Board Oversight. Within 30 days of this Agreement, the board of directors of Santander Holdings shall submit to the Reserve Bank written procedures acceptable to the Reserve Bank to strengthen board oversight of management regarding planned capital distributions by Santander Holdings and any subsidiary. The procedures shall, at a minimum, provide for the following actions to be taken prior to requesting approval of proposed dividends or capital distributions (as defined in 12 CFR 225.8(c)(2)) pursuant to the provisions of paragraph 3, below:
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Sources: Written Agreement (Santander Holdings USA, Inc.), Written Agreement