Santander Consumer USA

PPP guidance, Santander's settlement, Wells' virus response: Top stories of the week


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.


Santander reaches auto loan settlement; OCC’s Otting to Step down


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.


Santander Consumer reaches $550M settlement with state AGs


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.


How the coronavirus crisis is upending auto lending


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.


New Santander Consumer chief: Fiat partnership is still main focus


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.


Santander US names chief strategy officer


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


Santander CEO's growth plan: Challenge fintechs, emphasize global ties


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.


Shake-up continues at Wells Fargo with poaching of Santander's CEO


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 former colleague at JPMorgan Chase.


FirstBank to buy Santander's Puerto Rico operations for $1.1 billion


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.


Santander's deposit push; HSBC’s strategic about-face


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.