Tag Archives: Loretta E. Lynch

CFPB Issues Policy Statement Taking Expansive View of “Abusive” Practices

by Susanna M. Buergel, Roberto J. Gonzalez, Brad S. Karp, Loretta E. Lynch, Elizabeth M. Sacksteder, Kannon K. Shanmugam, Alexander Beer, and O’Ryan H. Moore

Author photographs

Top row from left to right: Susanna M. Buergel, Roberto J. Gonzalez, Brad S. Karp, and Loretta E. Lynch. Bottom row from left to right: Elizabeth M. Sacksteder, Kannon K. Shanmugam, Alexander Beer, and O’Ryan H. Moore (Photos courtesy of Paul, Weiss, Rifkind, Wharton & Garrison LLP)

On April 3, 2023, the Consumer Financial Protection Bureau (“CFPB”) released a policy statement (the “Policy Statement”) outlining its broad interpretation of the “abusive” component of the prohibition on unfair, deceptive, or abusive acts and practices (“UDAAP”).[1] The Policy Statement replaces a prior statement that adopted a restrained posture towards enforcing the prohibition on abusive acts and practices, which the CFPB rescinded in March 2021.[2]

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DOJ Announces First False Claims Act Settlement with Borrower and Its CEO for PPP Fraud

by Jessica S. Carey, Michael E. Gertzman, Roberto J. Gonzalez, Loretta E. Lynch, Carl L. Reisner, Jeannie S. Rhee, Richard C. Tarlowe, Jacob A. Braly, and Dana L. Kennedy

On January 12, 2021, the U.S. Attorney’s Office for the Eastern District of California announced the first civil settlement with a borrower for allegedly committing fraud in obtaining a Paycheck Protection Program (PPP) loan, in violation of the False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).[1] DOJ alleged that the borrower, SlideBelts Inc., and its president and CEO falsely stated in their PPP applications that the company was not “presently involved in any bankruptcy,” which was a condition of PPP eligibility.[2] The settlement was for $100,000, and the company also previously repaid the $350,000 PPP loan. Continue reading →

ESG Disclosures: Task Force on Climate-Related Financial Disclosures

by Mark S. Bergman, Ariel J. Deckelbaum, Jeh Charles Johnson, Brad S. Karp, Loretta E. Lynch, Richard A. Rosen, Audra J. Soloway, Frances F. Mi, and David G. Curran

The disclosure recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”), which consider the physical, liability and transition risks associated with climate change, are intended to facilitate the development of voluntary and consistent climate-related financial disclosures by companies for investors, lenders, insurers and other stakeholders. Since their publication in 2017, the TCFD recommendations have emerged as a leading international framework for climate-related disclosures, although uptake on these standards has been slower in the United States than elsewhere. The number of companies that reference the TCFD recommendations in their disclosures is steadily increasing, and industry leaders continue to call on companies to adopt these recommendations.

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ESG Disclosures: The Push for Consistent and Comparable Standards – Europe

by Mark S. Bergman, Ariel J. Deckelbaum, Jeh Charles Johnson, Brad S. Karp, Loretta E. Lynch, Richard A. Rosen, and Audra J. Soloway

Key Takeaways

  • The European Union has taken a leading role in advancing ESG disclosure requirements across the full spectrum of sustainability topics. Some of the initiatives are focused largely on climate issues, while others address the broader sustainability landscape.
  • In the absence of international consensus on ESG disclosure requirements, EU regulations and guidance could begin to shape disclosure in other jurisdictions.

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