News

Read the latest articles and press releases about securitization and structured finance.

SFA News

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 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

Industry News

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 on the securitization industry.

Industry News

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. 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.

Industry News

Court Issues Rulings in Valid-When-Made OCC and FDIC Litigation

On February 8, judicial rulings came out on two separate cases in the Northern District of California involving rulemakings issued in 2020 by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). The plaintiffs – California, Illinois, and New York – alleged the FDIC and OCC rulemakings violated the Administrative Procedure Act.

Industry News

Federal Reserve Preparing to Scale Back Bond Buying Program This Year, July Meeting Minutes Show

Minutes released from the Federal Reserve’s July 27-28 meeting indicate officials are nearing agreement to begin scaling back the central bank’s bond buying program before the end of this year. The Fed announced back in December 2020 that it planned to keep buying at least $120 billion in treasury and mortgage-backed securities each month to help stimulate the economy.

Industry News

Federal Reserve Warns Judge to Not End LIBOR Too Quickly

The Federal Reserve told a federal judge to not terminate LIBOR as requested by plaintiffs in a lawsuit, reinforcing that the ruling would pose a risk to financial stability and undermine years of global planning for a transition to alternative benchmark rates. In the federal lawsuit filed in San Francisco, plaintiffs assert the LIBOR benchmark is the work of a “price-fixing cartel.”

Industry News

White House Extension of Eviction Moratorium Faces Immediate Legal Challenge

On August 3, the Biden Administration announced a new 60-day moratorium on home evictions. The order, issued by the Centers for Disease Control and Prevention (CDC), applies to areas with high COVID-19 cases, covers about 90% of the nation's population, and expires on October 3.

SFA News

SFA Blog: Collins v Yellen – Unintended Consequences All Around

In this latest blog, Katten’s managing partner of their New York office, Chris DiAngelo, examines the potential unintended impacts of the U.S. Supreme Court’s June 23, 2021 ruling in Collins v. Yellen where the structure of the Federal Housing Finance Agency (FHFA) was found to be unconstitutional.

Industry News

Supreme Court Rules FHFA Director Can Be Removed at Will

On June 23, the U.S. Supreme Court announced a decision in Collins v. Yellen that found the structure of the Federal Housing Finance Agency (FHFA) to be unconstitutional.

Industry News

CFPB Pushes to Keep NCSLT Student Loan Case Alive in Delaware

Law360 writes that the Consumer Financial Protection Bureau filed a revised complaint, arguing against a second (and final) dismissal by the federal judge overseeing the case. The original dismissal was based on the unconstitutionality of the structure of the CFPB at the time the enforcement action was brought.

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