BOSTON and DALLAS,
Feb. 4, 2021 /PRNewswire/ --
Santander Holdings USA, Inc.
("SHUSA") and Santander Consumer USA Holdings Inc. (NYSE: SC) ("SC"), today
confirmed that the Board of Governors of the Federal Reserve System
has authorized the Federal Reserve Bank of Boston to terminate its Written Agreement
dated March 21, 2017, with SHUSA and
SC's wholly-owned subsidiary, Santander Consumer USA Inc.
Since 2015, SHUSA and SC have made significant progress in
strengthening board oversight, compliance, risk management, capital
planning and liquidity risk management. The 2017 Written Agreement
required Santander to strengthen risk management across Santander
US, and its termination demonstrates the progress Santander has
made in recent years. The enhancements made to SHUSA's and SC's
risk programs in response to the 2017 Written Agreement are now
fully embedded in Santander's US operations.
"I am pleased with the progress we have made resolving these
legacy issues," said Tim Wennes,
Santander US CEO. "Today's announcement is an important milestone
for Santander in the US and speaks to the hard work and dedication
of our colleagues across the US and particularly at SC."
"We are pleased that the Federal Reserve has acknowledged the
significant strides that Santander Consumer has made to strengthen
our business across the board," said Mahesh Aditya, Santander
Consumer USA CEO. "Our employees
have worked tirelessly to build a culture with a compliance mindset
where the highest operating standards are the norm. That is the
company we have today, and we look forward to our next
chapter."
About Santander Consumer USA
Holdings Inc.
Santander Consumer USA Holdings
Inc. (NYSE: SC) ("SC") is a full-service consumer finance company
focused on vehicle finance, third-party servicing and delivering
superior service to our more than 3.1 million customers across the
full credit spectrum. SC, which began originating retail
installment contracts in 1997, had an average managed asset
portfolio of approximately $64
billion (for the fourth quarter ended December 31, 2020), and is headquartered in
Dallas, Texas.
(www.santanderconsumerusa.com)
Santander Holdings USA, Inc. (SHUSA) is a
wholly-owned subsidiary of Madrid-based Banco Santander, S.A. (NYSE: SAN)
(Santander), a global banking group with more than 146 million
customers in the U.S., Europe and
Latin America. As the intermediate
holding company for Santander's U.S. businesses, SHUSA is the
parent organization of five financial companies with approximately
15,000 employees, 5 million customers and assets of approximately
$150 billion as of September 30, 2020. These include Santander Bank, N.A., Santander Consumer
USA Holdings Inc. (NYSE: SC),
Banco Santander International of Miami, Santander Securities LLC of
Boston, Santander Investment
Securities Inc. of New York, and
several other subsidiaries.
CONTACTS:
Santander US Media Relations
Laurie Kight
214.801.6455
mediarelations@santander.us
Investor Relations
Evan Black
800.493.8219
InvestorRelations@santanderconsumerusa.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/santander-holdings-usa-inc-and-santander-consumer-usa-inc-confirm-termination-of-written-agreement-with-federal-reserve-bank-of-boston-301222579.html
SOURCE Santander Consumer USA
Holdings Inc.