Just last year, the Bureau create a research detailing extensive maintenance failures said from the both federal and personal education loan consumers and you will blogged a structure getting student loan upkeep reforms

• Did not change and you may right inaccurate suggestions said in order to credit reporting companies: Wells Fargo didn’t improve and you may correct inaccurate, negative information said to credit scoring organizations from the specific consumers just who generated limited repayments or overpayments. These errors you are going to wreck a consumer’s ability to accessibility borrowing or generate credit more expensive.

Administration Action

Under the Dodd-Frank Act, this new CFPB has the power to accomplish this against establishments engaging inside the unjust or ong the brand new terms of the new agree purchase registered today, Wells Fargo need to:

Just last year, the Agency put out research detailing common upkeep disappointments advertised by both government and personal student loan consumers and you will penned a design having education loan servicing reforms

• Spend $410,000 into the consumer refunds: Wells Fargo should provide about $410,one hundred thousand to pay consumers for unlawful late costs. Read more