On March 19th, the United States Court of Appeals for the Third Circuit issued an opinion in CFPB v. National Collegiate Master Student Loan Trust et al. (the “Trusts”). The issue before the Third Circuit was whether certain Trusts are “covered persons” subject to the Consumer Financial Protection Act (“CFPA”) and whether the CFPB was required to ratify the underlying action.… Continue Reading
covered person
Delaware federal district court rules that because enforcement action filed by unconstitutionally structured CFPB was valid, it stopped running of statute of limitations
By Ballard CFS Group on
The Delaware federal district court, in CFPB v. National Collegiate Master Student Loan Trust et al., has rejected the Trusts’ argument that because the enforcement action was filed by an unconstitutionally structured CFPB, it was void when filed and could not stop the statute of limitations from running.
The CFPB first filed the enforcement action in 2017, alleging that the Trusts engaged in unlawful debt collection practices. … Continue Reading