Credit Acceptance Corp., a major name in subprime auto finance, is facing a legal challenge over its lending practices. Some lawyers and analysts say the company's battle with the Consumer Financial Protection Bureau has broader implications for the rest of the industry.
Debt default would make Lehman bankruptcy 'look like a walk in the park' americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
A proposal by the Consumer Financial Protection Bureau to rein in credit card late fees could result in changes to a 'safe harbor' that would favor consumers rather than financial institutions.
Federal agencies' complaints against FTX's leaders have led to scrutiny of the banks it worked with. While it's unlikely the bankers will be held accountable for the cryptocurrency exchange's wrongdoing, the case could make it more difficult any bank that wants to work with crypto-related businesses.