Why Cash Is King In Puerto Rico

PYMNTS

Cash is king—and that is particularly true when it comes to helping victims of Hurricane Maria in Puerto Rico. Meanwhile, the Center for International Disaster Information provided 55 ways people can turn their goods into cash to send to Puerto Rico, including hosting a garage sale.

Tech Center: Microsoft In Montreal, Puerto Rico’s Entrepreneurism

PYMNTS

In this week’s Tech Center tracker, we round up the latest tech news happening around the globe, including Microsoft’s expansion of its artificial intelligence (AI) footprint in Montreal, how Puerto Rico is taking on tech innovation and Indianapolis’ efforts to lure tech talent. The New Puerto Rico. In an effort to revitalize its economy, Puerto Rico is working to foster tech innovation and entrepreneurialism within the country.

Fizzle Of The Week: Puerto Rico’s Cash Crisis

PYMNTS

Fizzle of the Week: Puerto Rico’s Cash Crisis. The troubles in Puerto Rico are almost too numerous to list: lack of fresh water, lack of food, lack of ability to communicate with the outside world and everyone’s least favorite lack of — power. Not only are the lights out in Puerto Rico, they are likely going to be out for quite some time. Puerto Rico is short on cash. Sizzle.

Off The Continent And Into Puerto Rico For Online SMB Lending

PYMNTS

In a partnership formed recently with Puerto Rico’s Oriental Bank, Biz2Credit said late last month that it has begun offering its digital lending platform to the bank’s commercial clients. The company has said that it is the first bank in Puerto Rico to offer digital services, ranging from business credit cards to working capital loans to SBA loans. For small businesses, expansion is key, and expansion needs capital.

Puerto Rico Issues Revised Fiscal Plan for COSSEC

Keith Leggett's Credit Union Watch

On April 19, the Government of Puerto Rico issued its Revised Fiscal Plan for the Public Corporation for the Supervision & Insurance of Cooperatives in Puerto Rico (COSSEC). However, the Financial Oversight and Management Board for Puerto Rico on April 20 postponed certifying the Fiscal Plan for COSSEC until it can complete further analysis of COSSEC's projections. According to the plan, Puerto Rico's 116 financial cooperatives have $8.7

How to make Puerto Rico your new crypto home

Perficient Financial Servies

Is Puerto Rico a haven for crypto-currency? Identifying the steps to becoming a bona fide resident of Puerto Rico as an individual and/or a company is a multi-step but well-documented process. What is a Bona Fide Resident of Puerto Rico? Just to be completely clear, Puerto Ricans are United States citizens. If you have a business in Puerto Rico providing services in Puerto Rico, you can exclude that income from federal taxes.

Helping distressed communities like Puerto Rico can boost banks' bottom line

BankThink

Financial literacy CRA Community banking Corporate philanthropy Puerto RicoIn providing aid, banks can earn Community Reinvestment Act credit and burnish their reputation.

Puerto Rico Oversight Board Certifies Fiscal Plan for Island's Credit Union Regulator and Insurer

Keith Leggett's Credit Union Watch

The Financial Oversight and Management Board for Puerto Rico has certified a fiscal plan for the Public Corporation for the Supervision & Insurance of Cooperatives in Puerto Rico (COSSEC). billion in deposits The fiscal plan acknowledges the risks coops face amid Puerto Rico’s fiscal crisis, as there is a high level of concentration in Puerto Rico’s debt among some cooperatives that could compromise the solvency of some.

First BanCorp in Puerto Rico freed from post-crisis regulatory order

BankThink

Community banking Capital Hurricane Irma Hurricane Maria Federal Reserve Puerto RicoThe company, which is still recovering from two recent hurricanes, said it will voluntary comply with several key restrictions that were in the 2010 written agreement.

Cash may reign for weeks in storm-ravaged Puerto Rico

Payments Source

Cash Puerto RicoIn post-hurricane San Juan on Monday, commerce picked up ever so slightly. With a little effort, you could get the basics and sometimes more: diapers, medicine, or even a gourmet hamburger smothered in fried onions and gorgonzola cheese. But almost impossible to find was a place that accepted credit cards.

First BanCorp in Puerto Rico sells big troubled loan for a loss

BankThink

Selling a participation in a line of credit to the Puerto Rico Electric Power Authority reduced the company's nonperforming assets by 9%. Commercial lending Credit quality Growth strategies Puerto Rico

Puerto Rico's Cooperative Credit Unions' Financial Outlook Is Dire

Keith Leggett's Credit Union Watch

Addressing a federal oversight board overseeing Puerto Rico’s financial restructuring, Governor Alejandro Garcia Padilla stated that Puerto Rico’s cooperative credit unions face huge financial losses and could collapse.

First Bancorp in Puerto Rico Sells Insurance Business

American Banker

First Bancorp in San Juan, Puerto Rico, has sold an insurance agency. community-banking pr breaking_news dealmaking-strategy

N.Y. Firm Appoints Director for First Bancorp in Puerto Rico

American Banker

First Bancorp in San Juan, Puerto Rico, has added a managing director from a New York private equity firm to its board. breaking_news people corporate-governance pr community-banking

Puerto Rico’s Debt Crisis and Credit Unions

New York's State of Mind

The impact that Puerto Rico’s decision to renege on paying a $58 million debt payment has a unique impact on credit unions that service the Island Commonwealth. There are approximately 116 credit unions on the Island of Puerto Rico. Crucially, Puerto Rico has its own cooperative share insurance system, meaning that the hit suffered by […].

Fed's emergency cash plan swings into action in Puerto Rico

BankThink

The Federal Reserve's nationwide preparedness plan for cash emergencies is being put to a unique test in Puerto Rico. Stocks are being replenished with daily flights, but the lack of power to ATMs and branches is contributing to reports of cash shortages. Hurricane Maria Cash Consumer banking Disaster recovery Disaster planning Crisis management

Popular in Puerto Rico Posts Lower Profit on Loss-Share Ruling

American Banker

in San Juan, Puerto Rico, said its quarterly profit fell after losing an arbitration dispute with the Federal Deposit Insurance Corp. Popular Inc. earnings-community-banks performance fdic pr national-regional

Popular in Puerto Rico to Record $115M Charge Tied to FDIC Dispute

American Banker

in San Juan, Puerto Rico, will absorb another hit to its earnings tied to a dispute with the Federal Deposit Insurance Corp. Popular Inc. breaking_news national-regional law-regulation enforcement dealmaking-strategy

Today in Data: AmEx’s $96M Discriminatory Payout

PYMNTS

This week, the Consumer Financial Protection Bureau (CFPB) announced that it is planning to go after two American Express banking subsidiaries for offering consumers in Puerto Rico, the U.S. 2013 | Year American Express self-reported the differences it provided for Puerto Rico and U.S. Today In Data American Express AmEx Amex Card CFPB Consumer Financial Protection Bureau credit cards discrimination News puerto rico Today in Data Virgin Islands

Popular in Puerto Rico to Record $55M Loss After FDIC Dispute

American Banker

in San Juan, Puerto Rico, will take a $55 million hit to third-quarter earnings after its bank lost an arbitration battle with the Federal Deposit Insurance Corp. Popular Inc. breaking_news community-banking dealmaking-strategy fdic pr consolidation m-a law-regulation

Banks Have Huge Stake in Outcome of Puerto Rico Crisis

BankThink

Financial institutions that hold government debt would be severely affected if Puerto Rico is allowed to restructure its constitutionally-backed debt. law-regulation

Popular to record big gain after exiting FDIC loss-share agreement

BankThink

The agreement was tied to the Puerto Rico company's 2010 purchase of the failed Westernbank. Regional banks M&A Failures Capital FDIC Puerto Rico

Bankrupt Puerto Rico set for fresh hit from Hurricane Irma

CU Insight

Puerto Rico, already dealing with a financial disaster , is about to be hit with a natural one. The storm is expected to pass near or just north of Puerto Rico later Wednesday. And Irma may permanently shrink Puerto Rico and push the island even deeper into poverty.”.

NCUA: Not talking intervention in Puerto Rico

CU Insight

A credit union trade report said – and NCUA later confirmed – that the agency is not involved in talks regarding insurance for credit unions chartered and currently insured by the Puerto Rican government. The post NCUA: Not talking intervention in Puerto Rico appeared first on CUInsight.

Puerto Rico Bankruptcy Bill Would Change Rules on Creditors Midstream

BankThink

Congress should end Puerto Rico''s exclusion from federal bankruptcy protection Â-- but it''s unfair to leave the territory''s existing creditors in the lurch. law-regulation

Puerto Rico rejects $1 billion loan offer from creditors

CU Insight

Puerto Rico rejected an offer from Electric Power Authority bondholders to lend the utility $1 billion in the wake of Hurricane Maria, saying the deal would hamper the agency’s recovery. The post Puerto Rico rejects $1 billion loan offer from creditors appeared first on CUInsight.

Popular's next CEO braces for fallout from Puerto Rico bankruptcy

BankThink

Ignacio Alvarez, who takes over this summer from Richard Carrion, addresses the tough challenges the bank faces as looming cuts to government services and benefits could be painful for consumers and businesses on the Caribbean island. Succession planning Consumer banking Commercial banking Corporate governance

Puerto Rican mortgages: Deeply distressed and suddenly in demand

BankThink

Distressed-mortgage investors are descending on troubled Puerto Rico. Distressed Foreclosures Sailthru NMN servicing no display Perella Weinberg Partners TPG Capital Goldman Sachs Puerto RicoWhat’s luring them is the opportunity to scoop up home loans and foreclosed properties for pennies on the dollar.

Wells Fargo to sell auto finance unit in Puerto Rico to Popular

BankThink

Popular will acquire $1.5 billion in auto loans amid questions about the potential for loan losses following Hurricane Maria. The deal also coincides with Wells Fargo's need to stay inside a growth cap imposed by regulators. M&A Auto lending Hurricane Maria Consumer lending Wells Fargo

Tape, batteries and attaboys: A natural-disaster checklist for banks

BankThink

Regional banks Disaster recovery Crisis management Hurricane Harvey Hurricane Maria Hurricane Irma Florida Texas Puerto RicoWith hurricane season just weeks away, bankers from coastal markets share the hard lessons learned after the storms that belted Florida, the Gulf Coast and elsewhere last year. Their advice can be applied in all kinds of emergencies.

Treasury exits largest Tarp investment

BankThink

million shares in First BanCorp in San Juan, Puerto Rico, for $57.7 Community banking TARP Capital Regulatory actions and programs Treasury Department Puerto RicoThe agency sold nearly 10.3 million.

Concerns grow after Puerto Rico hit by Hurricane Maria

CU Insight

has a branch located in Carolina, Puerto Rico which is just east of San Juan. Hurricane Maria made landfall on the southeastern coast of Puerto Rico early Wednesday morning as a Category 4 storm with winds of 155 mph.

'Get banking system up and running’: Popular's goal in Puerto Rico

BankThink

The island's largest bank has reopened a portion of its branch network while rushing cash to ATMs and consoling clients and employees in the first week of recovery from Hurricane Maria. But it and other banks are likely months away from normal operations. Regional banks

Two weeks after Maria, Puerto Ricans struggle to move money

Payments Source

The desperation in Puerto Rico for life's essentials — food, gas, water and electricity — in the wake of Hurricane Maria illustrates the need for payments providers to move as quickly as possible to get the U.S. Payment processing Payment cards Digital payments Mobile payments Mobile point-of-sale Puerto Rico

Two big investors to sell shares in First Bancorp in Puerto Rico

BankThink

Oaktree and Thomas H. Lee will still have large positions in the company after the planned sales. Stocks Capital Private equity

Popular finds reasons to celebrate despite quarterly loss

BankThink

Community banking Earnings FDIC Puerto RicoCost control and improved credit were overshadowed by a big charge tied to a dispute with the FDIC.

How tech is helping banks prepare for Irma

BankThink

Disaster planning Crisis management Disaster recovery Hurricane Harvey Florida Puerto RicoMessaging services, mobile banking and remote deposit capture are expected to help Florida banks that aim to keep up with employees and offer uninterrupted service to customers.

Morning Scan: BofA's Stress Test Team; Hedge Funds Sue Puerto Rico GDB

BankThink

Wall Street Journal. The paper profiles Andrea Smith, a human resources executive at Bank of America, who was tapped to lead its stress test submission, which is due Tuesday. BofA has fallen short on the test three of the past five years, and the bank has opted this year to employ a manager, not a numbers cruncher, to lead the team working to satisfy the complicated and controversial post-crisis regulation. The Charlotte, N.C., firm was the. national-regional

Morning Scan: BofA's Stress Test Team; Hedge Funds Sue Puerto Rico GDB

American Banker

Wall Street Journal. The paper profiles Andrea Smith, a human resources executive at Bank of America, who was tapped to lead its stress test submission, which is due Tuesday. BofA has fallen short on the test three of the past five years, and the bank has opted this year to employ a manager, not a numbers cruncher, to lead the team working to satisfy the complicated and controversial post-crisis regulation. The Charlotte, N.C., firm was the… morning-scan national-regional

Morning Scan: Geithner Takes the Stand in AIG Case; The Odd Rules for Puerto Rico Notes

BankThink

Receiving Wide Coverage. Geithner''s Turn: Most papers weighed in with coverage of Timothy Geithner''s testimony on Tuesday, from Maurice "Hank" Greenberg''s lawsuit challenging the federal bailout of AIG. Geithner spent six hours in a federal court witness box, so there was plenty of material to choose from. In one exchange, Greenberg''s lawyer, David Boies, asked Geithner why he hung up before the end of a conference call on Sept. 16, 2008, during the Fed board national-global