Consumer complaint received 2022-09-21
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: WELLS FARGO & COMPANY (MI)

Wells Fargo is engaging in unfair, unlawful, and abusive billing practices as defined under 12 U.S. Code 5536 and that are prohibited under 12 U.S. Code 5531. The practices are unlawful under TILA/Regulation Z 1026.2 ( a ) ( 4 ) that the statement generation date be consistent with a variance of plus/minus four ( 4 ) day from the date established by the first bill. Moreover, the interval between statement generation and statement due-date must be within twenty-one ( 21 ) days, or allegedly twenty ( 20 ) days according to the WF response on XXXX XX/XX/XXXX to CFPB comlaints XXXX, XXXX and XXXX. The statement generation date was more than XXXX days ( XXXX ) beyond the date established by the first bill on XX/XX/XXXX. Therefore, every statement generation date thereafter was more than four ( 4 ) days beyond the date established by the first bill : XX/XX/XXXX. These practices are unfair because WF is also violating its internal policy as expressed by XXXX XXXX on XXXX XX/XX/XXXX in response to CFPB comlaints XXXX, XXXX and XXXX. These practices are unfair and unlawful because they are outside what is permitted under 12 CFR 1026.2 ( a ) ( 4 ) in establishing equal cycles. The impact of WF unlawful practices are magnified because WF has then furnished the outcomes of their unlawful billing practices to the CRAs claiming payment was not received by the statement due date. Now, the CRAs expect that the data furnished to it by subscribers is complete, accurate, and verifiable, and that such data was the result of lawful practices under federal regulations and federal law. I have filed multiple billing error notifications under 15 U.S. Code 1693f. Since WF billing practices were in violation of 12 CFR 1026.2 ( a ) ( 4 ), and since I have filed multiple billing errors regarding the matter beginning XXXX of XXXX, with WF opting not to conduct investgations under 12 U.S. Code 5534 and as required under 12 CFR 1026.13, the history as reported to the CRAs is patently prohibited under 15 U.S. Code 1681s ( a ) ( 1 ). The fact is, with over one-hundred and fifty ( 150 ) complaints filed, WF knows, or should know, that their billing and reporting practices were prohibited and that they have a duty to remove the information from my credit files under 15 U.S. Code 1681s2 ( a ) ( 2 ). They have opted not to do such and instead have sought to deny any billing issues exist, despite receiving annotated versions of documentation they supplied to me clearly indicating the violations of law and regulation. In fact, their response to one particular instance was to deny they were subject to TILARegulation Z 12 CFR Part 1026 because the account was not subject to the Fair Credit Banking Act ( FCBA ). Their practices are unlawful, abusive, unfair and show a total disregard for federal law and the regulators that have oversight responsibility. Copies of the statements in violation of TILARegulation Z are attached and include a copy of CFPB interpretation of 12 CFR Part 1026.2.