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CFPB

July 2016

$10 Million For Alleged Deceptive Marketing (RegE Violations)

Santander allegedly deceptively marketed its Santander Account Protector (SAP) product, and allegedly failed to obtain a valid affirmative “opt-in” consent before charging for overdraft fees in connection with ATM and one-time debit card transactions.

Santander allegedly misled consumers about:

Additionally, Santander allegedly turned a blind eye when CSRs deviated from approved scripts (under pressure of discipline or termination for failure to meet sales goals).

As a result Santander must:

And, oh yeah – they have to pay $10 million in civil penalties.
http://files.consumerfinance.gov/f/documents/20160714_cfpb_Consent_Order.pdf
jbho: a reminder that you should probably include remuneration criteria in any risk calculus.

Also, fellow ToastMasters may enjoy how the quotes in the complaint include all the ‘ums’ spoken by the CSRs.

 

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