Santander Consumer USA Holdings Inc.'s board authorized the repurchase of up to $400 million of common shares as part of an amended 2018 capital plan of its majority stockholder, Santander Holdings USA Inc.

The Federal Reserve Board did not object to the buyback program, under which purchases may be made through the end of the second quarter.

The program is in addition to Santander Consumer USA Holdings' $200 million inaugural share repurchase program, which was completed in January.