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Bureau Recovered $6.1 Million for 16,000 Consumers Harmed By Auto Loan Originators 

Report Also Looks at Consumer Complaints from Nevada

Navient, Formerly Part of Sallie Mae, Illegally Cheated Borrowers Out of Repayment Rights Through Shortcuts and Deception

Today the Consumer Financial Protection Bureau is filing a lawsuit against Navient (formerly part of Sallie Mae), which is the nation’s largest servicer of both federal and private student loans. From our extensive investigation of the matter, we found that Navient has systematically and illegally failed borrowers at every stage of repayment.

Growing Concerns as Number of Older Student Loan Borrowers Quadruples, Amount of Debt Per Senior Borrower Doubles in Last Decade

Web-based Tool Will Deliver Regular Updates on Consumer Lending Markets

On behalf of the Consumer Financial Protection Bureau, let me welcome all of you and say that we much appreciate this opportunity to discuss consumer financial markets with so many leading scholars in the field. As you share your perspectives and expertise with us, they will inform our efforts to empower and protect consumers. We look forward to having your insights.

CFPB Finds Qualified Students Were Blocked From Affordable Loan Repayment Plans; Updates Student Loan Servicing Exam Procedures 

Today, I want to talk to you about some of the issues people encounter when they are paying back debts. Specifically, I want to discuss the debt collection market and the student loan servicing market. Both are markets where consumers cannot vote with their feet, and where incentives and practices are not always aligned with consumer interests.

Gaps in Student Loan Rehab Programs Trap Vulnerable Borrowers in Default, May Cost Consumers $125 Million in Unnecessary Interest Charges Alone