Supreme Court of the United States · Official docket →
National Collegiate Master Student Loan Trust, et al. v. Consumer Financial Protection Bureau, et al.
Paid petition · United States Court of Appeals for the Third Circuit, No. 22-1864 · judgment March 19, 2024
Before the decision, well below the 4.1% base rate, with no standout signals pointing toward a grant.
Questions presented
In Seila Law LLC v. CFPB, 591 U.S. 197 (2020), this Court held that the director of the Consumer Financial Protection Bureau was unconstitutionally insulated from presidential removal, in violation of the separation of powers, and the Court severed the unlawful restrictions on the director’s removal from the rest of the Consumer Financial Protection Act (CFPA). The CFPB initiated this enforcement action under the direction of Richard Cordray before that decision. Petitioners are 15 passive securitization trusts, with no employees, officers, or directors, that are used to acquire, pool, and securitize private student loans. The CFPB has sued petitioners for the alleged conduct of third parties who service the securitized loans. The questions presented are as follows:
-
When should an enforcement action that is initiated by an agency head unconstitutionally insulated from removal be dismissed to remedy that separation-of-powers violation?
-
Whether passive securitization vehicles used to acquire and pool consumer loans are “covered persons” because they “engage[] in offering or providing a consumer financial product or service” under the CFPA.
Counsel of record
For petitioner
Jonathan Yates Ellis
McGuireWoods LLP
For respondent
Elizabeth B. Prelogar
Solicitor General
Case
Conference history
Distributed for 1 conference
Amicus briefs
2 cert-stage
Proceedings
- Dec 16 2024Petition DENIED.
- Nov 26 2024DISTRIBUTED for Conference of 12/13/2024.
- Nov 26 2024Reply of petitioners National Collegiate Master Student Loan Trust, et al. filed. (Distributed)
- Nov 25 2024Waiver of the 14-day waiting period for the distribution of the petition pursuant to Rule 15.5 filed by petitioner.
- Nov 15 2024Brief of Federal Respondent in opposition filed.
- Oct 09 2024Motion to extend the time to file a response is granted and the time is further extended to and including November 15, 2024.
- Oct 07 2024Motion to extend the time to file a response from October 21, 2024 to November 15, 2024, submitted to The Clerk.
- Sep 19 2024Motion to extend the time to file a response is granted and the time is extended to and including October 21, 2024.
- Sep 19 2024Brief amicus curiae of Separation of Powers Clinic filed.
- Sep 19 2024Brief amici curiae of Securities Industry and Financial Markets Association, et al. filed.
- Sep 18 2024Motion to extend the time to file a response from September 19, 2024 to October 21, 2024, submitted to The Clerk.
- Aug 23 2024Letter submitted pursuant to Rule 12.6 from counsel for petitioners filed.
- Aug 16 2024Petition for a writ of certiorari filed. (Response due September 19, 2024)