WASHINGTON—The Consumer Financial Protection Bureau, preparing to propose a fresh rule to rein in bank overdraft fees, announced an enforcement action on Thursday against Santander Bank N.A. over alleged illegal overdraft practices. The agency entered into a settlement with Santander, in which the lender was ordered to pay $10 million for allegedly using a telemarketing vendor that signed up bank customers to its overdraft program without their consent. ...
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. In an email sent on Tuesday, CFPB director Richard Cordray said he was “deeply concerned” about the bank’s conduct in this case.