August 22, 2016 / 6:15 PM / a year ago

Wells Fargo to pay $4.1 mln for illegal student loan practices-CFPB

Aug 22 (Reuters) - A Wells Fargo & Co unit will pay a total of $4.1 million to settle charges that it engaged in illegal private student loan servicing practices that unfairly penalized certain borrowers, the Consumer Finance Protection Bureau (CFPB) said on Monday.

The CFPB said it identified breakdowns throughout Wells Fargo's servicing process, including failing to provide important payment information to consumers, charging illegal fees and failing to update inaccurate credit report information.

Wells, in the settlement, neither admitted nor denied the CFPB's allegations. (Reporting by Suzanne Barlyn; Editing by Alan Crosby)

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