Wells Fargo Fined $3.5M For Illegal Student Loans Practices

MINNEAPOLIS (WCCO) – Wells Fargo has been fined more than $3.5 million for cheating student borrowers.

The Consumer Financial Protection Bureau said the bank engaged in illegal practices in servicing private student loans. This led to higher costs and unfair penalties against certain borrowers.

Monday's announcement also said Wells Fargo will have to provide $410,000 to thousands of student loan borrowers who were treated unfairly.