Credit Acceptance Corporation announced on April 24, 2025, that the Consumer Financial Protection Bureau (CFPB) filed an unopposed motion to withdraw from the lawsuit it initiated jointly with the Office of the New York State Attorney General (NYAG) on January 4, 2023. This development significantly alters the scope of the legal challenge against the company.
If the CFPB's motion is granted, the New York State Attorney General would become the sole remaining plaintiff in the case. This would limit the lawsuit's reach to New York consumers only, rather than a broader national scope. Credit Acceptance believes the lawsuit sought to create new law through litigation and asserted legal theories conflicting with established statutes.
The company's Chief Legal Officer, Erin Kerber, stated that Credit Acceptance is pleased with the CFPB's decision, believing the case should not have been brought. This withdrawal is a positive development for Credit Acceptance, reducing potential legal and financial exposure. The company remains committed to operating with integrity and in compliance with all applicable laws.
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