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Stock Market & Financial Investment News

News Breaks
May 13, 2014
13:55 EDTSLMSallie Mae Bank settles regulatory matters
Sallie Mae Bank said it has voluntarily settled its previously reported regulatory matters with the FDIC and Department of Justice regarding disclosures and assessments of certain late fees, as well as compliance with the Servicemembers Civil Relief Act. Under the terms of the reorganization of SLM Corporation and related separation of Navient Corporation on April 30, Navient is responsible for funding all liabilities under the regulatory orders, other than fines directly levied against Sallie Mae Bank in connection with these matters. In a consent order, Sallie Mae Bank and the FDIC agreed Sallie Mae Bank will pay $3.3M in fines and oversee the refund of up to $30M in late fees assessed on loans owned or originated by Sallie Mae Bank since its inception in November 2005. For Q1, the last consolidated quarter of operations of SLM Corporation prior to Navient's separation, SLM recorded an additional $103M charge related to the total estimated costs of the regulatory matters. Accordingly, SLM's previously announced Q1 GAAP after-tax net income declined $65M to $214M.
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July 23, 2014
17:26 EDTSLMSallie Mae sees FY14 EPS 41c-43c, consensus 48c
The company expects full-year private education loan originations of $4B, full-year operating expenses of $312M, including $32M of reorganization expenses, $1.2B of private education loan sales in the second half of the year, and provision for private education loan losses of approximately $60M in the second half of the year.
17:23 EDTSLMSallie Mae reports Q2 adjusted EPS 10c, consensus 10c
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16:02 EDTSLMSallie Mae names Jeffrey Dale as company’s first Chief Risk Officer
Sallie Mae (SLM) appointed Jeffrey Dale as the company’s first Chief Risk Officer. Mr. Dale will work with senior executives and other company stakeholders to build out the enterprise risk management function and framework for the company and its Sallie Mae Bank subsidiary. Mr. Dale arrives from Citigroup (C) where he most recently served as the North American Group Risk Director responsible for consumer credit in the United States, Puerto Rico and Canada.

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