Wells Fargo to pay for $3.6 Million Penalty towards the Bureau
Washington, D.C. The buyer Financial Protection Bureau (CFPB) today took action against Wells Fargo Bank for unlawful personal education loan servicing methods that increased expenses and unfairly penalized specific education loan borrowers. The Bureau identified breakdowns throughout Wells FargoвЂ™s servicing procedure including neglecting to offer crucial re re payment information to customers, recharging customers illegal costs, and failing continually to upgrade inaccurate credit history information. The CFPBвЂ™s purchase calls for Wells Fargo to enhance its customer billing and pupil loan re payment processing practices. The business also needs to offer $410,000 in relief to borrowers and spend a $3.6 million civil penalty to the CFPB.
вЂњWells Fargo hit borrowers with unlawful charges and deprived others of critical information necessary to manage their student effectively loan accounts,вЂќ said CFPB Director Richard Cordray. Read more “Private student education loans comprise about $100 billion of most student that is outstanding.”