John Ludwig

May 7, 2024 | jdsupra.com | Linda Ann Bartosch |Mauricio España |John Ludwig

May 7, 2024 Linda Ann Bartosch, Mauricio España, John Ludwig, Ralph Mazzeo, Andrew Pontano, Evan Reid, Edward Southgate Dechert LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Key Takeaways A long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing consumer financial...

May 7, 2024 | lexology.com | Linda Ann Bartosch |Mauricio España |Ralph R. Mazzeo |Andrew P. Pontano |John Ludwig

Key TakeawaysA long-awaited Third Circuit decision held that securitization trusts holding student loans are “covered persons” subject to the CFPB’s enforcement and investigative powers because they “engage” in offering or providing consumer financial products or services. The Third Circuit’s decision was rooted in the language of the trust agreement, which provided that the trusts’ purpose was to “engage in” certain activities relating to the ownership of the student loans.