Consumer complaint received 2020-11-25
Company: WELLS FARGO & COMPANY
State: MI
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
On XXXX XX/XX/XXXX Ms. XXXX XXXX responded to complaint XXXX. Wells Fargo 's XXXX XX/XX/XXXX interim response was " Wells Fargo needs additional time to research and respond to our customer '' In Ms. XXXX XXXX 's response she states : " Please see the attached Bank response, '' and attaches a XXXX XX/XX/XXXX response. 

To clarify my complaint ( not concern ) against Wells Fargo is because they have refused to give me forbearance options I was entitled to per their policies. That is for the periods of XX/XX/XXXX thru XX/XX/XXXX, and the periods XX/XX/XXXX thru XX/XX/XXXX I was an XXXX  at a XXXX XXXX XXXX. Wells Fargo has a specific deferment program for XXXX. If Wells Fargo offers forbearance for XXXX, then equal protection requires them to offer that forbearance option as well -- they did not. 

The denial matters because Wells Fargo EFS subsequently denied my request for an in-school forbearance for periods XX/XX/XXXX thru XX/XX/XXXX claiming that maximum in-school forbearance had been used. However, had Wells Fargo placed me in the internship forbearance, then the maximum amount of in-school forbearance time as granted XX/XX/XXXX would not have been exhausted, even if a manual review was conducted. Six ( 6 ) months of forbearance time would have been freed up from in-school forbearance and I would thus have been able to obtain an in-school forbearance thru XX/XX/XXXX. Combined with the forbearance offered commensurate with the CARES Act, I would have been able to push the payments out until XX/XX/XXXX, which was my initial request in XX/XX/XXXX that WF denied. 

The scheme here is quite obvious. On XXXX XX/XX/XXXX XXXX XXXX published an article quotes Wells Fargos website as stating beginning on XX/XX/XXXX, only customers with an outstanding balance on a Wells Fargo Private Student Loan are eligible to be borrowers on a new private student loan for the XXXX academic year. In the article XXXX XXXX, a spokesperson for Wells Fargo is quoted as saying Wells Fargo has decided to narrow its student-lending focus. On XXXX XX/XX/XXXX XXXX published an article stating that Wells Fargo is exploring a sale of its corporate-trust unit that could fetch more than {$1.00} XXXX and is considering whether to find a buyer for its student-loan portfolio, according to people familiar with the matter. The article goes on to say Wells Fargo holds a {$10.00} XXXX student-loan portfolio. The bank said earlier this month that it had notified customers of its planned exit from the student-lending business. As my payments began in XXXX of XXXX, WF is reporting adverse credit information to compel me, a student of non-traditional age, with a documented learning XXXX, from a XXXX  background, to obtain employment during a pandemic so that they can offset the YoY Q3 interest income losses of 19 percent. By forcing students into repayment during a pandemic they are attempting to hedge their losses due in the low-interest rate environment while they seek ways to divest themselves of their XXXX XXXX XXXX XXXX XXXX dollar student loan portfolio during the economic crisis to mitigate any additional losses that may affect their bottom line post-pandemic due to economic damage caused by the pandemic. 

What Wells Fargo is doing is unethical. They continue to find any excuse they can to prevent me from obtaining relief while I finish my final requirements for my graduate education. They have continuously violated my due process rights under FCRA, and the XXXX. In XXXX XXXX 's case, she has been bold enough in prior responses to use statements such as " We consider this matter to be closed, '' only for Mr. XXXX XXXX to have to respond to a new complaint and admit that Wells Fargo violated a consent agreement/consent order. 

Ms. XXXX XXXX has demonstrated an extreme level of incompetence that has legal ramifications for her employer. She has all but perjured herself in prior responses to my complaints. 

So that Wells Fargo can not hide, my request is as follows : 1 ) Provide, a description of the " payment deferment, '' XXXX XXXX refers to in his response to complaint XXXX, to include begin period, end period, maximum duration allotted. 2 ) Provide a statement on compliance with Michigan 1963 Const., Art. II, and Art. V, Section 29 ; 1976 PA 220 and PA 453 ; and Rules Governing Organization and Procedures of the MCRC, to include a description of the WF XXXX anti-discrimination policy used in origination, underwriting, and evaluation of acquired and created loan products that prevent violations under State of Michigan. Statement on compliance with XXXX as amended to include a description of the WF XXXX anti-discrimination policy used in origination, underwriting, and evaluation of acquired and created loan products that prevent violations under Federal Law. 3 ) Provide an explanation of key factors underwriting used for grating the " payment deferment '' periods that exceeded the period as outlined in my MPN. 4 ) Provide an explanation as to why I am viewed as a higher-risk for periods beginning XX/XX/XXXX thru present for which I have been denied in-school forbearance moving forward. This is important because Wells Fargo conducted a credit inquiry with XXXX on XXXX XX/XX/XXXX without my knowledge or consent. 5 ) Provide an explanation as to the extent which my age, to include any calculation of approximate age made based upon the loan origination date, impacted the decision to deny my in-school forbearance request on XXXX XX/XX/XXXX, and an explanation as to the extent any risk-assessment was made based upon the loan origination date in conjunction with my sex, inferred XXXX background/race were risk exposure under the current pandemic. 6 ) Place me in the internship forbearance program for periods of XX/XX/XXXX thru XX/XX/XXXX and XX/XX/XXXX thru XX/XX/XXXX. Extension of in-school forbearance time thru six months beginning XX/XX/XXXX as offset for in-school forbearance used instead of XXXX  forbearance.7 ) Removal of adverse credit history reported for periods XX/XX/XXXX thru present as offset for placement into an internship forbearance I was entitled to but was not made aware of ; Alternatively placed in in-school forbearance for periods of XX/XX/XXXX thru XX/XX/XXXX. 8 ) Remove of adverse credit information furnished to any Credit Reporting Agency for periods beginning XXXX XX/XX/XXXX and ending coincident with date of approval of in-school forbearance request mentioned above ; Alternatively placed in the " payment deferment '' program periods of XX/XX/XXXX XXXX XX/XX/XXXX. Removal of adverse credit information furnished to any Credit Reporting Agency for periods beginning XXXX XX/XX/XXXX and ending coincident with date of approval of payment deferment request above ; Alternatively placed in temporary forbearance on account of hardship citing current XXXX pandemic until end of last National and State COVID-19 disaster and/emergency declarations plus an additional three ( 3 ) months. This includes any Federal public health emergency declaration, decree, Executive Order, or legislation as declared by any agency within the Executive or Legislative branches in response to the SARS-CoV-2 aka COVID-19 pandemic. 9 ) remove adverse credit information furnished to any Credit Reporting Agency for periods beginning XXXX XX/XX/XXXX and ending coincident with date of approval of temporary forbearance request above. 


On XXXX XX/XX/XXXX, Mr. XXXX XXXX responded to Wells Fargo complaints XXXX, XXXX, XXXX and XXXX. He responds dierctly to my identification of violations of Consent Order XXXX that have harmed me as a consumer, " We appreciate your concern about the Consumer Financial Protection Bureau ( CFPB ) announcement ; we are taking all appropriate steps to remedy the concerns. Your feedback is very important to us. We hope to have a future opportunity to meet and exceed your service expectations. We are deeply committed to serving you and your financial needs. '' The future opportunity is now and the requests are outlined above. My requests are perfectly within the scope of what Wells Fargo can do for me within confines of the policies for forbearance programs they have available that I qualify, or qualified for when denied. The question is whether Wells Fargo is willing to do the right thing. 

Copies of my XXXX  offer letters are attached, as is the XXXX XXXX forbearance denial and the XXXX XX/XX/XXXX response from XXXX XXXX at Wells Fargo

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation