Santander Says It’s Facing Potential CFPB Enforcement Action

Spanish banking giant Santander’s U.S. unit said it’s facing a potential Consumer Financial Protection Bureau enforcement action.

The CFPB notified Santander Consumer USA Holdings Inc. that the bureau had “identified potential claims it may bring” against the company, Santander said Friday in a securities filing. The CFPB’s Notice of Opportunity to Respond and Advise letter, sent in February, gave Santander the chance to respond to the findings.

Santander didn’t say what potential violations the CFPB found. But the Dallas-based bank revealed in a November securities filing that the CFPB was investigating potential violations of the Fair Credit Reporting Act. ...