On May 22, 2025, the Supreme Court published its opinion in Kousisis v. United States, No. 23-909, 605 U.S. __ (2025), holding that one who induces a victim to enter into a transaction under materially false pretenses may be convicted of federal fraud even without the intent to cause the victim economic loss. In
Corporate & Commercial
FDA to Expand Unannounced Inspections of Foreign Facilities — Manufacturers, Research Firms Should Prepare
On May 6, 2025, the U.S. Food and Drug Administration (FDA) announced a plan to expand its use of unannounced inspections of foreign manufacturing facilities that produce foods, essential medicines and other medical products intended for American consumers and patients. The FDA stated that this new inspection strategy will ensure that foreign manufacturers receive the…
DOJ Announces Initiative to Use False Claims Act to Investigate DEI Practices
On May 19, 2025, the U.S. Department of Justice’s (DOJ) Deputy Attorney General announced its new Civil Rights Fraud Initiative, which aims to use the False Claims Act (FCA) to investigate and pursue claims against entities that tolerate antisemitism, allow men to enter women’s spaces or compete in female athletic competitions, or engage in…
States May Not Obtain Civil Money Penalties Under the Consumer Financial Protection Act
There has been much speculation that States will fill the void created by the Trump Administration’s drastic scaling back of the Consumer Financial Protection Bureau. Congress authorized both state attorneys general and state regulators (like New York’s Department of Financial Services and California’s Department of Financial Protection and Innovation) to enforce the Consumer Financial Protection…
Executive Order Initiates Commercial Focus in Federal Procurement Reform
On April 16, 2025, the Trump Administration issued an Executive Order titled “Ensuring Commercial, Cost-Effective Solutions in Federal Contracts,” which establishes the Administration’s policy of procuring “commercially available products and services, including those that can be modified to fill agencies’ needs, to the maximum extent practicable.” This includes procurements made pursuant to the Federal Acquisition…
DOJ Signals Shift in White Collar Enforcement: New Policies Stress Proportionality, Partnership, and Clarity
In a major policy address delivered yesterday at the Security Industry and Financial Markets Association’s (SIFMA) Anti-Money Laundering and Financial Crimes Conference in Washington, D.C., Matthew Galeotti, Head of the U.S. Department of Justice’s (DOJ) Criminal Division, announced a significant shift in how DOJ approaches white collar enforcement. The changes reflect a broader recalibration toward…
Banks May Provide Cryptocurrency Transaction and Custody Services, but OCC Has Yet to Provide Clear Compliance Requirements
On May 7, 2025, the Office of the Comptroller of the Currency (“OCC”) issued a follow up to its July 2020 Interpretative Letter 1170, which allowed national banks to provide cryptocurrency custody services to their customers.[1] The May 7 letter (Interpretive Letter 1184)[2] further clarified that banks can buy and sell cryptocurrency at…
DOJ Targets Neurofeedback Billing in $15 Million Behavioral Health Fraud Case
On March 6, 2025, federal prosecutors charged a Minnesota couple with orchestrating a $15 million healthcare fraud scheme involving overbilling and submission of false claims for neurofeedback and other behavioral health services performed by a network of behavioral health clinics. This newly unsealed federal indictment underscores the Department of Justice’s increasing focus on fraud involving…
Another Fintech Company Acquires a National Bank Charter through Merger
On March 17, 2025, the Office of the Comptroller of the Currency (OCC) announced that it conditionally approved a fintech business model for CenTrust Bank, N.A.’s (“CenTrust”), an Illinois based community bank chartered by the OCC.[1] CenTrust was acquired by SmartBiz Loans, which is a fintech company that provides an online platform to connect…
Restoring Common Sense to Federal Procurement – The White House
On April 15, 2025, the Trump Administration issued an Executive Order titled “Restoring Common Sense to Federal Procurement” that seeks to reform the Federal Acquisition Regulation (“FAR”) and agency-specific supplements to contain only those “provisions required by statute or essential to sound procurement.” Along with a supplemental fact sheet, the Executive Order states that…