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Santander and CFPB Reach Overdraft Consent Order
On Thursday, July 14, 2016, the CFPB announced a consent order with Santander regarding overdraft policies. The Bureau alleged Santander’s telemarketers engaged in deceptive practices by signing consumers up for overdraft services without their consent, implying the overdraft services were free, insinuating there would be fees if consumers did not opt in, falsely claiming the call was not a sales pitch, and failing to stop these tactics. Under the consent order, the CFPB required Santander pay $10 million in civil money penalties, give previously enrolled customers the opportunity to affirmatively opt into the service, eliminate the use of vendors to tele-market overdraft service, and increase oversight of all third-party telemarketers.