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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.
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