Puerto Rico Gov. Ricardo Rosselló a pair of executive orders to achieve efficiencies in the Insurance Commissioners’ Office and the Office of the Commissioner of Financial Institutions, as well as other offices related to the agricultural industry.
Gov. Ricardo Rosselló announced Thursday the appointment of George R. Joyner as head of the Office of the Financial Institutions Commissioner, known as OCIF in Spanish.
Following weeks and months of speculation about its fate, the Puerto Rico Office of the Commissioner of Financial Institutions and the Federal Deposit Insurance Corporation, announced Friday the closing of Doral Bank’s local and stateside operations.
Educated Investor recently awarded transaction processing firm EVERTEC the silver for successfully participating in the Financial Fitness Challenge, an event organized in Puerto Rico by the Office of the Commissioner of Financial Institutions’ Institute for Financial Education in collaboration with the Society for Human Resources Management.
The Office of the Commissioner of Financial Institutions, Puerto Rico’s banking watchdog, was left out of the talks leading to the agreement through which the Treasury Department approved a $229 million tax refund to Doral Financial Corp., the regulator said Tuesday during a House public hearing.
Following a year during which Puerto Rico’s banking sector has been mindful of its operating costs and some have specialized in areas where they believe to be most competitive, 2014 is expected to continue posing “serious challenges,” especially since the island’s economy is facing challenges of its own, Office of the Financial Institutions Commissioner Rafael Blanco predicted during a recent interview.
The Office of the Financial Institutions Commissioner announced it has entered into an agreement with Utah-based UBS Bank USA through which the latter will transfer a securities-backed loan portfolio worth $562 million to UBS Financial Services Inc. of Puerto Rico.
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.
The Financial Institutions Commissioner (known as OCIF for its initials in Spanish) announced Thursday it issued a “Cease and Desist” order against Hotel Campomar and Restaurant in Toa Baja, and its president Carlos Fuentes, for operating an unlicensed gambling hall.
Gov. Luis Fortuño appointed former BBVA executive and banking industry veteran Rafael Blanco to head the Office of the Financial Institutions Commissioner, effective Jan. 1. Blanco will succeed current OCIF chief Alfredo Padilla, who will retire after nine years at the agency.
Puerto Rico’s financial sector, one of the island’s key economic components, seems to be rebounding for the first time in four years, reporting $171 billion in combined assets during the second quarter of 2011.
Puerto Rico’s main banks had more than $75.6 billion in combined assets at the end of 2010, reflecting a year-over-year drop of 15.6 percent, according to a report released by the Office of the Commissioner of Financial Institutions.
Some 18,000 homeowners in Puerto Rico were facing the possibility of losing their homes to their mortgage bank as of November 2010, the Financial Institutions Commissioner’s office (OCIF, as it is known by its initials in Spanish) said Tuesday.
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