Wells Fargo Bank, N.A.
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.
We need your help to hold powerful special interests accountable and empower hardworking Americans. Join our fight today!