Lessons in Fair Lending: Santander Holdings USA, Inc.

Last week the Federal Reserve Bank of Boston released the written agreement between Santander Holdings USA, Inc. and the Federal Reserve Bank. There are at least two things about this document that are noteworthy: (1) the level of detailed requirements and (2) the fact that the Boston Fed Bank made this level of detail public. […]

The Need for Monitoring: Honda Motors Consent Agreement

This week the the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) signed a consent agreement with American Honda Finance Corporation in response to discretionary auto loan pricing and compensation practices. CFPB Director Richard Cordray commended Honda for being proactive in addressing these practices, but had Honda been monitoring more closely, they wouldn’t […]

What Compliance Officers Can Learn from JPMorgan Chase

In a recent filing with the Securities and Exchange Commission, JPMorgan Chase reported that it has been questioned by the U.S. Department of Justice regarding possible racial disparities in loans the bank purchased from auto dealers. While the report does not mention whether the bank is the target of the probe or simply participating in […]