Credit Acceptance Corp (CACC) Reports DOJ Civil Investigative Subpoena
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On December 9, 2014, Credit Acceptance Corp (NASDAQ: CACC) received a civil investigative subpoena from the U.S. Department of Justice pursuant to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 directing it to produce certain documents relating to subprime automotive finance and related securitization activities.
Earlier in December, the Company received a civil investigative demand from the Office of the Attorney General of the Commonwealth of Massachusetts relating to the origination and collection of non-prime auto loans in Massachusetts.
The Company intends to cooperate with these inquiries
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