Despite Lawsuit Filed by the CFPB, Will Anyone Get Reparations from Navient?

Despite Lawsuit Filed by the CFPB, Will Anyone Get Reparations from Navient?

May, 22nd 2017

Navient, the nation’s largest servicer of student loans, has misled borrowers for years with respect to its policies and practices, costing them millions of dollars, according to a lawsuit filed Wednesday by a federal regulator.

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The Consumer Financial Protection Bureau, the same agency that went after Wells Fargo and aired out all its dirty laundry, filed a lawsuit in a federal court in Pennsylvania alleging that Navient and its preferred collector, Pioneer Credit Recovery, have engaged in “unlawful acts and practices in connection with defendants’ servicing and collection of student loans.”

“The bureau seeks to obtain permanent injunctive relief, restitution, refunds, damages, civil money penalties, and other relief for defendants’ violations of federal consumer financial laws,” the filing reads.

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According to the filing, the...

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