BOSTON and DALLAS -

An enforcement action involving Santander Consumer USA (SCUSA) stemming from four years ago came to a conclusion on Thursday.

Santander Holdings USA and SCUSA confirmed in a news release that the board of governors of the Federal Reserve System has authorized the Federal Reserve Bank of Boston to terminate its written agreement with the bank and auto finance company that often caters to subprime customers.

Back on March 21, 2017, federal officials and the financial institution agreed that SCUSA was required to enhance its compliance risk management program, board oversight of risk management and senior management oversight of risk management.

Just before that agreement was first announced, then-SCUSA chief executive officer Jason Kulas discussed compliance at length during the finance company’s “Investor Day.”

“You’re going to hear us talk about (compliance) several times today and anytime you hear us speak, you'll hear that as a central component of our strategy,” Kulas said, according to the event transcript posted by the company. “We believe strongly that focusing on this is one of the keys to success in consumer finance for many years in the future and regardless of how the political winds may shift every four years or so.

“We’re going to continue to focus on compliance and putting the customer at the center of everything we do and making that a central component of how we are successful going forward,” he continued.

Current executives explained this week’s termination of that written agreement demonstrates the progress Santander has made in recent years.

“I am pleased with the progress we have made resolving these legacy issues,” Santander US chief executive officer Tim Wennes said in that news release. “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.”

And current Santander Consumer USA chief executive officer Mahesh Aditya added, “We are pleased that the Federal Reserve has acknowledged the significant strides that Santander Consumer has made to strengthen our business across the board.

“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,” Aditya went on to say.