Tag Archives: Susanna M. Buergel

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that adopted a restrained posture towards enforcing the prohibition on abusive acts and practices, which the CFPB rescinded in March 2021.[2]

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SEC Charges Company with COVID-19-Related Securities Fraud, Reaffirming Its Focus on Public Statements and Disclosures Relating to COVID-19

by Susanna M. Buergel, Andrew J. Ehrlich, Brad S. Karp, Audra J. Soloway, and Daniel S. Sinnreich

The SEC has, in recent weeks, made highly publicized pronouncements about pursuing enforcement actions arising out of the COVID-19 pandemic. Last week, with remarkable speed, the SEC filed what appears to be its first enforcement action arising out of the COVID-19 pandemic. The complaint alleges that a Florida-based company (Praxsyn Corp.) and its CEO misled investors by falsely stating in various press releases that the company was able to acquire and supply large quantities of N95 or similar masks, when in fact the company never had any masks in its possession, had received no mask orders, and did not have a single contract with any manufacturer or supplier to obtain masks. [1] In its press release, the SEC stated that it “will move swiftly against those who seek to profit off this national emergency by cheating or misleading investors.” [2] Continue reading →

Preparing for an Uptick in Congressional Investigations of Corporations

by Susanna M. Buergel, H. Christopher Boehning, Jessica S. Carey, Michael E. Gertzman, Roberto J. Gonzalez, Udi Grofman, Jeh Charles Johnson, Jonathan S. Kanter, Brad S. Karp, Mark F. Mendelsohn, and Alex Young K. Oh

Beginning next month, Democrats will control the House of Representatives for the first time since 2010.  Given the pent-up demand for House Democrats to make robust use of their oversight and investigative authorities, the current relative lull in congressional investigations of corporations is expected to end.  Corporations across sectors should anticipate an uptick in investigative activity. 

In addition to holding the majority for the first time in nearly a decade, this will be the first time that Democrats control the House since a 2015 rule change that empowered a number of committee chairs to subpoena witnesses or documents unilaterally.  The chairs of the following committees, among others, have this authority: Energy and Commerce; Financial Services; Intelligence; Judiciary; Natural Resources; and  Oversight and Government Reform.[1] Continue reading →