District Court Denies CFPB’s Untimely Attempt to Ratify — Punts on “Covered Persons”
By EsqSocial Corporation 21/04/21
In Consumer Fin. Prot. Bureau v. Nat’l Collegiate Master Student Loan Trust, the District of Delaware dismissed a lawsuit brought by the Consumer Financial Protection Bureau (CFPB), alleging that a group of trusts that hold more than 800,000 private student loans engaged in unfair and deceptive practices. The District Court held that the CFPB’s attempt to ratify its prosecution was untimely and, therefore, constitutionally flawed in light of the Supreme Court’s decision in Seila Law LLC v....
By: Troutman Pepper