Banco Popular Puerto Rico

The Order requires Banco Popular to pay a civil money penalty of $10,000. ...

Banco Popular, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board's regulations implementing the National Flood Insurance Act. ... [Read More]

FRB: Press Release -- Written Agreement by Banco Popular de Puerto Rico, and FRB New York -- March 9, 2000
The Federal Reserve Board today announced the execution of a Written Agreement by and between Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, and the Federal Reserve Bank of New York. ... [Read More]

FRB: Press Release -- Approval of applications of Banco Popular de Puerto Rico -- May 27, 1997
Banco Popular de Puerto Rico, Hato Rey ("Banco Popular"), a state member bank, has requested the Board's approval under section 18(c) of the Federal Deposit Insurance Act (12 U.S.C. § 1828(c)) (the "Bank Merger Act") to merge with Roig Commercial Bank, Humacao ("Roig"), both in Puerto Rico. Banco Popular also has requested the Board's approval under section 9 of the Federal Reserve Act (12 U.S.C. § 321) to establish branches at the current locations of the main office and branches of Roig. ... [Read More]

Chapter 16. Puerto Rico
The goal was to use EFT to improve the collection of wage withholdings. Prior to Puerto Rico's July 1995 IV-D reorganization (from a court-based to an administrative-based process), income withholdings from wages represented less than 4% of total collections. The use of EFT was phased in. All support payments, including EFT wage withholdings, are now made to the privatized-collections vendor, Banco Popular de Puerto Rico. ...

The great majority of the employer community has welcomed the initiative, and there have been no organized attempts to oppose the 1997 amendment. The IV-D program, in turn, continues to realize savings as EFT payments replace mailed-in payments and window payments at Banco Popular branches. Finally, the renewed focus on income withholdings has led to continued increases in the percentage of total collections available for distribution received from wage withholdings. ... [Read More]

FRB: Press Release -- Approval of proposal of Popular, Inc. and other banks -- November 16, 1998
As part of the reorganization, Popular proposes to merge certain of its current U.S. banking operations into a single state-chartered bank, Banco Popular, New York ("Banco Popular-New York"). Popular also proposes to transfer Banco Popular's current operations in Puerto Rico, the U.S. Virgin Islands and the British Virgin Islands, and a proposed state-licensed branch in New York, New York (the "New NY Branch"), and the Chicago Agency (collectively, the "Purchased Operations"), to New Banco Popular. Both Banco Popular-New York and New Banco Popular have requested approval to become members of the Federal Reserve System. ... [Read More]

FRB: Press Release -- Approval of the applications of Popular, Inc., Hato Rey, Puerto Rico -- June 5, 2000
The Federal Reserve Board today announced its approval of the applications of Popular, Inc., Hato Rey, Puerto Rico, and its subsidiaries to acquire Banco Popular, National Association, Orlando, Florida, a de novo bank, and to establish a foreign branch and an agreement corporation in Culebra, Puerto Rico. ... [Read More]

FDIC: Decisions on Bank Applications - FirstBank of Puerto Rico
After the acquisition, FirstBank will continue to face significant competition from a variety of sources. In addition to the resultant bank, there will be five unaffiliated banking organizations and five credit unions operating in the USVI markets after the transaction. Key large bank competitors include Banco Popular in Puerto Rico and the non FDIC-insured Bank of Nova Scotia. The uninsured deposits of Bank of Nova Scotia are not included in the HHI calculations, although the bank has an approximate 15 percent share of the market for deposits and a 35 percent share of outstanding loans in the USVI. Banco Popular has also been a significant competitor in the USVI, operating nine branches and controlling the largest amount of USVI deposits overall. Banco Popular has the largest share of deposits in St. Thomas and its share is virtually equal to FirstBank’s post-transaction share. Other entities, such as credit card lenders, finance companies, and the like, provide competition and offer ... [Read More]

FRB: Press Releases -- Enforcement Actions -- 2000
Termination of Temporary Orders to Cease and Desist issued against Banco Nacional de Mexico, Banco Internacional, and Banco Santander ...

Written Agreement with Banco Popular de Puerto Rico ...

Written Agreement with Banco Union ... [Read More]