Wells Fargo and Student Loans

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In August of 2016, the Consumer Financial Protection Bureau took action against the bank Wells Fargo. Education Financial Services is a division of Wells Fargo that manages student loans. Some of the things that Wells Fargo did to hurt student loan borrowers: applied payments across several loans in a way that raised fees for borrowers, not letting the borrowers know how to make partial payments to pay off loans, charging illegal late fees, and not correcting negative information to credit bureaus.

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