WASHINGTON (Reuters) - Santander has agreed to improve its consumer protections in an agreement with the Federal Reserve announced on Thursday that did not include any penalties.


Santander has been under fire since 2015 when regulators faulted the bank for charging unfair rates for auto loans.


Last month, the Office of the Comptroller of the Currency failed Santander on a test of community lending.


Under the agreement with the Fed, Santander has two months to improve management controls that would better protect consumers.


(Reporting By Patrick Rucker; Editing by Chizu Nomiyama)