Within a seven-day span that included the co-founder and chief executive officer resigning and the chief financial officer being promoted to take his place, Santander Consumer USA’s parent company reached an enforcement action agreement with the Federal Reserve Bank of Boston.

Fed officials on Tuesday broke down a series of tasks Santander Holdings USA must complete within the next 60 days that fell under the categories of:

— Board oversight
— Risk management
— Capital planning
— Liquidity risk management
— Compliance with laws and regulations
— Progress reports

When it comes to board oversight, Fed officials are asking Santander to submit an “acceptable” written plan to strengthen board oversight of the management and operations of the consolidated organization. Among the elements this plan must include, the Fed mentioned:

— Actions that the board of directors will take to maintain effective control over, and supervision of, the consolidated organization’s risk management, capital planning and liquidity risk management, including, but not limited to, SCUSA’s operations and activities.

— Structure of Santander Holdings oversight of the consolidated organization, including a description of the committees and officer positions responsible for oversight as well as a description of the duties and responsibilities of each committee and officer.

— Responsibility of the board of directors in approving policies and procedures related to the consolidated organization’s material business lines and operations.

— Responsibility of the board of directors to monitor management’s adherence to approved policies and procedures, and applicable laws and regulations.

— Description of the information and reports that will be regularly reviewed by the board of directors in its oversight of the operations and management of Santander Holdings and its subsidiaries.

— Designation of a qualified and experienced individual to manage and oversee the development and implementation of the remedial actions required by this agreement.

— Formal project plan, including milestones, timetables, success measures and adequate funding for personnel and other resources to ensure the development and implementation of the remedial actions required by the agreement.

The Fed’s risk management demands include an assessment of the effectiveness of the current firm-wide risk management program as well as enhanced written policies, procedures and risk management standards designed to identify, assess, manage and monitor risk exposures. Officials are also asking Santander for the establishment of appropriate written risk tolerance guideline limits and controls to ensure adherence.

Next on Santander’s to-do list is capital planning, which incorporates the implementation of an effective capital planning and stress testing process that is “well documented and objectively evaluated by the board of directors and senior management,” according to the Fed.

Officials also are asking for an assessment of capital adequacy that takes into account the organization’s risk position across all exposures arising from its activities, the results of stress testing, loss estimates and risk to capital measures. They also are requesting enhancements to the consolidated organization’s systems and processes used to plan, project, and model capital levels as they relate to stress testing scenarios that are commensurate with Santander Holdings’ size, complexity and risk profile

When it comes to maintaining compliance, the Fed is requesting Santander comply with the notice provisions of Section 32 of the FDI Act as well as Regulation Y of the Federal Reserve Board of Governors when appointing any new director or senior executive officer, or changing the responsibilities of any senior executive officer so that the officer would assume a different senior executive position.

Finally, the Fed is requesting regulator updates. Within 30 days after the end of each calendar quarter, the board of directors of Santander Holdings or an authorized committee is being asked to submit written progress reports detailing the “form and manner of all actions” taken to secure compliance with the agreement, a timetable and schedule to implement specific remedial actions to be taken and the results.

“Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing by the Reserve Bank,” officials said.

“The provisions of this agreement shall not bar, estop, or otherwise prevent the Board of Governors, the Reserve Bank, or any other federal or state agency from taking any other action affecting Santander Holdings, its subsidiaries, or any of their current or former institution-affiliated parties and their successors and assigns,” they continued.

“This agreement does not supersede the written agreement entered into by Santander Holdings and the Reserve Bank dated Sept. 15, 2014,” officials went on to say about that announcement that is available here.

The Fed’s latest announcement extends what’s been a noteworthy span for Santander. SCUSA revealed late last Thursday that co-founder and CEO Thomas Dundon resigned and was replaced by president and CFO Jason Kulas.