Santander (CFPB) has ordered The Consumer Financial Protection Bureau to pay $10m over alleged illegal overdraft practices. The bank has not yet denied the allegations, suggesting that it used a telemarketing vendor that signed up bank customers to its overdraft program without their consent between 2010 and 2014. The CFPB is expected to tighten scrutiny later this year, restricting overdraft programs and thus reducing potential income for banks.
The Consumer Financial Protection Bureau (CFPB) has ordered Santander to pay $10m over alleged illegal overdraft practices. The bank has not yet denied the allegations, suggesting that it used a telemarketing vendor that signed up bank customers to its overdraft program without their consent between 2010 and 2014. The CFPB is expected to tighten scrutiny later this year, restricting overdraft programs and thus reducing potential income for banks.