SC - Santander Consumer USA ordered to pay $4.75M penalty by CFPB

The Consumer Financial Protection Bureau orders Santander Consumer USA (SC) to pay a $4.75M civil penalty for allegedly violating the Fair Credit Reporting Act.The consent order was issued in connection with Santander, a major originator and servicer of nonprime auto loans and leases, providing erroneous consumer loan data to consumer reporting agencies.The consumer loan data Santander furnished to CRAs between January 2016 and August 2019 contained many systemic errors that in many instances, could have negatively impacted consumers’ credit scores and access to credit, the CFPB said.Earlier today, the CFPB issued a consent order to Discover Bank related to alleged violation regarding student loans.

For further details see:

Santander Consumer USA ordered to pay $4.75M penalty by CFPB