Wells Fargo to pay for $3.6 Million Penalty towards the Bureau

Washington, D.C. the customer Financial Protection Bureau (CFPB) today took action against Wells Fargo Bank for unlawful student that is private servicing methods that increased expenses and unfairly penalized particular education loan borrowers. The Bureau identified breakdowns throughout Wells Fargo’s servicing procedure including failing continually to offer essential re payment information to customers, charging you customers unlawful charges, and failing continually to update credit report information that is inaccurate. The CFPB’s purchase requires Wells Fargo to enhance its customer payment and pupil loan re payment processing practices. The organization also needs to offer $410,000 in relief to borrowers and spend a $3.6 million civil penalty to the CFPB.

“Wells Fargo hit borrowers with unlawful costs and deprived others of critical information needed seriously to efficiently handle their pupil loan accounts,” said CFPB Director Richard Cordray. Continua a leggere