Insights

January

• 1/23/2013
  Client Alert: The New Ohio Financial Institutions Tax
  On December 20, 2012 Governor John Kasich signed into law Amended Substitute House Bill 510 to change the way Ohio taxes financial institutions. Beginning January 1, 2014, Ohio imposes a new business privilege tax on financial institutions doing business in Ohio.
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• Winter 2013
  • Alycia N. Broz
  Flash Cookies Litigation: The Next Wave or a “Flash” in the Pan?
  Alycia Broz and Robert Krummen, partners in the litigation group of the Vorys Columbus office, authored an article entitled “Flash Cookies Litigation: The Next Wave or a “Flash” in the Pan?”for the Winter 2013 edition of What’s in Store, a publication of the American Bar Association’s Section of Antitrust Law’s Consumer Protection Committee, Privacy and Information Security Committee, and Private Advertising Litigation Committee.
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• 1/22/2013
  Client Alert: Trial Victory for PNC Bank Provides Important Guidance for Ohio Trustees
  A recent trial victory on behalf of a major banking client clarifies three key points of law in Ohio fiduciary litigation. In June 2012, a Vorys trial team led by Daniel J. Buckley and Lisa Babish Forbes defended a trustee in a five-day bench trial against numerous breach of fiduciary duty claims brought by successor trustees and beneficiaries.
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• 1/22/2013
  Vorys Launches Oil and Gas Newsletter
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• 1/21/2013
  Client Alert: CFPB's Qualified Mortgage Rules
  On January 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued a number of mortgage-related rules, including its long-awaited qualified mortgage (QM) rules in an 804-page set of complex guidelines for residential real estate lending mandated by the Dodd-Frank Act. The rules take effect in January 2014.
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• 1/18/2013
  Health Care Alert: ICF/IID Providers Given Short Timeframe in Which to Appeal DODD’s State-Wide Assessments
  On January 15, 2013, the Ohio Department of Developmental Disabilities (DODD) issued guidance to intermediate care facilities for individuals with intellectual disabilities (ICF/IID) regarding the state-wide assessments that will be completed by DODD during the first quarter of calendar year 2013.
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• 1/18/2013
  Labor and Employment Alert: Correcting Retirement Plan Defects and Other Employee Benefits News
  In Revenue Procedure 2013-12, the IRS recently updated the Employee Plans Compliance Resolution System (EPCRS). The EPCRS program permits a retirement plan sponsor to correct operational, coverage and plan documentation errors in certain prescribed ways so as to preserve the tax-qualified status of the retirement plan.
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• 1/18/2013
  Health Care Alert: HHS Previews Long-Awaited Final Omnibus HIPAA Rule
  On January 17, 2013, HHS announced the release of the long-awaited final omnibus HIPAA rule. According to HHS Office for Civil Rights Director Leon Rodriguez, "This final omnibus rule marks the most sweeping changes to the HIPAA Privacy and Security Rules since they were first implemented. ..."
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• 1/18/2013
  Client Alert: Navigating the Transition from a First-to-Invent to a First-to-File Patent System: Implementation March 16, 2013
  On March 16, 2013, the First-to-File provisions of the American Invents Act (AIA) take effect, thus moving the United States from a First-to-Invent patent system to a First-to-File patent system. The United States Patent and Trademark Office (USPTO) rules and examination guidelines for the First-to-File provisions will apply to all patent applications having an effective filing date on or after March 16, 2013.
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• 1/18/2013
  Client Alert: The Federal Agency Mortgage Settlements
  Bankers will recall that certain mortgage servicing organizations, many affiliated with large banking organizations, agreed to a comprehensive settlement process with regard to a variety of claims relating to residential mortgages generated in the 2009-2010 timeframe as part of enforcement actions commenced in 2011.
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• 1/15/2013
  Ohio Statehouse Update: Top Ten Tax Topics to Watch for in 2013
  With the recent commencement of the 130th Ohio General Assembly, 2013 is already shaping up to be a pivotal year for Ohio tax issues. With that in mind, the Vorys state and local tax team and the Vorys governmental relations team present the Top Ten Tax Topics to Watch for in 2013.
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• 1/14/2013
  • Jeffery E. Smith
  Current Issues in Loan Participation
  Jeffery E. Smith, a partner in the Columbus office, published this article in The Bankers' Statement, and it details why institutions should review their policies and procedures for buying and selling loan participation interests.
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• 1/14/2013
  • Jeffery E. Smith
  Basel III
  Jeffery E. Smith, a partner in the Columbus office, published this article in The Bankers' Statement, which details Basel III.
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• 1/14/2013
  Online Banking Security Procedures for Commercial Customers
  This article on online banking security procedures for commercial customers appeared in the Winter 2013 issue of The Bankers' Statement.
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• 1/9/2013
  Labor and Employment Alert: Employers Must Now Update the Fair Credit Reporting Act Notices Used in Their Background Check Programs
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• 1/8/2013
  Labor and Employment Alert: Roadmap to Health Care Reform Pay-or-Play Penalties
  IRS proposed regulations (published December 28, 2012) are a roadmap to the employer pay-or-play penalties going into effect in 2014 under the Patient Protection and Affordable Care Act (the ACA). Employers may rely on the proposed regulations until further guidance or final regulations are published.
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• 1/8/2013
  • Carey C. Jordan
  • Iona N. Kaiser
  Texas Could Lead the Nanotech Revolution
  Carey Jordan and Iona Kaiser, partners in the Houston office and members of the intellectual property group, co-authored an article for Law360 titled "Texas Could Lead the Nanotech Revolution."
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• 1/4/2013
  Client Alert: BSA/AML Enforcement; Bankers Beware
  The banking world has been rocked in recent weeks by news of very significant settlements between banks and federal regulators for alleged violations of laws and regulations pertaining to bank secrecy and money laundering. The level of these settlements should serve to remind bankers that the regulatory agencies take compliance with those laws and regulations very seriously.
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• 1/2/2013
  Client Alert: Professional Liability and the FDIC; The IndyMac Decision
  As all bankers know, the FDIC as receiver has "ramped up" it’s efforts to bring actions against directors, officers and "institution-affiliated parties" (IAPs) of failed institutions during the current banking challenges. The FDIC may elect to bring suit against former IAPs and others based upon simple negligence or gross negligence, and actions for both are often included in the complaint.
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• 1/2/2013
  Client Alert: New Ohio Incumbent Workforce Training Voucher Program
  On December 28, 2012, Governor Kasich announced the establishment of the new Ohio Incumbent Workforce Training Voucher Program (the Program), which is designed to offset a portion of a company’s costs to upgrade the skills of its incumbent workforce, and will provide reimbursement to eligible companies for specific training costs.
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