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Fed to Santander: Overhaul Your Governance Practices

Jaclyn Jaeger | July 10, 2015

The Federal Reserve Board this week levied an enforcement action against Santander, ordering it to overhaul its governance practices in the areas of board oversight, risk management, capital planning, and liquidity risk management. No financial penalties were issued.

In a written agreement, the Fed said that the most recent inspection of Santander Holdings, the U.S. unit of Santander, conducted by the Federal Reserve Bank of Boston identified “deficiencies in the organization’s governance, risk management, capital planning, and liquidity risk management.” The bank has 60 days from July 2, the date the agreement was issued, to implement the changes.

“This written agreement underlines how much work we have to do to meet our standards of excellence and our regulators’ expectations," a Santander Holdings USA spokeswoman said in a statement to Compliance Week. "We have begun a...

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