WASHINGTON (MarketWatch) — The Federal Reserve announced Tuesday it has identified “deficiencies” in the internal operations of the U.S. unit of Spanish banking giant Banco Santander’s and said its board has entered into a written agreement to rectify the problems. Santander Holdings USA Inc., based in Boston, has several subsidiaries including Santander Consumer USA . The Fed said Santander’s board has agreed to submit written plans acceptable to the U.S. central bank to strengthen the oversight of the management of the consolidated organization, bolster the firmwide risk management program, and improve capital planning and liquidity risk management. Earlier this year, Santander Holdings was one of two banks to fail to meet the Fed’s standards during its annual “stress test.”
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