Santander on CFPB’s DOJ Referral: We’re Fine
Santander's subprime auto financing operations have attracted the CFPB's attention, resulting in the bureau turning over its allegations to the Department of Justice. The allegations involve statistical disparities in dealer markups to protected groups and its handling of certain types of income in its underwriting process. The company, which originated more than $7.6 billion in loans in Q2, does not believe that any proceedings "would have a material adverse effects" on its financial position. [8/17/15]