Wells Fargo is an enormous company. To them, $4.1 million is almost nothing. It doesn't affect the company at all. They probably made way more than $4.1 million from their illegal practices, so they are not likely to stop. If the penalty is so small, there isn't much incentive for them to do things legally.
A huge bank like that can definitely afford to pay more, so this relatively low amount is not going to be much of a deterrent. The amount needs to be high enough to disrupt how they work and put a dent in their profit in order for the punishment to stick.
$4.1 million in penalties for illegal student loan practices is not a sufficient penalty to deter future infractions. The harsh reality is that this monetary amount is chump change to a company like Wells Fargo. It will simply consider this a loss on its income statement and use it for tax advantages. The company makes too much money in spite of this to change.
Hopefully it will deter some of those types of practice. , I think the only successful deterrent is to keep examining student loan practices and keep applying penalties to infractions. Otherwise, it's easy enough for institutions to keep repeating them. If banks know they're going to be audited, they'll have to stop.