Insights Archive

Reasonable Expansion? New York Passes Additional Whistleblower Retaliation Law

On October 28, 2021, New York Governor Kathy Hochul signed into law Senate Bill S4394A, which amends section 740 of the New York Labor Law (NYLL) to enhance protections for private-sector employees who allege retaliation for reporting violations of and “law, rule or regulation.” While cases alleging whistleblowing and the reporting of unsafe working conditions have been on the rise since March 2020, Governor Hochul indicated a need to ensure employees’ ability to speak out, stating that “protecting workers must be part of our overall economic recovery efforts.”

Kelly M. Cardin New York
Stamford Author

Jessica R. Schild New York Author

Nasdaq Amends Proposed Rule on Board Diversity to Provide Compliance Flexibility

On December 1, 2020, Nasdaq filed a proposed rule with the U.S. Securities and Exchange Commission (SEC) that would require certain Nasdaq-listed companies to have at least two diverse directors (according to self-reported gender, race, and sexual orientation) or explain why the company has not been able to meet the proposed minimum diversity standards, and disclose certain board diversity-related statistics.

Joseph B. Cartafalsa New York Author

Josh C. Harrison Birmingham Author

Nasdaq Proposed Rule Would Require Board Diversity and Transparency

On December 1, 2020, the Nasdaq Stock Market LLC filed a proposal with the U.S. Securities and Exchange Commission (SEC) to establish a new rule that would require diversity on corporate boards of directors and transparency regarding the composition of boards.

Joseph B. Cartafalsa New York Author

Josh C. Harrison Birmingham Author

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 offense,” without first obtaining written consent from the FDIC. The SOP provides guidance relating to Section 19 and the FDIC’s application of the statute.

John Gerak Cleveland Author

Joseph B. Cartafalsa New York Author

New York State Asks Financial Institutions to Provide Assurances on COVID-19 Preparedness

On March 10, 2020, the New York State Department of Financial Services (NYSDFS), which regulates a variety of financial service entities such as banks, credit unions, check cashers, insurance companies, mortgage brokers, investment advisors, and cryptocurrency businesses, issued guidance in a series of “industry letters” and “circular letters” requesting “assurance” of operational preparedness relating to COVID-19. Such operation preparedness plans include a plan to maintain an adequate workforce, including remote work and other strategies to safeguard the workforce.

Joseph B. Cartafalsa New York Author

New York Enacts ‘Women on Corporate Boards Study’

On December 30, 2019, New York governor Andrew M. Cuomo signed legislation requiring the New York State Department of State, partnered with the Department of Taxation and Finance, to conduct a study of the proportion of female members on the boards of domestic and foreign corporations licensed to do business in New York.

Joseph B. Cartafalsa New York Author

Jessica R. Schild New York Author

FAA Preempts New York’s Prohibition on Arbitration of Sexual Harassment Suits

In response to the #MeToo movement, a number of states have adopted legislation addressing sexual harassment claims. These include Maryland, New Jersey, New York, and Washington. Some of these state statutes attempt to ban or restrict arbitration for sexual harassment claims.

Joseph B. Cartafalsa New York Author

Christopher C. Murray Indianapolis Author

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