Wells Fargo Agrees to Pay $4 Million to Settle Charges of Illegal Student-Loan Practices

Wells Fargo has agreed to pay more than $4 million in fines and rebates to settle charges of illegal student loan practices as part of a deal announced on Monday (Aug. 22nd). They did not admit or deny any wrongdoing. Wells Fargo will pay a penalty of $3.6 million to Consumer Financial Protection Bureau (CFPB). An additional $410,000 will go to the borrowers who paid that the bureau said they should have never been charged for. Jason Vasquez, the bank’s spokesman, said that “all of the CFPB’s allegations relate to practices that Wells Fargo changed several years ago and that affected only a small number of borrowers.”

You can read the James Koren’s article here.

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