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ARTICLE · 09 NOVEMBER 2018

Cadwalader Attorneys Analyze Recent Developments In CFPB Student Loan Litigation

Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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Cadwalader attorneys described the implications to the structured finance industry of an enforcement action brought by the Consumer Financial Protection Bureau against the National Collegiate Student Loan Trusts.

United StatesConsumer Protection
Ellen V. Holloman
Ellen V. Holloman
Cheryl Barnes
Cheryl Barnes
Scott Cammarn
Scott Cammarn
Jason Halper
Jason Halper
Neil Weidner
Neil Weidner
Monica Martin
Monica Martin
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Cadwalader attorneys described the implications to the structured finance industry of an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB") against the National Collegiate Student Loan Trusts. In September 2017, the CFPB alleged that National Collegiate Student Loan Trusts violated consumer financial protection laws in connection with student loan debt collection practices.

As described more fully in the Cadwalader Memorandum, the CFPB's Proposed Consent Judgment contains terms that would effectively alter contracts affecting the underlying securitization trusts at issue. The attorneys state that by purporting to alter and thereby effectively rewrite these agreements, the CFPB's Proposed Consent Judgment upended well-established and long-standing market expectations. They concluded that the result threatens to undermine investor confidence, destabilize the student loan securitization market and, paradoxically, restrict student access to

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