Returning guest Eamonn Moran, Senior Counsel in our Washington, DC office, joins host Patrick Dolan to discuss the US Court of Appeals for the Third Circuit ruling on a case involving the Consumer Financial Protection Bureau (CFPB) and a group of trusts associated with the National Collegiate Student Loan Trust. Eamonn clarifies why CFPB initiated enforcement proceedings against the trusts and their alleged violations related to servicing and collecting student loans, the trusts’ counterargument, and finally, why the court held that the trusts were indeed "covered persons" under the CFPA. Eamonn shares why this ruling has implications for securitization trusts and their classification as “covered persons” under the CFPA, as well as potential enforcement actions by the CFPB in the future. Listen and subscribe to the Securitization Insight podcast on Apple Podcasts, Spotify, or your preferred podcast app.