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Deceptive acts lead to Santander penalty
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Banking
Friday, July 22, 2016
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The Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Santander Bank that will cost the company $10 million for having a third-party telemarketer deceptively signing up customers for overdraft services which the customers did not opt-in to receive. The CFPB called the action an enforcement against overdraft services abuses, but the crux of the consent order focused on shortcomings from the third party, and Santander’s lax oversight that contributed to the alleged harm. Read on for the details.
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