On Monday, February 27, 2023, the United States Supreme Court granted the petition for a writ of certiorari in the case Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., No. 22-448, agreeing to hear the appeal filed by the CFPB.
In its petition, the CFPB sought review of the opinion rendered by the United States Court of Appeals for the Fifth Circuit on October 19, 2022, in which the Fifth Circuit struck down Congress’s mechanism for funding the CFPB and, consequently, vacated the Payday Lending Rule promulgated by the CFPB in 2017 ...
On January 4, 2023, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (“NYAG”) (collectively, the “Plaintiffs”) filed a complaint in the Southern District of New York against Credit Acceptance Corporation, one of the largest subprime indirect auto financing companies in the country, for alleged misconduct in the origination and servicing of its auto retail installment contracts. While the Complaint asserts several untested legal theories, the unquestioned headliner is its allegation that Credit Acceptance incentivizes dealers to ...