AFSA has acknowledged the conclusion of the CFPB's lawsuit against Credit Acceptance Corporation. The organization maintained that the litigation was an attempt by the CFPB to change established laws and create new requirements contrary to current statutes and regulations. These views were included in an amicus brief drafted by Troutman Pepper Locke.
"The CFPB has overreached from its inception, taking unsupported legal positions, and retroactively changing rules applicable to providers of consumer financial services," the brief stated.
The legal theories presented by the Bureau reportedly conflicted with enacted statutes and exceeded the CFPB’s authority. Moreover, the action was said not to allege any actual fraud or harm to consumers.
AFSA President-elect Celia Winslow commented, “Continued pursuit of this action would have limited the availability of auto financing and deprived those most in need of financing from being able to acquire the cars they need to get to school and work.”