Puerto Rico Falls Prey To $4M Online Fraud

PYMNTS

An online scam targeted $4 million in retirement funds from at least four Puerto Rico agencies, according to reports on Thursday (Feb. Agencies affected include the Puerto Rico Industrial Development Co. and the Puerto Rico Tourism Co.

Popular in Puerto Rico urged by activist investor to sell

American Banker

Regional banks M&A Growth strategies Capital Puerto RicoRaging Capital Management also urged the company's board to repurchase stock and think about selling a minority stake in the payments processor Evertec.

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Today In Payments: Puerto Rico Falls Prey To $4M Online Fraud; India’s Antitrust Investigation Into Amazon, Flipkart On Hold

PYMNTS

In today’s top news, at least four Puerto Rico government agencies were targeted in a $4 million online scam, and India’s court hit pause on their antitrust investigation into Amazon and Flipkart. Puerto Rico Falls Prey To $4M Online Fraud.

Popular in Puerto Rico urged by activist investor to sell

Payments Source

Regional banks M&A Growth strategies Capital Puerto RicoRaging Capital Management also urged the company's board to repurchase stock and think about selling a minority stake in the payments processor Evertec.

Western Union Links Puerto Rico Entrepreneurs To Cross-Border Payments

PYMNTS

Western Union (WU) is bridging small businesses (SMBs) and entrepreneurs in Puerto Rico to cross-border payment services, the financial institution (FI) said on Monday (March 11). In a press release , the company said its Western Union Business Solutions unit is collaborating with TuChequera.com in Puerto Rico, linking entrepreneurs on the island to cross-border payment services that support more than 130 currencies.

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.

PR Gov’t Loses $2.6M Due To Email Phishing

PYMNTS

The government of Puerto Rico lost $2.6 The department has faced strong criticism from the people of Puerto Rico about the incident, as the country has been dealing with a recession for more than a decade, and some government services have been cut as a result. “I

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 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

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.

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

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

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 […].

Banco Popular de Puerto Rico strives to make banking easier for customers

ATM Marketplace

Like many banks, Banco Popular has discovered the need for an agile structure that allows the institution to serve customers who are comfortable with technology, but who also want a wide range of options for banking

Can Politicians Give The Global Sharing Economy A Boost?

PYMNTS

Puerto Rico is still trying to recover from 2017’s Hurricane Maria, and much of that effort involves getting more tourists to visit the island. According to CaribbeanBusiness.com , Puerto Rico Gov.

Samsung Pay launches in Puerto Rico

The Paypers

(The Paypers) Samsung has revealed plans to bring Samsung Pay to Puerto Rico

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

How to make a small island a big centre for FinTech

Chris Skinner

They range from islands like Belize and Puerto Rico to Mauritius and Barbados to Bahrain and Singapore. One of the discussions at the UN meetings was around SIDS, the Small Island Developing States. I didn’t know much about SIDS but, when investigating further, discovered I did.

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

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

Damage report: Popular’s running toll of natural disasters

American Banker

The largest bank in Puerto Rico said hundreds of millions of dollars of its mortgages and consumer loans are tied to the parts of the island hit by the recent quake or still recovering from two hurricanes.

OFG Bancorp Reports Sale of Troubled Puerto Rican Loan Participation

American Banker

OFG Bancorp in San Juan, Puerto Rico, has sold its bank's participation in a line of credit to the Puerto Rico Electric Power Authority, or PREPA. breaking_news dealmaking-strategy community-banking

Private Equity to Partially Cash Out of First BanCorp in P.R.

American Banker

A pair of First BanCorp's biggest investors will partially liquidate holdings in the San Juan, Puerto Rico, company. breaking_news dealmaking-strategy community-banking

Here Is Some Insight If You Should Open Or Close Branches?

Banker to Banker

When it comes to states, Puerto Rico is underbanked with more than nine thousand people per branch, while Iowa is the most overbanked state at basically one branch for every thousand persons. There are approximately 94.5

FEMA Looks At Blockchain To Aid Disaster Payouts

PYMNTS

The report cited disasters, such as Hurricanes Maria in Puerto Rico or Harvey in Texas, where those affected might not have any access to the information needed to file a claim, such as policy documents, land ownership records, personal identification and more.

02.06.18 Your morning briefing

Payments Source

Today: A cryptotown in Puerto Rico?; The information you need to start your day, from PaymentsSource and around the Web. Nigel Green launches cryptowallet; Singapore Airlines debuts new loyalty program; Interac reorganizes. Briefing

Old Doral Assets Producing for Popular

American Banker

A decline in expenses and a modest rise in lending income boosted first-quarter profit at Popular in San Juan, Puerto Rico. breaking_news consumer-finance dealmaking-strategy performance mortgage fdic pr m-a national-regional

Amex charged higher rates and fees in U.S. territories, CFPB says

Payments Source

American Express charged higher interest rates and annual fees to cardholders in Puerto Rico, the U.S. Virgin Islands and other U.S. territories than in the U.S., the CFPB said Wednesday. Enforcement actions Credit cards Richard Cordray CFPB American Express

Staples To Debut New Store Format With Coworking, Podcasting

PYMNTS

Puerto Rico and the U.S. Staples is thinking outside the box with a new store format that highlights podcasting, community events and coworking spaces. The Staples Connect concept, which will be officially introduced in six Boston area stores on Feb.

DOJ Officials, State AGs To Meet Tuesday On Google Antitrust Probe

PYMNTS

and Puerto Rico formally launched an investigation into Google. On Tuesday (Feb. 4), according to sources , officials from the U.S. Department of Justice (DOJ) will meet with state attorneys general representatives to review collective investigations of Google.

CVS Health On Track To Rehab Over 1,000 Stores

PYMNTS

states, Puerto Rico and Washington, D.C. With CVS Health on the path to meeting its goal of revamping more than 1,000 of its stores, the health retailer is reportedly seeing positive early results.

Spanish Food Delivery Startup Glovo Shutters In Four Markets

PYMNTS

The countries exited include Turkey, Egypt, Uruguay and Puerto Rico, shrinking its audience to 22 markets with a focus on South America, Southwest Europe, Eastern Europe and Africa.

JCPenney Explores Debt Restructuring Options With Advisers

PYMNTS

The company also said at the time that furniture will only be available in some stores in Puerto Rico and through eCommerce. To look into debt restructuring options that would provide the retailer more time to make a turnaround, JCPenney Co Inc has reportedly hired advisers.