Fed ends four-year-old enforcement action against Santander units

An enforcement action against units of the Santander USA financial firm nearly four years ago has been terminated by the Federal Reserve, the agency said Thursday.

The Fed said the action applies to Santander Holdings USA, Inc., of Boston and Santander Consumer USA of Dallas.

The termination applies to an action taken March 21, 2017. According to that original order, Santander Holdings had taken by 2017 some (but not all) of the “necessary actions” set out in a 2015 written agreement to strengthen board oversight of management and operations and submit a written plan to enhance a risk management program across the firm.

The firm also had what the Fed called “deficiencies” in the compliance risk management program of Santander Consumer.

Federal Reserve Board announces termination of enforcement action with Santander Holdings USA, Inc. and Santander Consumer USA, Inc.