Product: Student loan

Consumer Financial Protection Bureau Complaint Against Wells Fargo Bank , N.A . 
Subject : Formal Complaint Against Wells Fargo Bank , N.A . for Violations of Federal Consumer Financial Protection Laws, Breach of the FTC Holder Rule, Fraudulent Transfers, Non-Compliance with the XXXX XXXX, and Coercive Collection Practices Related to Private Student Loans Originating from Wachovia Bank I. Overview of the Complaint This complaint highlights Wells Fargo Bank , N.A . 's systemic violations of federal consumer protection laws, the Federal Trade Commission ( FTC ) Holder Rule, XXXX XXXX requirements, Truth in Lending Act ( TILA ) obligations, and its continued participation in fraudulent debt collection practices stemming from private student loans originated by Wachovia Bank in XXXX. 

Despite multiple enforcement orders from the Consumer Financial Protection Bureau ( CFPB ) and ongoing federal oversight, Wells Fargo continues to engage in deceptive, unfair, and coercive practices, perpetuating fraudulent debt tied to a defunct and discredited institution, XXXX XXXX XXXX XXXX XXXXXXXX, which was shuttered for predatory practices and fraud in XXXX under the ownership of XXXX XXXX XXXX ( XXXX ). 

Wells Fargos failure to comply with basic legal requirements during the sale and transfer of its private student loan portfolioincluding its inability to provide chain-of-title documentation, XXXX compliance logs, and verifiable ownership recordsdemonstrates a pattern of willful misconduct, negligence, and contempt for federal regulations. 

II. Key Facts and Timeline Origination and Transfer History : In XXXX, a private student loan was originated by Wachovia Bank for education at XXXX XXXX XXXXXXXX XXXX XXXXXXXX. 
In XXXX, Wells Fargo acquired Wachovia and assumed control over its student loan portfolio. 
In XXXX, Wells Fargo sold/transferred its private student loan portfolio to XXXX XXXX XXXX a subsidiary of XXXX ) XXXX 
Fraudulent Institution and Predatory Practices : XXXX XXXX XXXXXXXX XXXX owned by XXXX ) was found guilty of predatory and fraudulent lending practices that led to its closure in XXXX. 
Wells Fargo knowingly continued to collect on loans tied to this institution, despite the clear evidence of fraud, misrepresentation, and coercion in loan origination. 
FTC Holder Rule ( 16 C.F.R. 433.2 ) : The FTC Holder Rule mandates that any holder of a consumer credit contract is subject to all claims and defenses that the debtor could assert against the seller of the goods or services obtained with the proceeds of the credit. 
Despite clear evidence of fraud and misconduct by XXXX XXXX XXXXXXXX, Wells Fargo has failed to honor borrower defenses against repayment under this rule, instead choosing to transfer and perpetuate these illegitimate debts. 
XXXX XXXX ( XXXX XXXX. XXXX et seq. ) : Wells Fargo has failed to provide verifiable XXXX compliance documentation, including timestamps, IP logs, or audit trails showing borrower consent for electronic signatures. 
Promissory notes marked " Electronic Signature on File '' lack supporting evidence of legitimate compliance with the XXXX XXXX. 
Truth in Lending Act ( TILA, 15 U.S.C. 1601 et seq. ) : Wells Fargo failed to provide clear and conspicuous disclosures regarding loan terms, repayment schedules, and borrower obligations. 
This lack of transparency violated TILA requirements and undermined borrowers ' ability to make informed financial decisions. 
Chain-of-Title and Ownership Gaps : Wells Fargo has failed to produce clear chain-of-title documentation demonstrating legal ownership of the loans from Wachovia through Wells Fargo to XXXX XXXX. 
Documentation gaps and ambiguities create serious doubts about Wells Fargos legal authority to service, transfer, or collect on these loans. 
Failure to Comply with Existing CFPB Orders : Wells Fargo remains under CFPB-enforced court orders and sanctions for financial misconduct. 
Despite these orders, Wells Fargo has continued to demonstrate a blatant disregard for compliance obligations, particularly in the realm of private student loan servicing. 
III. Specific Violations by Wells Fargo FTC Holder Rule ( 16 C.F.R. 433.2 ) : Wells Fargo failed to honor borrower claims and defenses against fraudulent loans originating from XXXX XXXX XXXXXXXX. 
The Holder Rule applies explicitly to Wells Fargo, as they were a subsequent holder of these contracts and knowingly facilitated the continuation of fraudulent debt collection. 
XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX, 15 U.S.C. 7001 et seq. ) : Failure to provide verifiable proof of electronic consent, including audit logs and compliance records. 
No evidence demonstrating that electronic signatures met federal compliance standards. 
Truth in Lending Act ( TILA, 15 U.S.C. 1601 et seq. ) : Failure to provide accurate and clear disclosures on loan terms and repayment obligations. 
Failure to ensure borrowers understood key terms at origination and during subsequent servicing transitions. 
Consumer Financial Protection Act ( CFPA, 12 U.S.C. 5531, 5536 ) : Engaging in unfair, deceptive, and abusive acts and practices ( UDAAP ) through fraudulent loan transfers, improper disclosures, and coercive collection tactics. 
Misrepresenting their legal authority to collect on debts and violating multiple consumer protection mandates. 
Failure to Maintain Accurate Chain-of-Title Documentation : Wells Fargo has failed to produce valid assignments or original promissory notes showing uninterrupted ownership rights. 
This creates a legal ambiguity about Wells Fargos standing to service or transfer these debts. 
IV. Consumer Harm and Broader Implications Fraudulent Debt Perpetuation : Borrowers are being forced to repay fraudulent and unenforceable debts tied to a defunct institution with a proven track record of fraud. 
Coercive Collection Tactics : Wells Fargo and subsequent servicers continue to harass borrowers with collection threats, despite lacking the legal standing to enforce repayment. 
Systemic Financial Harm : Borrowers have suffered irreparable financial damage, reduced credit scores, and emotional distress due to Wells Fargo 's systemic failures. 
Breach of Consumer Trust : Despite being under CFPB enforcement orders, Wells Fargo has repeatedly violated consumer protection laws with impunity. 
V. Relief Sought Immediate Investigation and Audit : A full investigation into Wells Fargo 's loan origination, transfer, and servicing practices related to Wachovia-originated private student loans. 
Document Production : Compel Wells Fargo to provide : Original promissory note Complete chain-of-title records XXXX compliance audit logs Immediate Suspension of Collection Activities : Halt all collection activities and adverse credit reporting related to these loans until full compliance is verified. 
Financial Restitution : Order Wells Fargo to provide full financial restitution to affected borrowers. 
Enhanced Oversight and Accountability : Increase CFPB oversight, mandatory compliance audits, an

d executive accountability measures on Wells Fargo. VI. Consumer Call to Action If you have been impacted by Wells Fargos p
rivate student loan practices : File a complaint with the CFPB, Contact the Federal Trade Commission ( FTC ), Reach out to your State Attorney General, Engage with consumer advocacy groups : XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXX XXXX XXXX 

VII. Conclusion Wells Fargo 's continued violations represent a staggering breach of consumer trust, financial law, and regulatory compliance. Their failure to produce required documentation, uphold borrower rights under the FTC Holder Rule, and comply with federal laws underscores a pattern of systemic fraud and misconduct. 

The CFPB must take swift and decisive action to ensure borrower protections, financial accountability, and corporate transparency.