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In June 2016, AmSurg Corp. and Envision Healthcare Holdings, Inc. (Envision) announced they have signed a definitive merger agreement pursuant to which the companies will combine in an all-stock transaction. Upon completion of the merger, which is expected to be tax-free to the shareholders of both organizations, the combined company will be named Envision Healthcare Corporation and co-headquartered in Nashville, Tennessee and Greenwood Village, Colorado. The company's common stock is expected to trade on the New York Stock Exchange under the ticker symbol: EVHC. Bass, Berry & Sims served as lead counsel on the transaction, led by Jim Jenkins. Read more.

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Inside the FCA blogInside the FCA blog features ongoing updates related to the False Claims Act (FCA), including insight on the latest legal decisions, regulatory developments and FCA settlements. The blog provides timely updates for corporate boards, directors, compliance managers, general counsel and other parties interested in the organizational impact and legal developments stemming from issues potentially giving rise to FCA liability.

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CFPB Director Richard Cordray Comments on Overdraft Checking

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February 5, 2016

On Wednesday, February 3, 2016, CFPB Director Richard Cordray sent a letter to the nation's largest banks urging them to provide customers more access to checking accounts without overdraft protection and to market those accounts aggressively. The CFPB also held a Field Hearing on Checking Accounts in Louisville which featured remarks by Director Cordray.

Cordray's comments concerning the CFPB's effort to encourage the availability and marketing of deposit accounts without overdraft privileges, and its criticism of overdraft programs, included:

  • Overdraft programs have become a significant source of industry revenues, and a significant reason many consumers incur negative balances.
  • Problems with overdrafts can cause people to give up on the banking system or force them out of it altogether.
  • The CFPB is encouraging banks and credit unions to offer deposit accounts that avoid overdraft fees, supports the same efforts of the FDIC, and applauds the Bank On organization's National Account Standards as an example of the kind of products that can be offered to consumers.
  • Banks are not marketing account products without overdraft protection as they do those with it, and some do not offer options designed to prevent overdrafts.
  • Banks and credit unions should be warned of their obligation to accurately report to consumer reporting companies the consumer's use of their checking accounts; the CFPB has found that some of the largest banks are not able to furnish accurate deposit account information, implicating millions of consumer accounts. Cordray announced the CFPB has issued a Compliance Bulletin that emphasizes the obligation to establish and implement reasonable policies and procedures to protect against the reporting of inaccurate deposit account information to consumer reporting agencies.

We will watch for further (and likely) developments by the CFPB to curb or regulate bank overdraft practices.


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