FBP's Cease and Desist Orders Lifted
Federal Deposit Insurance Corp. and the Office of the Commissioner of Financial Institutions of Puerto Rico issued two cease and desist orders last year against First BanCorp, which owns FirstBank Puerto Rico.
The first, in March, ordered the bank to figure out what its credit risk was with two big mortgage deals that the bank booked as a sale but regulators said was actually a loan. The bank said it dispelled some of the credit risk in the deal "to levels acceptable to regulatory agencies."
The second order, in August, related to how faithfully the bank complied with the Bank Secrecy Act. The bank "refined the core elements" of its program for complying with BSA and expanded training programs to ensure it follows the law.
Shares of First BanCorp jumped 33 cents, or 5.3 percent, to $6.58 in morning trading. The shares have traded in a range of $6.07 and $13.87 in the past year.
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