Santander to Pay Fine for Erroneous Accounting

Santander Settles SEC Claims of Improper Auto Loan Accounting
– Auto Finance News

Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, spoke with Auto Finance News for an article about Santander Consumer USA’s $1.5 million fine.

The Securities and Exchange Commission filed claims against the vehicle finance company for erroneous subprime loans. The publication noted that Santander failed to calculate and accurately report its credit loss allowance for certain impaired loans.

“Strengthening our internal controls over our financial statement disclosures and reporting has been a key focus of ours for the last two years, and we continue to make significant progress,” said Gottlieb.

Read the article here