CFPB v. Navient: Legit Abuser or Midnight Action on Eve of Inauguration?
The CFPB alleges that Navient, a company with more than 6 million accounts under a contract with the Department of Education, has made $4 billion in additional interest charges by steering struggling borrowers into a forbearance program that allowed the company to continue to build interest on unpaid loans rather than towards a repayment program that lowered monthly payments, as required by law. The company says it was given an ultimatum: to settle before Inauguration Day or be sued. [1/19/17]


