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Potentially higher legal costs are making it more difficult for banks to compete with those that have less demanding litigation settlements and regulatory penalties.
August 12 -
Santander Holdings USA entered into a written agreement with the Federal Reserve Bank of Boston about managing capital payments after one of its units issued an unauthorized dividend.
September 18 -
The city of Providence, R.I., has sued Santander Bank, alleging that bank violated the Fair Housing Act by refusing to make prime mortgage loans available in minority communities.
May 29
The City of Providence, R.I., has dropped its lawsuit against Santander Bank, over charges the bank deliberately failed to provide mortgages in minority communities.
The city in May accused the $77 billion-asset bank of scaling back lending in African-American and Latino neighborhoods while, at the same time, increasing originations in predominantly white neighborhoods.
In a federal complaint filed in the District of Rhode Island, the City of Providence said that the bank began redlining after its 2009 acquisition by the Spanish banking giant Banco Santander.
Meanwhile, Santander
News of the lawsuit dismissal was reported by the Providence Journal.
A spokesman for Santander declined to comment.
