The Associate Chairman of the American Association of Retired Persons, Eddie Olivera-Robles, on Wednesday backed a measure amending the Compulsory Mediation and Home Preservation Act, to give it more teeth when it comes to foreclosure proceedings.
Puerto Rico’s banking sector, which has been weathering the island’s economic storm for the better part of the last decade, could benefit from the arrival of the Fiscal Control Board, and the trust it could instill on future investors, Financial Institutions Commissioner Rafael Blanco said.
Following the Commonwealth of Puerto Rico's default, ratings for the island's two main banks, Popular (BPOP) and First BanCorp (FBP), will not be immediately affected, according to Fitch Ratings.
Last year, despite sluggish economic growth in China that has made worldwide headlines, funding by CDB and the China Export-Import Bank reached a near-record $29 billion.
The decision announced Wednesday by the Federal Reserve System to increase interest rates by 25 basis points “does not represent a significant impact” on Puerto Rico’s economy or for bank customers.
Arturo Carrión, who for the last 29 years served as executive vice president of the Puerto Rico Bankers Association, is retiring from his post on June 30, when he will be succeeded by Zoimé Álvarez-Rubio, trade group President José Rafael-Fernández announced Tuesday.
The U.S. Small Business Administration approved 165 loans for $26.9 million in Puerto Rico and the U.S. Virgin Islands during the first three months of fiscal year 2015, an 11 percent and 66 percent increase, respectively, over first-quarter approvals in 2014.
Puerto Rico’s commercial banks will be observing today’s Martin Luther King holiday with special hours, scheduled as follows:
Tired of ATM fees, overdraft penalties, charges for checking account maintenance, among other service expenses, customers are tilting more toward credit unions over commercial banks, the most recent report by the American Customer Satisfaction Index, overseen in Puerto Rico by Anderson Research International, concluded.
WASHINGTON — One of Cuba’s top experts on international finance was decidedly pessimistic when discussing the island’s economic prospects at a recent conference in Washington.
The cash-strapped Puerto Rico Electric Power Authority announced Monday it had reached an agreement with lenders who provide revolving lines of credit used to pay for purchased power, fuel and other expenses.
Puerto Rico’s commercial banks will be observing the July 4th Independence Day celebration holiday with special hours Friday, scheduled as follows:
Puerto Rico’s financial system — which comprises local and international commercial banks, cooperatives, mortgage and investment companies, and public banks, among others — reported $147.6 billion in assets during the third quarter of 2013, down about 2 percent from the $151.2 billion on record for the same period in 2012.
Several major Puerto Rico banks will be operating on a special schedule today in observance of the Discovery Day holiday.
A new financial regulation defining “qualified mortgages” is due to take effect in January 2014. It would make the approval process for a mortgage stricter, both in the United States and Puerto Rico.
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