Late last year, a federal district court ruled that securitization trusts holding student loans might be liable for the alleged unfair and deceptive collection practices of the trusts’ servicers. This is the first time that the US Consumer Financial Protection Bureau (CFPB) has sought to hold a securitization trust liable for acts of its servicers and the first judicial decision addressing the CFPB’s argument that such trusts are covered persons subject to the CFPB’s UDAAP authority. The decision could have broad-ranging implications not just for this asset class but for the securitization of consumer loans generally. Mayer Brown partners Barbara Goodstein, Ori Lev and Steve Kaplan discuss the background of the case, the court’s recent ruling and the potential implications for both primary and secondary market participants in consumer loan securitizations.