Business Context and Reporting Period
Company: Navient Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: March 23, 2017 (Event Date)
Subject: Termination of a regulatory Consent Order against a subsidiary.
Key Financial Metrics
This filing is a current report regarding a regulatory event and does not contain financial statements. The filing text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
Regulatory Resolution: On March 28, 2017, the Company received notice from the Federal Deposit Insurance Corporation (FDIC) that the Consent Order and Order for Restitution (Docket No. FDIC-13-0382b) issued on May 13, 2014, against Navient Solutions, LLC (a wholly-owned subsidiary), has been terminated effective March 23, 2017.
Conditions: The termination was granted with no conditions.
Guidance, Outlook, and Risks
Management Commentary: The filing confirms the successful conclusion of the specific regulatory matter without further stipulations.
Risks and Contingencies: The termination of the Consent Order removes the specific regulatory contingency associated with Docket No. FDIC-13-0382b. No new risks or forward-looking guidance are presented in this document.
Investor Verification Checklist
- Confirm the effective date of the Consent Order termination (March 23, 2017).
- Verify that the termination was issued with "no conditions" by the FDIC.
- Identify the specific subsidiary involved (Navient Solutions, LLC, formerly Navient Solutions, Inc.).
- Review the original May 13, 2014 Consent Order to understand the historical context of the resolved matter.