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

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