Type to search

Health Care News

Facing lawsuits, Navient says it’s an industry scapegoat

Avatar photo
Share

(AP) — A Delaware student loan collection company is facing a string of lawsuits from regulators, but the CEO says Navient is a scapegoat for a credit industry with an image problem.

The News Journal reports that Navient CEO Jack Remondi says there’s a perception that student debt is in crisis. Remondi says his company is being targeted because it’s the most recognizable face in the industry.

In a recently filed lawsuit, California Attorney General Xavier Becerra claims Navient steered “vulnerable borrowers” toward expensive student loan repayment plans. Similar actions have been taken by regulators in Washington State, Illinois and Pennsylvania, as well as the federal Consumer Financial Protection Bureau.

Navient spun off from Newark-based Sallie Mae in 2014. It employs about 800 people at its headquarters in Wilmington.

Get the free DBT email newsletter  

Follow the people, companies and issues that matter most to business in Delaware.

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *

Premier Digital Partners

© 2024 Delaware Business Times