NCSLT Resource Hub
Overview
SFA’s CFPB v. NCSLT Resources Hub houses previous SFA advocacy, helpful links and resources relating to the September 2017 lawsuit from the Consumer Financial Protection Bureau (CFPB) against the National Collegiate Student Loan Trusts (NCSLT). As background, the 2017 case alleged the NCSLTs violated the Consumer Financial Protection Act (CFPA) and are therefore scoped into the CFPB’s enforcement authority. SFA had advocated that securitization trusts and fixed income investors do not fit within the definition of a ‘covered person’ under the CFPA as they are passive financing vehicles that do not partake in the servicing of or debt collection of loans. In April 2025, the CFPB and NCSLTs agreed to voluntarily dismiss the case of CFPB v. NCSLT with prejudice.
If you would like to join SFA’s CFPB v. NCSLT Task Force, to stay apprised of updates, please fill out this join form.
2025 Resources
CFPB v. NCSLT Case Dismissed with Prejudice
Read More2024 Resources
SFA Submits Amicus Brief to the Supreme Court on NCSLT v. CFPB Case
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CFPB v. National Collegiate Student Loan Trusts – Litigation has the Potential to Destabilize the Securitization Market
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Third Circuit Holds in NCLST Case that Student Loan Trusts are Covered Persons under the Consumer Financial Protection Act
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3rd Circuit Opinion that Trusts are Covered Persons
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CFPB Complaint
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Proposed Stipulated Final Judgment and Order as to Pennsylvania Higher Education Assistance Agency
Read More2022 Resources
News
CFPB V. NCSLT Oral Arguments Scheduled for May
The U.S. Court of Appeals for the Third Circuit has scheduled oral arguments in the case of the CFPB v. NCSLT for May 17, 2023,…
CFPB v. NCSLT: Third Circuit Decides to Hear Appeal
CFPB v. NCSLT: Third Circuit Decides to Hear Appeal On May 3, the Third Circuit Court of Appeals granted an appeal in Consumer Financial Protection…
NCSLT Ruling Could Increase Trusts’ Vulnerability to Financial Risks and Legal Suits, Moody’s Reports
A new report from Moody’s Investor Service discusses the drastic effects of the Consumer Financial Protection Bureau v. National Collegiate Master Student Loan Trust lawsuit…
District Court Grants Motion for Appeal in CFPB Enforcement Action against NCSLT
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….
