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| A logo of Santander, the euro zone's largest lender by market value, is seen on a branch in the Andalusian capital of Seville, southern Spain January 27, 2016. |
The federal government determined in 2014 and 2015 that the banks had failed to fix the deficiencies identified in their consent orders and in June restricted their business. The Office of the Comptroller said those restrictions were lifted as well.
The two banks had been among mortgage servicers accused of faulty foreclosure practices after the 2008 housing crisis, media reports said.
"We are pleased to have this matter with the OCC resolved and remain committed to providing exceptional service to our residential mortgage customers," said U.S. Bank spokesman Dana Ripley, adding that employees had "worked very hard" over the past few years to implement improvements.