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]

• The CFPB alleged that Wells Fargo “allocate[ed] payments in ways that maximized late fees.” [Ann Carrns, “U.S. Puts Private Student Loan Servicers on Notice: Play Nice”, New York Times, 08/26/16]

• Wells Fargo did not admit wrongdoing in the settlement. [Ann Carrns, “U.S. Puts Private Student Loan Servicers on Notice: Play Nice”, New York Times, 08/26/16]