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Wells Fargo pays $4 million to settle CFPB’s student loan servicing charges
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Consumer Protection
Thursday, August 25, 2016
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Wells Fargo, the nation’s second-largest private student loan lender, says it discovered problems related to legacy loan payment aggregation, payment allocation procedures and a system coding error and took the appropriate corrective action years ago, but the CFPB hit the company with a supervisory examination and consent order anyway. Read on for the latest CFPB enforcement skirmish.
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