On February 11, the U.S. District Court for the District of Delaware certified the Defendant’s motion for interlocutory appeal in Consumer Financial Protection Bureau (CFPB) v. The National Collegiate Master Student Loan Trusts (NCSLT). The court certified both issues raised on appeal and stayed the case pending the decision of the Third Circuit Court of Appeals on these two questions (1) whether, under the Consumer Financial Protection Act (CFPA), the Trusts are “covered persons” subject to the CFPB enforcement authority; and (2) whether, after Collins v. Yellen, the CFPB was required to ratify the enforcement action before the three-year statute of limitations ran out. SFA will continue to monitor the court case and continue its commitment to inform the court on the negative impact that a finding that Trusts are “covered persons” would have on the securitization market. If you are interested in staying up to date on the issue, and you haven’t already, please fill out this short interest form.