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Primary Care Providers Win Challenge of CMS Interpretation of Enhanced Payment Law

With the help and support of the Tennessee Medical Association, 21 Tennessee physicians of underserved communities joined together and retained Bass, Berry & Sims to file suit against the Centers for Medicare & Medicaid Services to stop improper collection efforts. Our team, led by David King, was successful in halting efforts to recoup TennCare payments that were used legitimately to expand services in communities that needed them. Read more

Tennessee Medical Association & Bass, Berry & Sims

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Thought Leadership

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Healthcare Private Equity Compliance Checklist

The complex and ever-changing healthcare regulatory and enforcement environment, including increased focus on the role of private equity firms in their portfolio companies, make compliance a top priority for private equity firms investing in healthcare companies. The best way to limit your exposure as a private equity firm is to avoid a compliance misstep in the first place. Additionally, an effective and robust compliance program for your portfolio healthcare company makes it much more attractive to potential buyers and helps you avoid an unexpected and costly investigation or valuation hit down the road. Download the Healthcare Private Equity Compliance Checklist to assess whether your portfolio company's compliance program is up-to-date.

Click here to download the checklist.

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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