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Wage & Hour, Leave and Other New Laws for California Employers | Best Best & Krieger LLP


Part 2: New Labor & Employment Laws for Businesses and Public Agencies in 2021
While much of the legislation state lawmakers passed in 2020 was in response to the COVID-19 pandemic, California also adopted an array of labor and employment laws expanding new leave and pay reporting mandates and carving out further exemptions to Assembly Bill 5’s independent contractor classifications.
In Part 2 of our annual Labor & Employment Legal Alert series, Best Best & Krieger LLP looks at the most critical workplace-related legislation passed in 2020 to ensure California employers stay up to date, and in compliance, with state law. Unless otherwise noted, all laws went into effect Jan. 1. ....

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FDIC Finalizes Supervisory Regime For Industrial Banks And Their Controlling Shareholders | Morrison & Foerster LLP


On December 15, 2020, the Federal Deposit Insurance Corporation (“
Final Rule”) setting forth standards to apply to controlling shareholders of industrial banks that are not subject to consolidated supervision by the Board of Governors of the Federal Reserve System (“
Federal Reserve”). The Final Rule is substantially similar to the FDIC’s proposal announced March 17, 2020 (“
Proposed Rule”), and will take effect on April 1, 2021.  
The Final Rule is prospective in the sense that it will not apply to an industrial bank that before the effective date is a subsidiary of a company that is not subject to consolidated supervision by the Federal Reserve.
The Final Rule caps a spate of recent developments in the chartering and regulation of industrial banks and the supervision of their shareholders. On March 17, 2020, the same day it announced the Proposed Rule, the FDIC approved applications for deposit insurance submitted by Square, Inc. and Nelnet, ....

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Nasdaq Proposes Board Diversity Listing Rules - Finance and Banking


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On December 1, 2020, Nasdaq submitted to the SEC a rule filing to adopt listing rules related to
board diversity. The rule filing proposes a diverse board
representation rule and a board diversity disclosure rule.
Diverse Board Representation Rule. The proposed
diverse board representation rule would require each Nasdaq-listed
company, subject to certain exceptions
[1], to have, or
explain why it does not have, at least two diverse
directors, including (1) at least one director who self-identifies
as female, and (2) at least one director who
self-identifies as an Underrepresented Minority or ....

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