Op risk data: Pandemic paradox of low, low losses
Also: Navient gets schooled for scam; Amex holiday let-down; BNL’s Italian Job hit. Data by ORX News
February’s largest loss fell to student loan company Navient, which was ordered to repay $22.3 million after being found to have overcharged the government for student loan subsidies.
A US Department of Education (DoE) audit in 2009 found that Navient – which at the time was the loan-servicing operation of Sallie Mae (SLM Corporation) – had collected overpayments from two separate loan bond funds of special allowance payments on loans funded by tax-exempt obligations that had matured.
In the 1980s
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