Consumer Bureau Action Tracker

CFPB – Wells Fargo


State

Nationwide

target

Wells Fargo Bank, N.A.

Topics

Enforcement, Banking, Credit Reporting, Student Loans, Deceptive Practices

The CFPB fined Wells Fargo $3.6 million and ensured $410,000 would be returned to affected borrowers for “us[ing] illegal loan servicing practices that resulted in higher costs and fees for some borrowers.” The CFPB alleged that Wells Fargo “allocate[ed] payments in ways that maximized late fees.” Wells Fargo did not admit wrongdoing in the settlement.

  • In August 2016, the CFPB fined Wells Fargo $3.6 million in fines and ensured $410,000 would be returned to affected borrowers for “us[ing] illegal loan servicing practices that resulted in higher costs and fees for some borrowers.” [Ann Carrns, “U.S. Puts Private Student Loan Servicers on Notice: Play Nice”, New York Times, 08/26/16]

Status

Resolved


2016-CFPB-0013 8/22/2016 8/22/2016

Consumer Financial Protection Bureau Takes Action Against Wells Fargo for Illegal Student Loan Servicing Practices
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/wells-fargo-bank-n/

  • Consumer Financial Protection Bureau (CFPB)
  • Administrative filing
  • None
  • Bank
  • $3,600,000
  • Not Available

Close

SITE ARCHIVED

Allied Progress is now Accountable.US. This website will no longer be updated and has been permanently archived. For the latest accountability and transparency updates, please visit us at Accountable.US.