Sofi Bank, N.A. Et Al V. Cardona Et Al
Summary: SoFi Bank, N.A. and SoFi Lending Corp. have filed a lawsuit against the Secretary of the United States Department of Education, Miguel Cardona, and the Department of Education itself. The lawsuit challenges the loan repayment moratorium for federal student loans that was put in place due to the COVID-19 pandemic. The plaintiffs argue that the eighth extension of the loan moratorium is unlawful and arbitrary because it applies to all federal borrowers, not just those affected by the pandemic. They also claim that the Department of Education did not follow mandatory procedural requirements and failed to provide adequate notice and comment. The plaintiffs are seeking declaratory and injunctive relief. The lawsuit provides information on federal student loan programs administered by the Department of Education and discusses the legal background of the Department of Education, the Administrative Procedure Act, and the Major Questions Doctrine.
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