Wells Fargo Settles Action Brought by CFPB

We represented Wells Fargo in the settlement of a matter with the Consumer Financial Protection Bureau (CFPB) concerning the bank's servicing of student loans. The consent order recognized a number of enhancements made by Wells Fargo to its loan processing and required the bank to provide $410,000 in relief to borrowers and pay a $3.6 million civil penalty to the CFPB.