FOR IMMEDIATE RELEASE
February 9, 2016
Contact: Bryan Hubbard
OCC Terminates Mortgage Servicing-Related Consent Orders Against U.S. Bank and Santander, Issues Civil Money Penalties
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today terminated mortgage servicing-related consent orders against U.S. Bank National Association (U.S. Bank) and Santander Bank, N.A. (Santander), and assessed civil money penalties against the banks for previous violations of the orders.
The OCC terminated the consent orders against these banks after determining that the institutions now comply with the orders. The OCC, and the former Office of Thrift Supervision in the case of Santander, originally issued orders against the banks in April 2011. The OCC amended them in February 2013 and June 2015. The termination of the orders ends business restrictions affecting U.S. Bank and Santander that the OCC mandated in June 2015.
The OCC assessed a $10 million civil money penalty against U.S. Bank and a $3.4 million civil money penalty against Santander.
The OCC found that U.S. Bank and Santander failed to correct deficiencies identified in the 2011 consent orders in a timely fashion. As a result, the OCC determined that U.S. Bank violated the 2011 consent order from October 1, 2014 through August 30, 2015, and that Santander violated the 2011 consent order from October 1, 2014 through December 31, 2015.
U.S. Bank and Santander will pay the assessed penalties to the U.S. Treasury.
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