Navient Corporation, Navient Solutions, Inc. and Pioneer Credit Recovery, Inc.
Enforcement, Student Loans
The CFPB sued Navient Corporation, alleging it had “failed customers ‘at every stage of repayment'” with respect to their student loan program. In particular, the bureau alleged Navient “failed to apply borrower repayments accurately” and that Navient hurt “disabled military veterans” eligible for “loan forgiveness under a federal program.” Navient allegedly “inaccurately told credit reporting companies that veterans … had defaulted on their loans.” Navient, which was under contract with both the Department of Education and private lenders, called the allegations “false” and said the timing of the suit reflected the CFPB’s “political motivations.” On speculation that the CFPB would be “neutered” by President Trump, Navient stock “rallied to almost $18 from around $13” after the election.
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