News Topic: Santander Consumer USA

The Consumer Financial Protection Bureau said that the Dallas-based auto lender knowingly supplied inaccurate consumer data to the three major credit reporting agencies. ... Read full article

The subprime lender cited low odds that Washington will deliver further economic relief, and the fact that $1.5 billion of loans whose deferral period expired are now more than 30 days behind. ... Read full article

The SBA and Treasury Department release more guidance on PPP loan forgiveness; Santander Consumer reaches $550M settlement with state AGs; how Wells Fargo's tech chief is managing coronavirus response; and more from this week's most-read stories. ... Read full article

One of the biggest subprime auto lenders agreed to pay $550 million to settle predatory lending charges; the bank regulator has largely completed his goal of overhauling the Community Reinvestment Act. ... Read full article

The lender will pay $65 million in restitution and forgive nearly $500 million in auto debt to settle charges that it steered subprime borrowers into risky loans. ... Read full article

Closed showrooms, temporary bans on repossessions and a sudden spike in unemployment have dimmed the prospects of a sector that has boomed since the last recession. ... Read full article

Loans made for Fiat Chrysler represented the largest chunk of Santander Consumer's lending in the fourth quarter, and Mahesh Aditya said their relationship is his top priority. ... Read full article

In the newly created role, Daniel Budington will be responsible for developing strategic partnerships and identifying growth opportunities. ... Read full article

New CEO Tim Wennes is counting on soon-to-launch digital offerings to boost consumer loans and deposits and playing up Santander's international reach in a bid to win over middle-market and corporate clients. ... Read full article

Scott Powell, who resolved numerous regulatory problems as the head of the Spanish bank's U.S. operations, will face similar challenges at scandal-plagued Wells. As the bank's chief operating officer, Powell will report to CEO Charles Scharf, a ... Read full article

The deal, which is expected to close in mid-2020, would create a company with nearly $18 billion of assets and more than $14 billion of deposits. ... Read full article

Santander Consumer is planning to attract online deposits via a national platform that could rival Goldman Sachs’s Marcus; HSBC is now in retrenchment mode after aiming for growth. ... Read full article

The hiring of Tim Wennes was one a series of leadership changes announced Wednesday by the holding company for the bank and the auto lender Santander Consumer. ... Read full article

The agreement is expected to solidify a lending partnership whose status had been in doubt for more than a year. But it raised as many questions as it answered. ... Read full article

Santander Bank and Santander Consumer USA have put many problems behind them in recent years under CEO Scott Powell, but he still has a Federal Reserve enforcement action to resolve and is negotiating with Fiat Chrysler to preserve a crucial auto lending ... Read full article

The surge in originations during the first quarter more than offset a decline in demand for new leases. ... Read full article

Executives from Ally Financial and Santander Consumer USA gave rosy outlooks this week about 2019 consumer trends, while other banks that rely less heavily on car lending offered more cautious appraisals. ... Read full article

The agency alleges the subprime auto lender violated consumer finance laws by misrepresenting the level of guaranteed insurance protection. ... Read full article