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ARTICLE · 05 JANUARY 2021

Loan Originator Settles CFPB Charges For Consumer Reporting Violations

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CFPB Press Release: Consumer Financial Protection Bureau Settles with Santander Consumer USA Inc. for Credit Reporting Violations in Connection with Its Auto Loans.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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An originator and servicer of auto loans settled Consumer Financial Protection Bureau (the "Bureau") charges for furnishing inaccurate consumer loan data to consumer reporting agencies ("CRAs") in violation of the Fair Credit Reporting Act ("FCRA").

According to the Consent Order, the Bureau found that the company:

  1. failed to furnish accurate information regarding whether accounts were open or closed;
  2. failed to promptly update and correct information furnished to CRAs that the company knew to be incomplete or inaccurate;
  3. failed to provide data relating to the date of first delinquency (or "DOFD") for certain delinquent or charged-off accounts; and
  4. failed to establish and implement reasonable written policies regarding the accuracy and integrity of information provided to CRAs.

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