A student loan investment trust that contracted out debt collection to a third party is exempt from federal oversight, the trust’s attorney said in a case that could determine the Consumer Financial Protection Bureau’s ability to enforce debt securitization companies’ compliance.
A district court erred when it found the National Collegiate Master Student Loan Trust fell under the category of “covered persons” subject to CFPB enforcement, the trust’s attorney, Jonathan Ellis of McGuireWoods, told a three-judge panel of the US Court of Appeals for the Third Circuit Wednesday.
The CFPB sued the trust in 2017, alleging it made deals with ...
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