Navient banned from federal student loan servicing, fined $120M

The government’s top consumer watchdog is banning Navient from federal student loan servicing and ordering the company to pay $120 million for alleged lending failures. The settlement announced Thursday comes almost eight years after the Consumer Financial Protection Bureau (CFPB) sued Navient, formerly part of Sallie Mae, in 2017. The CFPB accused the loan-servicing giant…