The Consumer Financial Protection Bureau is considering suing Navient Corp., the largest student loan company in the U.S., for allegedly cheating borrowers, Navient officials disclosed Monday in a Securities and Exchange Commission filing.
The company received a letter from the CFPB notifying executives that the bureau’s enforcement team had found sufficient evidence, after a two-year investigation, to determine Navient violated consumer protection laws. For-profit college chains Corinthian Colleges Inc. and ITT Educational Services received similar letters from the CFPB before both were ultimately sued.
