The Board of Governors of the Federal Reserve System entered into an agreement with Santander Holdings USA, Inc., the bank holding company of Santander Bank, N.A. and various non-bank subsidiaries, for Santander Holdings to strengthen its board of directors’ oversight, risk management, capital planning and liquidity risk management. This agreement followed the Fed’s identification of deficiencies in these elements by Santander Holdings during a recent inspection. Under the agreement, Santander Holdings has 60 days to submit a written plan to the Fed outlining its proposed enhancements, and within 10 days of Fed approval, the firm must adopt the plan. Within 30 days of each calendar quarter, Santander Holdings must provide progress reports to the Fed.