Santander Consumer USA Inc.

In December 2020, the Consumer Financial Protection Bureau imposed a $4.75 million fine on Santander for violations of the Fair Credit Reporting Act related to inaccurate reporting of auto loan data to credit bureaus. The enforcement action addressed systemic failures in Santander's consumer data reporting practices. While the action did not involve fintech partnerships directly, it is relevant to the BaaS context because accurate data reporting to credit bureaus is a critical compliance obligation for sponsor banks and their fintech partners in lending programs. The action highlighted the CFPB's continued focus on data accuracy in consumer lending.

Verified from source: The CFPB issued a consent order against Santander Consumer USA Inc. for violating the Fair Credit Reporting Act and Regulation V by furnishing inaccurate consumer loan information to CRAs between January 2016 and August 2019, imposing a $4,750,000 civil money penalty.