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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.
News For SLM From The Last 14 Days
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October 5, 2015
09:48 EDTSLMSallie Mae Strong Sell rating removed at Off Wall Street Research
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September 29, 2015
19:46 EDTSLMNavient falls after government report criticizes student loan servicers
Shares of student loan stock Navient (NAVI) fell over 4% on Tuesday after the Consumer Financial Protection Bureau, or CFPB, released a report critical of student loan servicers, titled 'Student loan servicing: Analysis of public input and recommendations for reform.' WHAT'S NEW: The CFPB's 152-page report cited issues such as conflicting, incomplete, or inaccurate loan statements; missing or ignoring specific payoff instructions which would apply payments to higher interest loans; and servicing transfers resulting in processing problems, surprise fees, damaged credit, lost repayment benefits and loan records, among other issues. WHAT'S NOTABLE: CFPB Director Richard Cordray said in a statement, "With one out of four student loan borrowers struggling to repay their loans or already in default, cleaning up the servicing market is critical. Today's report underscores the need for market-wide student loan servicing reforms to halt harmful practices and boost assistance for distressed borrowers." PRICE ACTION: Shares of Navient dropped 53c, or 4.36%, to $11.63 in Tuesday's trading session. PEERS: Other student loan servicers include First Marblehead (FMD), which fell 3.4%, SLM Corporation (SLM), which declined 0.86%, and Nelnet (NNI), which was up fractionally.

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