On May 3, the Third Circuit Court of Appeals granted an appeal in Consumer Financial Protection Bureau (CFPB) v. The National Collegiate Master Student Loan Trusts filed by the Trust and two intervenors – Ambac, an insurer on certain Trust securities, and Transworld Systems, Inc., a servicer to the Trust who successfully intervened in the case – to review two legal findings regarding whether the Trusts are “covered persons” for the purposes of this action, and whether the CFPB failed to ratify the enforcement action before reaching the three-year statute of limitations