This Monday, July 20, SFA formally filed its amicus curiae brief in the Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trust, et al. case with the U.S. District Court for the District of Delaware. The brief filed this week is the same brief that SFA has previously submitted to the Court on November 21, 2017 and is pursuant to Judge Sleet’s July 17, 2018 order granting SFA leave to file an amicus curiae brief. Currently, the parties involved in the case are in the process of briefing the defendant’s motion to dismiss with the plaintiff’s opposition briefs due on August 7 and defendants’ reply briefs due on August 28. Our brief discusses several key issues including whether or not the CFPB can commence litigation and reach settlement with the defendants, and how the case could impact the broader securitization market if the court finds that the Trusts should be treated as covered persons.
Please contact the SFA Team, if you have any questions.