(Strong) Password Requirements feature not working – new password not stored

I’m on iThemes Security version 7.0.2.

The new “Password Requirements module” for managing and enforcing password requirements…

…is not working correctly for me.

I went to login as Admin, was told my password was not strong enough. I entered a strong password and submitted it. I was not logged and the new password was not successfully set in my account.

Instead, I was taken to a URL that showed me the home page, with (in the URL) a reference to password process (may have been a query string value, did not pay close enough attention). Efforts to login using the new password failed, and efforts to login with the old password resulted in my being told my old password was not strong enough, and thus repeating the whole cycle again.

In order to get logged in, I had to disable the iThemes Security plugin (using FTP to move the folder to a “plugins-disabled” folder). Then, I was able to log in using the OLD password. Clearly, the intended process of storing the new, strong password, is failing somehow.

Currently I have the new module switched off.

Thanks in advance if anyone knows what I can do to get it working.

PS: I know there is a 7.0.3 update, but its Changelog does not indicate it has awareness of or a fix for this issue.