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FDIC terminates consent order against Sallie Mae Bank

The FDIC has terminated a consent order and order for restitution against Sallie Mae Bank that it issued in 2014.

The order marks the end of an agreement by the bank to pay $3.3 million in fines and oversee the refund of up to $30 million in late fees assessed on loans owned or originated by the bank since its inception in November 2005.

Sallie Mae, which wholly owns Sallie Mae Bank, also disclosed that Ronald Hunt, a member of its board, will not stand for re-election at the company's annual stockholder meeting in June. As a result of Hunt's resignation, the company's board decreased its size from 13 directors to 12, effective as of when Hunt steps down.