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ARTICLE · 02 APRIL 2024

Key Takeaways From The Third Circuit's Decision On CFPB Enforcement Authority

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On March 19, 2024, the United States Court of Appeals for the Third Circuit delivered a precedential opinion with far-reaching implications in the case of the Consumer Financial Protection Bureau (CFPB) v. National Collegiate Master Student Loan Trust, et al.

United StatesFinance and Banking
Benjamin Saul
Benjamin Saul
Tarrian Ellis
Tarrian Ellis

On March 19, 2024, the United States Court of Appeals for the Third Circuit delivered a precedential opinion with far-reaching implications in the case of theConsumer Financial Protection Bureau (CFPB) v. National Collegiate Master Student Loan Trust, et al. The decision, if upheld, would expand the CFPB's so-called "covered persons" enforcement authority under the Consumer Financial Protection Act (CFPA); it also confirms the CFPB did not have to ratify its enforcement action against the Trusts within the statute of limitations period following a Supreme Court ruling establishing the President's inability to remove the CFPB director at will violated the separation of powers.

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