Wells Fargo Bank Illegal student loan practices

Latest post Wed, May 17 2017 10:00 AM by CCX008. 19 replies.
  • Fri, Dec 2 2016 12:58 PM

    • CCX008
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    Wells Fargo Bank Illegal student loan practices

    Currently WFB was hit with a class action lawsuit but not approved yet, CEO Schlumpf already resigned and took his cake home, however what is the possibilty that this class action will be approved ?? I mean our current President Obama is still running the show and Elizabeth Warren is in charge too (CFPB), the question here is how long (time is an essence here,and thank god Scalia is gone) and if this will happen ??

  • Fri, Dec 2 2016 2:25 PM In reply to

    Re: Wells Fargo Bank Illegal student loan practices

    There's no way to predict when or if any given class action lawsuit will be certified by the courts.

    But I can tell you that, once certified, it could take several years for the litigation to proceed and then there will likely be a settlement with no admission of liability and the majority of the class members will get crumbs while the primary plaintiffs and their attorneys get the pie.


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  • Fri, Dec 2 2016 3:50 PM In reply to

    • CCX008
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    Re: Wells Fargo Bank Illegal student loan practices

    yup..already trying to move the case to arbitration...welcome to America...

  • Fri, Dec 2 2016 7:30 PM In reply to

    • Drew
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    Re: Wells Fargo Bank Illegal student loan practices

    Look, I get that some loan processors are sloppy or engineer some fee enhancement steps....but some of my friends seem to think that paying student loans is,optional ,,fueled  perhaps,by political leaders who advocate wiping off loans after 10-20'years and reducing payments until then....and for that matter some colleges seem expert at enrolling students with dubious academics repcords ,,getting them aid packages ...and the sutudents failed,to graduate or,pay back loans .....but nobody cracked,down hard on such schools..one of,which locally was enrolling students wo even verification that they  graduated HS.  .   A lot of the fault about piles of,debt rests with colleges and students....not some,sharp practices of a banlk as a nice political whipping boy and distraction from real issues.

    the major state related agency that processed one of my children's student  loans bungled the processing and tried to surcharge us for same ...it,took a bit of work but daughter got it corrected 

     

     



  • Fri, Dec 2 2016 9:40 PM In reply to

    Re: Wells Fargo Bank Illegal student loan practices

    When a class action lawsuit is filed the court must first approve it as a class action, which means that the lawsuit meets the basic requirements for the class action procedure, not that the case has merit. If the case was filed in federal court that determination is made by the district court judge hearing the case. If it is filed in state court then the state court judge assigned to the case makes that determination. President Obama, Senator Elizabeth Warren, the Supreme Court, and the CFPB (the director of which is Richard Cordray, not Warren) have nothing to do with that determination. Even if approved as a class action claim, the lawsuit process generally will not be very fast. Most class action claims never reach trial and instead are settled. I don't know why you say time is of the essence, but the process isn't going to be hurried up at all just because of the change in presidents coming in January.

  • Sat, Dec 3 2016 6:25 AM In reply to

    • Drew
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    Re: Wells Fargo Bank Illegal student loan practices

    Your location is given as PA......the bigger problem is administrative failure to crack down hard on institutions that are key players in defaults sometimes in the +20% range ....often one tries to blame this on agressive recruiting practices of proprietary or for profit schools .....but some of the mainline educational institutions are among the worst and seem to get politically backed free passes on abismal performance practices  ...you can look up the numbers of some of the schools around Philadelphia .....sure, some of the biggest individual debts are run up by graduate students as they can borrow the most ....but filling rooms with hundreds of undergrads destined not to pay back loans sure adds up quickly...but the university gets paid anyway .

    Whatever WF may have supposedly done pales in contract to institutional practices ....and a bit of student culture which says paying student  loans is optional. 

    And while I can see a point if you were supposedly overcharged $50 in processing fees..and deserve recovery of same that is not a good excuse in my book to get a free pass on the core $20,000 borrowed or what ever your number may be .  ( I recently sat with a young PA resident who is working his tail off with OT and sold a few of expensive toys -motorcycle and gave him some pointers on how to bring his big  pile of student debt down more efficiently .....he is blessed with an older sister who thinks paying student loans is optional  ) 



  • Sun, Dec 4 2016 10:48 AM In reply to

    • CCX008
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    Re: Wells Fargo Bank Illegal student loan practices

    Thanks for the expert explanation, makes abolutely sense, just in case my client was denied a deal to enter into a payment and WFB then  purposely  moved it to a chargeoff. I am working on it.

     

     

  • Mon, Dec 5 2016 10:11 AM In reply to

    Re: Wells Fargo Bank Illegal student loan practices

    CCX008:
    Currently WFB was hit with a class action lawsuit but not approved yet

    I'm not sure what you're talking about.  I googled "wells fargo student loan class action lawsuit" and got a bunch of results about an August 2016 consent order between the bank and the Consumer Financial Protection Bureau, but I did not see anything about a class action.  I found something about a class action filed in February 2013, but I don't know if that's pending and couldn't find further information about the case (I also suspect that, if that case was still pending as of August, it would be subsumed within the CFPB consent order).

     

    CCX008:
    what is the possibilty that this class action will be approved ?

    I assume "approved" means that the court certifies the case as a class action, but we have no conceivable way of knowing what the chances are that the court will certify some unknown case.

     

    CCX008:
    I mean our current President Obama is still running the show

    Running what show?

     

    CCX008:
    Elizabeth Warren is in charge too (CFPB)

    Elizabeth Warren is a senatory from Massachusetts.  While her work is cited as having led to the conception and establishment of the CFPB, and while she previously served as a special advisor to the Secretary of the Treasury relating to the CFPB, she is not "in charge" of anything relating to any class action lawsuit.

     

    CCX008:
    the question here is how long . . . and if this will happen ?

    Will what happen?  How long for what?

  • Wed, Jan 18 2017 3:37 PM In reply to

    • CCX008
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    Re: Wells Fargo Bank Illegal student loan practices

    Sorry for my poor explanation about this case , however it is in litigation , regarding :  Dodd-Frank Act, the CFPB has the authority to take action against institutions engaging in unfair or deceptive practices.

  • Wed, Jan 18 2017 3:42 PM In reply to

    • CCX008
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    Re: Wells Fargo Bank Illegal student loan practices

    In addition Navient (which is former SLM) is going the wrong way again !!! but now they have Trump as his supporter , we (the students) are all going to ***heck :

    CONSUMER FINANCIAL PROTECTION BUREAU SUES NATION'S LARGEST STUDENT LOAN COMPANY NAVIENT FOR FAILING BORROWERS AT EVERY STAGE OF REPAYMENT
    Navient, Formerly Part of Sallie Mae, Illegally Cheated Borrowers Out of Repayment Rights Through Shortcuts and Deception

     

     

  • Wed, Jan 18 2017 3:47 PM In reply to

    • CCX008
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    Re: Wells Fargo Bank Illegal student loan practices

    bump 

  • Thu, Jan 19 2017 8:55 AM In reply to

    Re: Wells Fargo Bank Illegal student loan practices

    CCX008:
    bump

    Crash.

    I can't make heads or tails of anything you posted yesterday, but you don't seem to have asked any new questions.

  • Thu, Jan 19 2017 9:05 AM In reply to

    • CCX008
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    Re: Wells Fargo Bank Illegal student loan practices

    No new "Q"s asked :

    simple plain reply, WFB has violated the Dodd-Frank Act, and the CFPB has the authority to take action against institutions engaging in unfair or deceptive practices, which is my defense.It is in litigation now.

     

  • Mon, May 15 2017 2:31 PM In reply to

    • CCX008
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    !Re: Wells Fargo Bank Illegal student loan practices

    Update :  The city of Philadelphia gave WFB the walking papers !! means : get the ***heck out of our city !!

    https://tinyurl.com/k2c7w4z

    Wells Fargo is the Philadelphia region's largest bank by deposits, with more than 20 percent market share. Last week, Philadelphia City Council voted unanimously to approve legislation to remove Wells Fargo as the bank handling the city's $2 billion payroll. The legislation would authorize the city treasurer's office to enter into an agreement with Citizens Bank to handle those services at the start of the next fiscal year in July.

    Wells Fargo is the Philadelphia region's largest bank by deposits, with more than 20 percent market share. Last week, Philadelphia City Council voted unanimously to approve legislation to remove Wells Fargo as the bank handling the city's $2 billion payroll. The legislation would authorize the city treasurer's office to enter into an agreement with Citizens Bank to handle those services at the start of the next fiscal year in July.

  • Tue, May 16 2017 9:32 AM In reply to

    Re: !Re: Wells Fargo Bank Illegal student loan practices

    How is an issue with a bank no longer handling a city's payroll an "update" to questions about a possible class action suit relating to student loans?

     

    Or are you just here to post disparaging stuff about the bank?

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