Sept 12 (Reuters) - A U.S. regulator on Thursday said it

is banning Navient ( NAVI ) from servicing federal student

loans, and ordered the company to pay $120 million for

wide-ranging student lending failures.

The U.S. Consumer Financial Protection Bureau said the ban

would prevent Navient ( NAVI ) from servicing federal Direct Loans, and

from directly servicing or acquiring most loans under the

Federal Family Education Loan Program.

Thursday's settlement would resolve a lawsuit filed in

Pennsylvania in 2017. The payment includes $100 million of

redress and a $20 million civil fine, a court filing shows.