OCC Ends Consent Orders Against U.S. Bank and Santander

The Office of the Comptroller of the Currency (OCC) has announced the termination of its mortgage servicing-related consent orders against U.S. Bank and Santander Bank after determining the banks are in compliance with the orders. 

The OCC—and, in the case of Santander, the former Office of Thrift Supervision (OTS)—issued orders against the banks in April 2011, with the OCC amending the orders in February 2013 and June 2015 after it determined that both banks failed to correct deficiencies identified in original consent orders in a timely fashion. 

The OCC assessed a $10 million civil money penalty against U.S. Bank and a $3.4 million civil money penalty against Santander. The assessed penalties will be paid to the U.S. Treasury.