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Email On March 19, 2024, the Third Circuit handed down a decision that statutory trusts used as issuing entities for securitizations are considered “covered persons” for purposes of the Consumer Financial Protection Act ("CFPA"), in the long-running case involving the Consumer Financial Protection Bureau ("CFPB") and the National Collegiate Master Student Loan Trust ("NCSLT"). https://www.cadwalader.com/resources/clients-friends-memos/third-circuit-decides-statutory-trusts-are-covered-persons--what-this-means-for-the-securitization-market