Shares of Navient Corp. fell to a 52-week low on Tuesday after the student loan company disclosed that its subsidiary Navient Solutions Inc. received notice last week that the Consumer Financial Protection Bureau may take legal action over how it handles loans. “The Notice and Opportunity to Respond and Advise letter relates to a previously disclosed investigation into NSI’s disclosures and assessment of late fees and other matters and states that, in connection with any action, the CFPB may seek restitution, civil monetary penalties and corrective action against NSI,” said Navient in a regulatory disclosure. Navient also said it believes its practices are lawful and meet industry standards. Navient shares sank 6% to $12.44 a share.
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