Violation Tracker Individual Record

Company: 
Wells Fargo Bank
Current Parent Company: 
Wells Fargo
Penalty: 
$4,010,000
Year: 
2016
Date: 
August 22, 2016
Primary Offense: 
student loan abuses
Violation Description: 

The Consumer Financial Protection Bureau took action against Wells Fargo Bank for illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers. The Bureau identified breakdowns throughout Wells Fargo's servicing process, including failing to provide important payment information to consumers, charging consumers illegal fees, and failing to update inaccurate credit report information. The CFPB's order required Wells Fargo to improve its consumer billing and student loan payment processing practices. The company was also ordered to provide $410,000 in relief to borrowers and pay a $3.6 million civil penalty to the CFPB.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
California
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.