Hello and welcome to the fifth episode of the "Consumer Credit Matters" podcast. In this Guest Series, Stephen Macy, a distinguished legal expert in structured finance joins me to shed light on a recent landmark decision from the Third Circuit Court of Appeals, CFPB vs. National Collegiate Student Loan Trusts. This ruling may reshape how we think about the legal protections surrounding securitizations and could have far-reaching implications for consumer finance as a whole. We explore the specifics of the case, the surprising legal reasoning that has emerged, and what this could mean for the future of securitization. Steve walks us through the potential risks and repercussions of this decision, including how it might disrupt the fundamental aspects of the securitization market, increase borrowing costs for consumers, and challenge the legal framework that has long supported this critical sector of the economy. Whether you're a financial professional, a legal expert, or someone interested in the broader impacts of finance on everyday life, this episode is packed with valuable insights that you won’t want to miss. So, grab a seat, get comfortable, and let's dive into this essential conversation.