trending Market Intelligence /marketintelligence/en/news-insights/trending/9zo-6hK7nRxuVqX9FQgegw2 content esgSubNav
In This List

'No expectation' that Navient act in consumers' interest, company lawyers argue

Blog

Commercial Banking: June 22nd Edition

Blog

Commercial Banking Newsletter June Edition - 2022

Podcast

Street Talk | Episode 96: Considering recession risks, prospects that the Fed achieves a 'soft landing'

Case Study

Actions to Reduce Emissions at an Asian Financial Services Firm


'No expectation' that Navient act in consumers' interest, company lawyers argue

Navient Corp. has no obligation to counsel borrowers on repayment options and should not be expected to act in their best interest, lawyers for the company wrote in a court filing.

"There is no expectation that the servicer will act in the interest of the consumer," Navient's attorneys wrote in the March 24 court document, which was filed in response to a lawsuit filed by the Consumer Financial Protection Bureau in January.

The company's primary role is to collect payments on the loans, rather than help borrowers manage their debt, the filing states.

The statement appears to contradict what President and CEO John Remondi has said in the past, Bloomberg reported. In a March blog post, Remondi wrote that Navient's "priority is to help each of our 12 million customers successfully manage their loans in a way that works for their individual circumstances."