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February 04, 2021
Federal Reserve Board announces termination of enforcement action with Santander Holdings USA, Inc. and Santander Consumer USA, Inc.
For release at 11:30 a.m. EST
The Federal Reserve Board on Thursday announced the termination of the enforcement action listed below:
Santander Holdings USA, Inc., Boston, Massachusetts and Santander Consumer USA, Inc., Dallas, TexasWritten Agreement dated March 21, 2017 (PDF)Terminated February 2, 2021
Additional enforcement actions can be searched for here.
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Last Update: February 04, 2021
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BOSTON and DALLAS, Feb. 4, 2021 /PRNewswire/ Santander Holdings USA, Inc. ( SHUSA ) and Santander Consumer USA Holdings Inc. (NYSE:SC) ( SC ), today confirmed that the Board of Governors of the Federal Reserve System has authorized the Federal Reserve Bank of Boston to terminate its Written Agreement dated March 21, 2017, with SHUSA and SC s wholly-owned subsidiary, Santander Consumer USA Inc.
Since 2015, SHUSA and SC have made significant progress in strengthening board oversight, compliance, risk management, capital planning and liquidity risk management. The 2017 Written Agreement required Santander to strengthen risk management across Santander US, and its termination demonstrates the progress Santander has made in recent years. The enhancements made to SHUSA s and SC s risk programs in response to the 2017 Written Agreement are now fully embedded in Santander s US operations.
Santander Consumer USA Partners with Operation HOPE to Provide Financial Wellness Program for Employees
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DALLAS, Feb. 2, 2021 /PRNewswire/ Santander Consumer USA Holdings Inc. (NYSE: SC) ( SC and the Company ), has partnered with Operation HOPE, Inc. to offer HOPE Inside, an award-winning financial wellness program, to all SC employees. HOPE Inside provides a series of financial workshops and one-on-one personal coaching sessions designed to educate and transform thinking when it comes to making decisions about money, building wealth and working toward financial independence. Diversity, equity and inclusion are major priorities for SC, said Mahesh Aditya, President and CEO of SC. As we explore what it truly means to be an inclusive company, we know that when people are unable to save or invest, or don t have healthy habits surrounding the finer points of financial drivers like credit, lending and interest rates, th
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On December 22, 2020, the Consumer Financial Protection Bureau (“CFPB”) reached a $4,750,000 settlement with automobile lender Santander Consumer USA Inc. in connection with its alleged failure to accurately report its consumers’ data to the credit reporting agencies (“CRAs”).
According to the Consent Order, between January 2016 and August 2019, Santander knew or should have known that it was reporting inaccurate information on millions of accounts as it had received notice from at least one CRA of the errors as early as 2016, its own internal investigation revealed several errors, and the information reported was inconsistent. One of the primary errors – which occurred over 23 million times – related to the inaccurate reporting of the Date of Account Information (“DOAI”) and Date of First Default (“DOFD”). In some instances, Santander’s system reported identical information for the DOAI