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 securities fraud Protection Bureau ( CFPB ) has ordered Santander to pay $ 10 m over alleged illegal lending practices . The bank has not yet denied the charges , suggesting that it used a telemarketing service that signed up bank customers to its lending 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 .