Santander will improve consumer protections in Fed agreement

Santander will improve consumer protections in Fed agreement

© Luke MacGregor / Reuters

Santander has been under fire since 2015 when regulators faulted the bank for charging unfair rates for auto loans.

Last month, the Office of the Comptroller of the Currency failed Santander on a test of community lending.

Under the agreement with the Fed, Santander has two months to improve management controls that would better protect consumers.

(Reporting By Patrick Rucker; Editing by Chizu Nomiyama)

TOP READS FROM THE FISCAL TIMES