Regulatory and compliance issues are an inescapable part of owning or operating your own business. Regardless of the industry or size, chances are every detail of your business is subject to some applicable federal or state government regulation. It is critical, therefore, that you are aware of the regulations impacting your business and take the proper steps to achieve full regulatory compliance.
Regulatory compliance refers to a company’s adherence to the numerous laws, regulations, guidelines, and specifications relevant to a business or a particular industry. Businesses of virtually every industry face compliance issues, whether such issues impact healthcare, construction, mortgage and finance banking, technology companies, government contractors, and employment issues among others.
Some of the myriad of federal and state statutes, policies, and regulations include:
- Real Estate Settlement Procedures Act (RESPA), Truth in Lending Act (TLA), Fair Credit Reporting Act (FCRA), Fair and Accurate Credit Transactions Act (FACTA), Fair Housing Act, Equal Credit Opportunity Act (ECOA), Home Mortgage Disclosure Act (HMDA), and the Fair Labor Standards Act (FLSA), all of which heavily regulate the mortgage banking industry and provide laws, regulations, and policies that profoundly affect the mortgage companies’ business operations.
- Emergency Medical Treatment Act (EMTA), the Active Labor Act, and the vast law surrounding Medicare and Medicaid (which includes Stark Law and Anti-Kickback) greatly regulate healthcare providers, hospitals, physicians, clinics, PPOs, PHOs, IPAs, independent diagnostic testing facilities, non-physician practitioners, and diagnostic and therapeutic services.
- Fair Labor Standards Act (FLSA), Family Medical Leave Act (FMLA), Americans with Disabilities Act (ADA), Occupational Safety and Health Act (OSHA), Employee Retirement Income Securities Act (ERISA), and the Black Lung Benefits Act, which impact employee wages, hiring, benefits, leave and nondiscrimination policies, and workplace safety and health.
- Payment Card Industry Date Security Standard (PCI-DDS) which applies to all financial institutions, merchants, online retailers, and to everyone who provides services to these companies.
- Health Insurance Portability and Accessibility Act (HIPAA) and Health Information Technology for Economic and Clinical Health (HITECH) which both focus on the protection of individually identifiable health information. This affects not only health care providers but also any company that touches this type of information which includes health insurance companies and sometimes human resource departments.
- Sarbanes – Oxley (SOX) which makes a company responsible for any accounting or financial wrongdoings, even if the wrongdoing is on account of a third-party, such as a cloud storage provider.
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Both Virginia and federal administrative agencies have enormous power to enforce the law through regulations, investigation and enforcement. Companies are subject to regulation by a number of agencies and it takes great resources to ensure they are in full compliance. An outside regulatory compliance attorney who is well versed in the areas of business and administrative law can be a great resource to your company.
If your company is being faced with a regulatory compliance issue or if you desire to simply take proactive measures to ensure you are operating in compliance with applicable regulations, the business law attorneys at MartinWren, P.C. can help. Contact Gregory M. Johnson at MartinWren, P.C. at (434) 817-3100 for help navigating the applicable regulations and to take the necessary steps to protect your business.
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