Daily News: August 31, 2018

OCC Terminates Santander Bank Consent Order

Santander Bank¬†confirmed that the Office of the Comptroller of the Currency (OCC) has terminated a consent order dating back to 2015 related to SBNA’s billing practices with regard to a legacy identity theft protection product known as “Sovereign Identity Protector.”

This consent order termination is the latest in a series of regulatory milestones that Santander U.S. has achieved over the past year, including most recently the termination of Santander’s 2015 written agreement with the Federal Reserve. SBNA also earned an upgraded Community Reinvestment Act rating in April, while SHUSA passed the Federal Reserve’s Horizontal Capital Review for a second consecutive year in June.

“Today’s news highlights the significant progress we’ve made as a business this year,” said Scott Powell, Santander US CEO. “We are resolving legacy issues and running Santander US at high operating standards. We look forward to operating with greater freedom as we continue building trust with new and existing customers.”

“Fixing and strengthening our foundation through these regulatory improvements allows us to shift our focus to better serving our customers,” said Duke Dayal, Santander Bank president and CEO. “By delivering on our customer promise, we will continue to build on these successes, increase our loyal customer base and deliver significant growth for the bank.”