On June 25, the Fed announced the execution of a written agreement with a registered savings and loan holding company, and its affiliate banks, to oversee its consent order requirements deriving from an OCC consent order from October 2023. Under the agreement, the bank will have 60 days to prepare a written plan to the Fed to strengthen board oversight and must include actions to (i) maintain effective risk management programs, (ii) ensure those risk management programs will be managed appropriately, (iii) monitor adherence to applicable laws and regulations, (iv) improve supervision of, and maintain control over, operations and activities, and (v) improve the comprehensiveness and quality of reports reviewed by the board. The bank will also have 60 days to submit a written strategic plan and budget to the Fed that will outline the firm’s short- and long-term strategic goals, the firm’s financial condition, a budget for the remainder of 2024, and a budget review process. Additionally, the Fed will require the banks to submit a written statement on their planned uses of cash for the remainder of 2024.