Fed Tells Santander’s U.S. Unit to Shape Up
By Ryan Tracy and Jeannette Neumann

Tuesday’s agreement starts with the basics, requiring Santander’s U.S. holding company to describe “the duties and responsibilities” of its top officers and “actions that the board of directors will take to maintain effective control over, and supervision of, the consolidated organization’s risk management.” Karen Shaw Petrou, managing partner at policy analysis firm Federal Financial Analytics Inc., said the move is consistent with regulators’ focus on corporate governance. She said, however, the broad action is “unusual at a time in which the regulators are focused typically on individual lines of business at individual institutions.”