expired patent or with the phrase “may be covered by one or more patents,” can give rise to liability under the federal false marking statute. The Court did, however, provide a defense to accused defendants under the “intent to deceive” prong under the test for false marking. Pequignot v. Solo Cup Co., No. 2009-1547 (Fed. Cir. June 10, 2010). http://www.pattonboggs.com/news/Detail.aspx?news=1226 News http://www.pattonboggs.com/news/Detail.aspx?news=1226 Tue, 06 Jul 2010 00:00:00 GMT In This Issue: Patton Boggs Acquires Breaux-Lott Group Dodd-Frank Wall Street Reform and Consumer Protection Act Tax Credit Reprieve and Flood Insurance Reauthorization Louisiana Adopts Reverse Mortgage Legislation http://www.pattonboggs.com/news/Detail.aspx?news=1227 News http://www.pattonboggs.com/news/Detail.aspx?news=1227 Mon, 05 Jul 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1229 News http://www.pattonboggs.com/news/Detail.aspx?news=1229 Mon, 05 Jul 2010 00:00:00 GMT On Wednesday, June 30, 2010, the U.S. House of Representatives approved the House-Senate conference committee’s financial regulatory reform legislation, the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (the “Dodd-Frank Bill”). The final vote was 237 – 192. This update briefly summarizes a number of the key provisions of the Dodd-Frank Bill. This historic legislation is, however, merely the end of the first phase of modernizing our financial regulatory reform system. Congress has delegated a significant amount of authority in this bill by directing a series of rule makings by various agencies, including the U.S. Securities and Exchange Commission (SEC), the Federal Reserve Board of Governors (Federal Reserve), the Commodity Futures Trading Commission (CFTC) and the Federal Trade Commission (FTC). Interested stakeholders should view the current timing as an opportunity to engage regulators as the process of enacting rules to implement this legislation gets underway. *** http://www.pattonboggs.com/news/Detail.aspx?news=1217 News http://www.pattonboggs.com/news/Detail.aspx?news=1217 Fri, 02 Jul 2010 00:00:00 GMT Washington, DC, July 1, 2010—Patton Boggs LLP is acquiring the Breaux-Lott Leadership Group, combining two of the most recognizable firms in public policy at the nation’s highest-revenue producing public policy law firm.  Former Louisiana Democratic Senator John Breaux and former Senate Majority Leader Trent Lott, R-Miss., join the firm’s Washington office as special senior counsel with their sons, John Breaux, Jr. and Chester Trent Lott, Jr.; three public policy advisers; and three staff members. “This acquisition is a strategic coup and a cornerstone for our bipartisan growth,” said Thomas Hale Boggs Jr., chairman of Patton Boggs, a firm that has played a key role in every major piece of legislation and regulatory decision for nearly 50 years. “The combined expertise of Patton Boggs and Breaux-Lott Leadership Group makes the firm a ‘mandatory first stop’ for discerning corporate CEOs and general counsel facing complex problems that can be solved in the halls of Congress, the executive branch or the courtroom,” Mr. Boggs said. The acquisition signals an aggressive growth plan for Patton Boggs as it continues to maintain its top spot in legislative work while expanding its footprint in major regulatory areas. Over the past year, the firm has added other powerhouses such as former FCC Chairman Kevin Martin; Suedeen Kelly, a former commissioner with the Federal Energy Regulatory Commission; and Dick Thompson, a veteran in the pharmaceutical and food and drug sectors. The acquisition of the Breaux-Lott Leadership Group, one of the nation’s fastest growing lobbying boutiques, provides bipartisan leadership to solve client problems at a time when it has never been more difficult to navigate Congress. Patton Boggs provides the depth and substantive strength to better serve the Breaux-Lott clients’ comprehensive policy and legal needs. “We will continue to provide boutique-level personal attention to our clients with the added benefit of the wide-ranging policy, legal and business services that only Patton Boggs can provide,” said John Breaux, who provides strategic advice, consulting and lobbying on health care, tax, financial services and energy issues. “This is a merger of the best of what both teams can provide to our clients.” Senator Lott brings sharp leadership skills and a special understanding of complex congressional procedures from his time serving as the House Republican Whip and Senate Majority Leader. He plans to focus his practice on defense, taxes, financial services, energy, transportation, communications and other areas where he has been active throughout his career.“This is an exciting opportunity to expand our firm with the resources of one of the most respected and revered law firms in the nation,” Lott said. “This is a win-win deal for our clients as well as for Patton Boggs.” The personal relationship between Mr. Boggs and both senators dates back to when the lawmakers were first elected to the House. Senator Breaux was elected to the House of Representatives at the age of 28. During his tenure in the Senate, Breaux was a widely known for his bipartisan leadership and central role in some of the most important legislative initiatives of his generation. Breaux is the former Deputy Minority Whip of the Senate. As a Senator, Breaux was known for his keen insight on energy issues. He served as co-chair of the Oil and Gas Caucus. He was active in advancing legislation to promote domestic oil and gas production, and was a co-sponsor of the Marginal Well Preservation Act, a tax incentive program that encouraged oil production from marginal oil wells. He was also a principal author of the Outer Continental Shelf Land Act. Senator Lott served in Congress for 35 years and is one of the few people to hold elected leadership positions in both the House and Senate. A champion of a strong national defense, Lott is an advocate of economic growth and protecting economic security. He has worked closely with seven presidential administrations. As the House Republican Whip, Lott forged the bipartisan alliance that enacted President Ronald Reagan’s economic recovery program and his national security initiatives.  Lott created the first modern whip organization on Capitol Hill, focusing attention on regular member-to-member contacts and extensive outreach to sympathetic Democrats to secure passage of major legislation. In the Senate, Lott was a member of the group of pro-growth stalwarts who opposed the tax increase forced on President Bush in 1990. When he became the Senate’s Majority Leader in 1996, he again put his coalition-building skills to the test and, along with House Speaker Newt Gingrich, enacted his historic welfare reform bill of 1996. http://www.pattonboggs.com/news/Detail.aspx?news=1225 News http://www.pattonboggs.com/news/Detail.aspx?news=1225 Thu, 01 Jul 2010 00:00:00 GMT On June 29, 2010, a Memorandum prepared by the Patton Boggs Financial Services Policy Group, summarized a number of the key provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act"). Among the topics that was identified and briefly summarized were provisions which deal with executive compensation. The firm's ERISA, Employee Benefits and Executive Compensation practice group has put together a more detailed Memorandum which analyzes the executive compensation provisions of the Act and provides commentary where appropriate. In general, the Act would establish new rules for -- shareholder "say-on-pay" votes compensation committee independence (including compensation consultant independence) and disclosure expanded proxy disclosure (pay vs. performance) compensation clawbacks hedging disclosure enhanced compensation disclosure for financial institutions Each of these areas are addressed in the Memorandum. http://www.pattonboggs.com/news/Detail.aspx?news=1224 News http://www.pattonboggs.com/news/Detail.aspx?news=1224 Wed, 30 Jun 2010 00:00:00 GMT U.S. Senate (Senate) and U.S. House of Representatives (House) conferees initially reached agreement on a financial reform bill late last week, with the intent that the full Senate and House would vote on the legislation this week. However, opposition to a bank tax provision added to the bill at the last minute and the death of Senator Robert Byrd (D-WV) meant there were not sufficient votes in the Senate to bring the bill to a vote. The conferees met again on June 29, 2010 and removed the bank tax provision from the bill while providing for an early termination of the Troubled Assets Relief Program and an FDIC premium increase for larger banks to offset the revenue lost by the removal of the tax provision. Final action on the bill now may not occur until after the July 4th holiday. http://www.pattonboggs.com/news/Detail.aspx?news=1222 News http://www.pattonboggs.com/news/Detail.aspx?news=1222 Wed, 30 Jun 2010 00:00:00 GMT Washington, DC, June 30, 2010— A Patton Boggs legal team has secured an important immigration decision allowing an African professor to overcome a ban against people with AIDS seeking to permanently work and live lawfully in the United States. Immigration Judge John M. Bryant granted the professor permanent residence status on June 23rd, showing the immigration courts’ willingness to entertain renewed applications for adjustment of status where previously immigrants faced discrimination because they have AIDS or are HIV-positive. http://www.pattonboggs.com/news/Detail.aspx?news=1221 News http://www.pattonboggs.com/news/Detail.aspx?news=1221 Wed, 30 Jun 2010 00:00:00 GMT On June 28, the U.S. Supreme Court affirmed the Court of Appeals for the Federal Circuit’s decision that the underlying invention of In re Bilski was not patent eligible. The Supreme Court held that the machine-or-transformation test is only “a useful and important clue or investigative tool” for determining whether process claims are directed to statutory subject matter under Section 101 of the Patent Act, 35 U.S.C. §101 (Bilski v. Kappos, U.S., No. 08-964, 6/28/10). According to the Court, the machine-or-transformation test “is not the sole test for deciding whether an invention is a patent-eligible ‘process’ under §101.” Instead, “[t]he Court is unaware of any ordinary, contemporary, common meaning of ‘process’ that would require it to be tied to a machine or the transformation of an article.” http://www.pattonboggs.com/news/Detail.aspx?news=1218 News http://www.pattonboggs.com/news/Detail.aspx?news=1218 Tue, 29 Jun 2010 00:00:00 GMT An insurer for Hyundai Motor America was required by California law to defend the auto maker in a patent infringement suit under a clause in the contract between the two that applied to advertising liability, the U.S. Court of Appeals for the Ninth Circuit held April 5. Hyundai was sued for patent infringement for two of the advertising methods on its website that allow customers to build their own vehicle and customize parts on them. After the insurers refused to defend Hyundai, it defended itself. It lost the suit, and sued the insurers to recover its costs. The insurers claimed that the alleged patent infringement did not constitute “advertising injury” under the contract. The Ninth Circuit disagreed. http://www.pattonboggs.com/news/Detail.aspx?news=1220 News http://www.pattonboggs.com/news/Detail.aspx?news=1220 Tue, 29 Jun 2010 00:00:00 GMT “When a child dies, it is always out of season. When a child dies, dreams die and we are all diminished by the loss of human potential. Although dying is a part of life, a child’s death, in a very real sense is unnatural and has a devastating and enduring impact.” --From an Institute of Medicine report: When Children Die: Improving Palliative and End-of-Life Care for Children and Their Families   With those words, Susan Rogers told the Patton Boggs Women’s forum the story about “Michael,” a 3-month-old baby, who was dying from a rare neuromuscular degenerative disease. His parents wanted to bring him home from the hospital, but there was no system in place to help families with dying children in Washington, D.C. http://www.pattonboggs.com/news/Detail.aspx?news=1219 News http://www.pattonboggs.com/news/Detail.aspx?news=1219 Tue, 29 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1214 News http://www.pattonboggs.com/news/Detail.aspx?news=1214 Mon, 28 Jun 2010 00:00:00 GMT 1) Despite expressions of concern registered over the last few weeks, news sources are reporting that the financial reform bill, agreed to in the Congress on June 25, 2010, contains the Rockefeller / Byrd reporting provisions we alerted you to in a prior email. The provisions will require companies that file SEC reports and operate mines to report mine safety data in SEC filings, including the number of: S&S violations; 104(b) orders; unwarrantable failure actions; flagrant violations; imminent danger orders; dollars in proposed assessments; and mining-related fatalities. The legislation also reportedly requires filing companies to list mines that receive a pattern of violations notice, or have the potential for a pattern, and report actions pending before the Review Commission. http://www.pattonboggs.com/news/Detail.aspx?news=1213 News http://www.pattonboggs.com/news/Detail.aspx?news=1213 Mon, 28 Jun 2010 00:00:00 GMT Washington, DC, June 28, 2010— DC Mayor Adrian M. Fenty has tapped Catherine Buell, an associate at Patton Boggs LLP, as the new chair of the city’s Historic Preservation Review Board. http://www.pattonboggs.com/news/Detail.aspx?news=1212 News http://www.pattonboggs.com/news/Detail.aspx?news=1212 Mon, 28 Jun 2010 00:00:00 GMT In This Issue: Dodd-Frank Wall Street Reform and Consumer Protection Act HUD Issues Interpretive Rule on Home Warranty Company Compensation of Real Estate Professionals Fannie Mae and the House Address Strategic Defaults http://www.pattonboggs.com/news/Detail.aspx?news=1223 News http://www.pattonboggs.com/news/Detail.aspx?news=1223 Mon, 28 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1216 News http://www.pattonboggs.com/news/Detail.aspx?news=1216 Mon, 28 Jun 2010 00:00:00 GMT Last week, on June 24, 2010, the Supreme Court held that the antifraud provisions of the securities laws do not protect purchasers of securities who purchase their securities on foreign exchanges, even when some fraudulent conduct occurs in the United States. The Court did not decide how those laws may protect investors who buy American Depositary Receipts (“ADRs”) in the same company listed on U.S. exchanges. Morrison v. National Australia Bank Ltd., 561 U.S. ___ (2010). Morrison held that courts should dismiss such cases because Section 10(b) of the Securities Exchange Act of 1934 (“Section 10(b)”) and Rule 10b-5 do not have extraterritorial effect. Id. at 16. The Court held that Section 10(b) extends only to cases: (1) involving securities listed on U.S. exchanges, or (2) where the security’s purchase or sale occurred in the United States. Id. at 18. These limits hold true even where the underlying fraudulent or deceptive activity occurred in the United States. Id. at 19. http://www.pattonboggs.com/news/Detail.aspx?news=1215 News http://www.pattonboggs.com/news/Detail.aspx?news=1215 Mon, 28 Jun 2010 00:00:00 GMT Early this morning, the House/Senate conference committee completed its work on financial regulatory reform legislation, approving the reconciled legislation by a party line vote of 27 to 16.  This achievement came after conferees reached a compromise on the most contentious provisions in the legislation – the “Volcker Rule,” which limits banks from engaging in proprietary trading, Senate Agriculture Committee Chairwoman Blanche Lincoln’s (D-AR) proposal to spin off banks’ swaps desks, and new rules to regulate the over-the-counter derivatives market.   http://www.pattonboggs.com/news/Detail.aspx?news=1211 News http://www.pattonboggs.com/news/Detail.aspx?news=1211 Fri, 25 Jun 2010 00:00:00 GMT I try not to write about “purely legal” topics but a recent decision could have an effect on everybody— even though, at first blush, it may not seem like it. The story is about nothing more (or less) than a broken leg. http://www.pattonboggs.com/news/Detail.aspx?news=1207 News http://www.pattonboggs.com/news/Detail.aspx?news=1207 Wed, 23 Jun 2010 00:00:00 GMT DALLAS, June 23— A surge in legal actions tied to foreclosures and investor-related cases helped push the Mortgage Litigation Index to an all-time high during the first quarter. Criminal cases more than doubled and mortgage insurance is emerging as an area of growing litigation. http://www.pattonboggs.com/news/Detail.aspx?news=1205 News http://www.pattonboggs.com/news/Detail.aspx?news=1205 Wed, 23 Jun 2010 00:00:00 GMT In this issue: Banking Agencies Issue Guidance on Incentive Compensation News from the Hill: Financial Regulatory Reform: Conference Committee Update HUD Issues Mortgagee Letter Implementing Final Rule FR 5356-F-02 http://www.pattonboggs.com/news/Detail.aspx?news=1206 News http://www.pattonboggs.com/news/Detail.aspx?news=1206 Mon, 21 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1202 News http://www.pattonboggs.com/news/Detail.aspx?news=1202 Mon, 21 Jun 2010 00:00:00 GMT On Thursday, June 17, 2010, the House/Senate conference committee continued working towards completing financial regulatory reform legislation.  Progress was notably slower on Thursday, as more controversial issues began to be discussed.  http://www.pattonboggs.com/news/Detail.aspx?news=1204 News http://www.pattonboggs.com/news/Detail.aspx?news=1204 Fri, 18 Jun 2010 00:00:00 GMT Washington, D.C., June 18, 2010— A number of Patton Boggs LLP attorneys and practice areas have again received high rankings from Chambers USA in the publication’s 2010 edition. The prestigious publication ranks the nation’s top law firms and lawyers based on extensive original research and thorough interviews with clients and attorneys. http://www.pattonboggs.com/news/Detail.aspx?news=1200 News http://www.pattonboggs.com/news/Detail.aspx?news=1200 Fri, 18 Jun 2010 00:00:00 GMT On Wednesday, June 16, 2010, the House/Senate conference committee took up issues of oversight of the Federal Reserve, investor protection, executive compensation, and SEC funding. Conferees continued to work toward a July 4th stated goal, with a potential vote on the House floor as early as the end of next week. http://www.pattonboggs.com/news/Detail.aspx?news=1203 News http://www.pattonboggs.com/news/Detail.aspx?news=1203 Thu, 17 Jun 2010 00:00:00 GMT The Patton Boggs Foundation featured former World Bank President James Wolfensohn on June 8, 2010, as the guest speaker for its fifth “Issues of Our Time” lecture. http://www.pattonboggs.com/news/Detail.aspx?news=1197 News http://www.pattonboggs.com/news/Detail.aspx?news=1197 Thu, 17 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1198 News http://www.pattonboggs.com/news/Detail.aspx?news=1198 Thu, 17 Jun 2010 00:00:00 GMT On June 15 and 16, 2010, the Conference Committee on Financial Services Reform (Conference Committee) met to finalize the Private Fund Investment Advisers Registration Act of 2010 (PFIAR Act). A detailed discussion of the differences between the House and Senate versions of the PFIAR Act is found in our June 8, 2010 Alert, and a more detailed alert on the final provisions of the PFIAR Act will follow this preliminary alert. http://www.pattonboggs.com/news/Detail.aspx?news=1199 News http://www.pattonboggs.com/news/Detail.aspx?news=1199 Thu, 17 Jun 2010 00:00:00 GMT On Tuesday, June 15, 2010, the House/Senate conference committee took up issues of bank regulation, insurance regulation, credit rating agency regulation, hedge fund and private equity regulation, and overhaul of deposit insurance levels. http://www.pattonboggs.com/news/Detail.aspx?news=1196 News http://www.pattonboggs.com/news/Detail.aspx?news=1196 Wed, 16 Jun 2010 00:00:00 GMT On March 24, 2010, the U.S. Department of Labor (“DOL”) announced a change in its interpretation of the federal law governing employee compensation that will dramatically affect the compensation of mortgage loan officers, whether they are employed by mortgage companies, state chartered banks, federally chartered banks, bank subsidiaries, savings and loan associations, credit unions, insurance companies, or any other entity that makes or brokers mortgages. Mortgage loan officers generally have been treated by their employers as exempt from the overtime requirements of the federal Fair Labor Standards Act (“FLSA”). In a Wage and Hour Opinion Letter issued in 2006, the U.S. Department of Labor opined that mortgage loan officers satisfied the administrative exemption of the FLSA, and thus were not entitled to overtime pay (time and a half ) for hours worked in excess of 40 hours in a workweek. Now, in its first ever Administrator’s Interpretation (“AI”), the DOL has found that mortgage loan officers do not satisfy the administrative exemption because the typical mortgage loan officer’s primary duty is to make sales, which is production, as opposed to administrative, work of their employers. The 2006 Opinion Letter is now “withdrawn.” http://www.pattonboggs.com/news/Detail.aspx?news=1195 News http://www.pattonboggs.com/news/Detail.aspx?news=1195 Wed, 16 Jun 2010 00:00:00 GMT Those in the manufacturing, mining, real estate and financing businesses should check the authoritative ABA review of the Superfund and natural resource damage developments in 2009. Patton Boggs partner, Russ Randle, recently co-authored the American Bar Association’s Year in Review Article about Superfund and Natural Resource Damages, which appeared in May 2010. http://www.pattonboggs.com/news/Detail.aspx?news=1191 News http://www.pattonboggs.com/news/Detail.aspx?news=1191 Tue, 15 Jun 2010 00:00:00 GMT New York, NY, June 15, 2010—Patton Boggs LLP has tapped veteran tax attorney Richard E. Andersen to serve as managing partner of its New York office, citing his extensive experience in the nation’s leading business and financial market to spur further growth. http://www.pattonboggs.com/news/Detail.aspx?news=1192 News http://www.pattonboggs.com/news/Detail.aspx?news=1192 Tue, 15 Jun 2010 00:00:00 GMT When the U.S. Senate passed the financial services regulatory reform package on May 20, 2010, it did so without any apparent discussion of prepaid cards during several days of debate leading up to the final vote. Yet, the Restoring American Financial Stability Act of 2010, S. 3217, and closed loop prepaid products. Much more telling is the inclusion of stored value or prepaid cards in key definitions. They are included in such terms as “consumer financial products or services,” which a new governmental body will regulate, and “debit cards,” which the legislation will subject to limits on interchange fees. Likewise, the bill could impact the future evolution of the product: it affects statutes and regulations that helped foster the rapid development of the industry in recent years and will probably eliminate a regulator that oversees some of the key players in prepaid card programs. http://www.pattonboggs.com/news/Detail.aspx?news=1209 News http://www.pattonboggs.com/news/Detail.aspx?news=1209 Tue, 15 Jun 2010 00:00:00 GMT On June 8, 2010, the Minerals Management Service (MMS) of the U.S. Department of Interior issued a directive to lessees and operators of federal oil and gas leases on the Outer Continental Shelf requiring immediate implementation of certain new safety requirements, including two mandatory certifications of compliance to be signed by the operator’s Chief Executive Officer (“CEO”). The directive, specifically entitled Notice to Lessees and Operators of Federal Oil and Gas Leases, Outer Continental Shelf (OCS), NTL No. 2010-N05, “Increased Safety Measures for Energy Development on the OCS,” was issued in response to the April 20, 2010 Deepwater Horizon oil spill incident in the Gulf of Mexico. This so-called “Safety NTL” applies to shallow operations as well as deepwater operations, which is in sharp contrast to the MMS’s earlier NTL issued on May 30, 2010 establishing a six-month moratorium on deepwater (greater than 500 feet) drilling operations and related activity. http://www.pattonboggs.com/news/Detail.aspx?news=1188 News http://www.pattonboggs.com/news/Detail.aspx?news=1188 Mon, 14 Jun 2010 00:00:00 GMT In This Issue: House Passes FHA Reform Bill Appraisal Management Company Licensing Laws Proliferate Click here to download this update [PDF]. http://www.pattonboggs.com/news/Detail.aspx?news=1193 News http://www.pattonboggs.com/news/Detail.aspx?news=1193 Mon, 14 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1201 News http://www.pattonboggs.com/news/Detail.aspx?news=1201 Mon, 14 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1185 News http://www.pattonboggs.com/news/Detail.aspx?news=1185 Wed, 09 Jun 2010 00:00:00 GMT On May 20, 2010, the U.S. Senate passed the Restoring American Financial Stability Act of 2010 (Senate Bill), a measure that would provide for a historic overhaul of the financial services regulatory system. This follows the passage by the U.S. House of Representatives on December 11, 2009 of the Wall Street Reform and Consumer Protection Act of 2009 (House Bill), which is a similar comprehensive regulatory reform package. Each of the Senate Bill and the House Bill contain similar proposals on the regulation of private fund investment advisers. Title IV of the Senate Bill is entitled, the Private Fund Investment Advisers Registration Act of 2010 (a mark-up draft of which we discussed in our March 25, 2010 Alert, and Title V of the House Bill is similarly entitled, the Private Fund Investment Advisers Registration Act of 2009 (which we discussed in our December 2009 Alert). Both the Senate Bill and the House Bill will need to be reconciled in a joint House-Senate conference committee before Congress approves final legislation for the President to sign into law, although Congress will use the Senate Bill as a base for the legislation. House Financial Services Committee Chairman Barney Frank (D-MA) will chair the conference committee and has indicated that he expects the committee to have an organizing meeting on June 9 and to wrap up its work by the end of June so that the House and Senate can finalize a bill for the President’s signature before the July 4 recess. http://www.pattonboggs.com/news/Detail.aspx?news=1183 News http://www.pattonboggs.com/news/Detail.aspx?news=1183 Tue, 08 Jun 2010 00:00:00 GMT In a controversial opinion issued on October 16, 2009, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit held that private property owners could pursue state common law nuisance claims against major greenhouse gas (“GHG”) emitters for allegedly contributing to climate change that increased the intensity of Hurricane Katrina. See Comer v. Murphy Oil Co., No. 07-60756, October 16, 2009 (“Comer I”). The Fifth Circuit’s original decision was discussed in our November 6, 2009 Energy/Environmental Alert, “Impact of Recent Litigation on the Climate Change Debate.” http://www.pattonboggs.com/news/Detail.aspx?news=1177 News http://www.pattonboggs.com/news/Detail.aspx?news=1177 Mon, 07 Jun 2010 00:00:00 GMT It has been two weeks since the U.S. Senate passed its financial services regulatory reform legislation, the Restoring American Financial Stability Act of 2010 (Senate Bill). Since that time, Congress has begun preparing for the conference committee, which will be charged with reconciling the differences between the Senate Bill and the House-passed Wall Street Reform and Consumer Protection Act of 2009 (House Bill). http://www.pattonboggs.com/news/Detail.aspx?news=1180 News http://www.pattonboggs.com/news/Detail.aspx?news=1180 Mon, 07 Jun 2010 00:00:00 GMT In This Issue: News from the Hill: Financial Regulatory Reform: Conference Committee Update HUD to Revisit Required Use Issue FTC Settles Servicing Claims against Countrywide Entities State Regulatory Registry Annual Report Available Colorado Extends Filing Deadline for Mortgage Loan Originators and Requires Registration for Mortgage Companies  Click here to download this update [PDF]. http://www.pattonboggs.com/news/Detail.aspx?news=1187 News http://www.pattonboggs.com/news/Detail.aspx?news=1187 Mon, 07 Jun 2010 00:00:00 GMT http://www.pattonboggs.com/news/Detail.aspx?news=1179 News http://www.pattonboggs.com/news/Detail.aspx?news=1179 Mon, 07 Jun 2010 00:00:00 GMT