In March, I blogged about the Third Circuit’s decision in CFPB v. National Collegiate Master Student Loan Trust, a long-running enforcement action brought by the CFPB against investment trusts that were created for the purposes of acquiring and servicing student loans, seeking to enforce civil investigative demands.
The trusts have now filed a petition for certiorari in the Supreme Court, asking the Court to decide that any investigation that was commenced by the CFPB before the Seila decision must be dismissed, and that the trusts are not covered persons under the CFPA.
The Court will not likely consider whether to grant the petition until late fall.
