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category second-circuit-consumer-finance-litigation

Credit Acceptance and National Trade Associations Challenge the CFPB and NY AG’s Attempt to Disregard TILA and Regulate the Indirect Auto Finance Industry Through Litigation

Troutman Sanders

APRIL 5, 2023

On January 4, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against Credit Acceptance Corporation (Credit Acceptance), a major subprime indirect auto finance company.

Trade

Trade Consumer Credit Financial services Government

Supreme Court Decision: TransUnion v. Ramirez

Troutman Sanders

JUNE 25, 2021

The named plaintiff, Sergio Ramirez, alleged TransUnion transmitted his consumer report with the OFAC alert attached to a car dealership when Ramirez attempted to finance a car purchase. On appeal, the Ninth Circuit affirmed certification and the statutory damages award, but reduced the punitive damages award to $32 million.

Legal Rights

Credit Acceptance and National Trade Associations Challenge the CFPB and NY AG’s Attempt to Disregard TILA and Regulate the Indirect Auto Finance Industry Through Litigation

Supreme Court Decision: TransUnion v. Ramirez

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