Wells Fargo fined $3.6M over student loan practices

The Consumer Financial Protection Bureau ordered Wells Fargo to pay $3.6 million over misleading student loan practices.

The agency said the bank acted illegally by charging on-time payers with late fees, failing to inform borrowers of steps they could take to minimize fees and leaving credit report errors uncorrected.

“Today’s consent order with the CFPB resolves three areas of concern cited by the bureau related to legacy payment procedures that were retired or improved many years ago, and addresses the impact to a small number of customers," Wells Fargo officials said in a statement.

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