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Violation Tracker Individual Record

Company: Santander Consumer USA Inc.
Current Parent Company: Banco Santander
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $550,000,000
Year: 2020
Date: May 19, 2020
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Mega-Scandal: Predatory Lending
Violation Description: Santander agreed to pay $550 million to resolve multistate litigation alleging that the bank, through its use of proprietary credit scoring models to forecast default risk, knew that certain consumer segments were likely to default, yet issued high-interest automobile loans to them anyway.
Level of Government: state
Action Type: agency action
Agency: Multistate Attorneys General Case
Civil or Criminal Case: civil
HQ Country of Current Parent: Spain
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.