Santander Agrees to $550 Million U.S. Settlement Over Subprime Auto Loans

REUTERS

Santander Consumer USA Holdings Inc said on Tuesday it had agreed to make changes to its underwriting practices as part of a $550 million settlement with 33 states and the District of Columbia over subprime auto loans.

The states said Santander violated consumer protection laws by placing borrowers with subprime credit into auto loans it knew carried a high probability of default. Santander has agreed to pay $65 million for restitution for some customers and to waive deficiency balances on loans worth $478 million. It will also pay $7 million to the states to manage restitution claims. read more »

Nasdaq tells Luckin Coffee of plans to delist the stock after sales fraud

CNBC

The Nasdaq Exchange has notified Luckin Coffee that it will delist the stock after the company disclosed that its former chief operating officer fabricated sales in 2019. read more »

FAA to mandate new safety-management tools for airplane manufacturers

REUTERS

The Federal Aviation Administration said Tuesday it would require Boeing Co and other aircraft manufacturers to adopt new safety-management tools in the wake of two fatal Boeing 737 MAX crashes that killed 346 people. read more »

Texas Man Charged with $5 Million COVID-Relief Fraud

DOJ

A Texas man has been charged in the Eastern District of Texas with allegedly filing bank loan applications fraudulently seeking more than $5 million dollars in forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Samuel Yates, 32, of Maud, Texas, allegedly sought millions of dollars in forgivable loans guaranteed by the SBA from two different banks by claiming to have over 400 employees earning wages when, in fact, no employees worked for his purported business. read more »