Today’s action is an important part of the ongoing works

This past year, the newest Agency put-out a study discussing common upkeep problems said by both federal and personal student loan individuals and you will had written a structure to own education loan repair reforms

Administration Step

In Dodd-Honest Work, the CFPB provides the expert to achieve this facing institutions engaging when you look at the unfair or ong new regards to the fresh consent order recorded today, Wells Fargo need:

Just last year, the fresh Bureau put-out a report explaining prevalent upkeep problems reported by both government and private student loan borrowers and blogged a framework to have education loan upkeep reforms

A year ago, brand new Bureau put-out a research discussing extensive servicing failures advertised of the both government and personal student loan individuals and blogged a design having education loan maintenance reforms

Which acquisition comes just like the Bureau requires measures so that all the education loan borrowers get access to enough education loan repair. As part of so it really works, the newest Agency keeps constantly elevated questions around, and removed enforcement and you will supervisory steps against, unlawful education loan maintenance practices related to new management of partial repayments. Strengthening about this, earlier this 12 months, the Bureau required field-wider reforms and you can announced that it was prioritizing following through up against companies that participate in illegal servicing techniques.

Just last year, the brand new Agency put-out a research discussing common maintenance downfalls claimed because of the one another federal and personal education loan individuals and you will blogged a framework for student loan maintenance reforms