UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT

No. 22-1864 ____________

CONSUMER FINANCIAL PROTECTION BUREAU

v. NATIONAL COLLEGIATE MASTER STUDENT LOAN TRUST; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2003-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-3; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-3; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-3; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-4, Delaware Statutory Trusts NATIONAL COLLEGIATE MASTER STUDENT LOAN TRUST; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2003-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-3; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-3; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2006-4; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-1; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-2; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-3; NATIONAL COLLEGIATE STUDENT LOAN TRUST 2007-4; AMBAC ASSURANCE CORPORATION; TRANSWORLD SYSTEMS INC,

Appellants

2 Appeal from the United States District Court for the District of Delaware (D.C. Civil Action No. 1-17-cv-01323) Circuit Judge: Honorable Stephanos Bibas 1

Argued on May 17, 2023

Before: RESTREPO, ROTH and McKEE, Circuit Judges

(Opinion filed: March 19, 2024) Seth Frotman Steven Y. Bressler Kevin E. Friedl (ARGUED) Kristin Bateman Consumer Financial Protection Bureau 1700 G Street NW Washington, DC 20552

Counsel for Appellee Consumer Financial Protection Bureau

Jonathan Y. Ellis (ARGUED) McGuireWoods LLP 500 Fayetteville Street Suite 500 Raleigh, NC 27061 1 Honorable Stephanos Bibas, United States Court of Appeals Judge for the Third Circuit Court of Appeals, sitting by designation.

3 Nicholas J. Giles McGuireWoods LLP Gateway Plaza 800 East Canal Street Richmond, VA 23219 Francis J. Aul McGuireWoods LLP 888 16th Street, NW Black Lives Matter Plaza, Suite 500 Washington, DC 20006 Megan Ix Brison Michael A. Weidinger Pinckney Weidinger Urban & Joyce 2 Mill Road Suite 204 Wilmington, DE 19806

Counsel for Appellants Rebecca L Butcher Jennifer L. Cree Landis Rath & Cobb 919 Market Street Suite 1800, P.O. Box 2087 Wilmington, DE 19801

Counsel for Intervenor Appellant GSS Data Services LLC

4 Joshua A Kipnees George A. LoBiondo Patterson Belknap Webb & Tyler 1133 Avenue of the Americas New York, NY 10036

Counsel for Intervenor Appellant Ambac Assurance Corp Allyson B. Baker Meredith L. Boylan Sameer P. Sheikh Paul Hastings 2050 M Street NW Washington, DC 20036

Counsel for Intervenor Appellant Transworld Systems Inc

Stephen M. Nickelsburg Clifford Chance US 2001 K Street NW Washington, DC 20006

Counsel for Amicus Appellant Chamber of Commerce of the United States of America and Securities Industry and