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CFPB, which completed an information collection this summer on student loan servicing practices, reportedly began an investigation of Wells Fargo & Co.'s student loan servicing in late 2014.

The Wall Street Journal, which reported on the investigation, says it's not yet clear what servicing issues are being examined by the bureau or whether an enforcement action or settlement is expected. It notes Wells Fargo is the second-largest private student-loan originator by volume.

CFPB issued a request for information on the student loan servicing market this May. In a comment letter, NAFCU Regulatory Affairs Counsel Kavitha Subramanian urged the CFPB to exercise caution in issuing regulations on this market too soon and advised CFPB to consider credit unions' unique business model as member-owned cooperatives.

Subramanian cited NAFCU members' concerns that additional regulations could have the unintended consequence of reducing access to credit for student borrowers.