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Wells Fargo Agrees to Clean Up Student Loan PracticesTop Five Student Lenders Agree to New Code of Conduct |
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May 29, 2007
In the latest development in Cuomo’s nationwide investigation, San Francisco-based Wells Fargo has agreed to abide by the Attorney General’s Code of Conduct for education loan practices. “With this agreement, the five largest providers of student loans in the country have signed on to my office’s Code of Conduct," Cuomo said. "The message is clear – lenders large and small must adhere to best practices and help restore integrity to the student loan industry.” To date, 24 schools have committed to Cuomo’s Code of Conduct, 9 of which have agreed to reimburse students over $3 million for the cost of revenue sharing agreements. Other than Wells Fargo, Cuomo’s investigation has resulted in agreements with the nation’s four largest student loan providers - Citibank, Sallie Mae, JP Morgan Chase, and Bank of America - as well as with Education Finance Partners (EFP) and CIT. Sallie Mae, Citibank, EFP, and CIT have also agreed to contribute $9.5 million to a national fund established by Cuomo that will educate high school students and their families about the financial aid process. On May 7, 2007, the New York State Legislature passed the Student Lending Accountability, Transparency, and Enforcement (SLATE) Act of 2007, which was sponsored at the request of Cuomo and is the first piece of legislation in the country aimed at ending the widespread conflicts of interest the student loan industry. The Code of Conduct adopted by Wells Fargo includes the following provisions:
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