On August 15, the Fed released an enforcement action against a registered bank holding company and its parent company alleging financial and governance concerns. The agreement established concrete steps and regulatory standards to ensure the bank holding company will comply with a consent order issued by the OCC on April 2. The agreement emphasized the need to maintain sufficient capital and included provisions that require raising additional capital or improving the bank’s financial condition and submitting a cash flow projection and a capital plan within 60 days. The consent order aims to improve the bank’s operations and financial condition. Additionally, the companies are prohibited from declaring or paying dividends, engaging in share repurchases, or making any other capital distributions without prior written approval from the Fed. The companies also must seek prior written approval before taking on or managing any debt. Progress reports detailing actions taken to comply with the agreement will be submitted quarterly.