Wells Fargo to cover $3.6 Million Penalty to your 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 provide essential payment information to customers, asking customers unlawful charges, and neglecting to upgrade credit report information that is inaccurate. The CFPB’s purchase requires Wells Fargo to boost 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 penalty that is civil the CFPB.
“Wells Fargo hit borrowers with unlawful charges and deprived others of critical information needed seriously to efficiently handle their student loan accounts,” said CFPB Director Richard Cordray. “Consumers will be able to count on their servicer to process and credit re payments precisely and also to offer accurate and information that is timely we are going to continue our work to enhance the education loan servicing payday loans Kansas market.”