Puerto Rico’s Financial Institutions Face Complex Compliance Challenges
Financial institutions operating in Puerto Rico must navigate a complex web of regulatory requirements stemming from both federal and local laws and regulations. In order to overcome these challenges, financial institutions require the expertise of an experienced legal team.
Ferraiuoli’s Banking and Financial Services Regulation Practice: A Trusted Advisor
Ferraiuoli’s Banking and Financial Services Regulation practice has established itself as a trusted advisor for local and foreign financial institutions seeking to establish or expand their operations in Puerto Rico. With extensive knowledge in this specialized area of law, the firm’s team provides sophisticated advice on bank regulatory and financial services compliance matters.
Expertise in Regulatory Compliance
- Interpretation and implementation of new federal and state laws and regulations
- Guidance on consumer and commercial finance topics, including:
- Deposits
- Residential and commercial mortgages
- Auto financing and leasing
- Lines of credit
- E-commerce and online banking issues
- Federal preemption questions
- Community Reinvestment Act matters
- Fair lending and truth-in-lending concerns
- Securitizations
Regulatory Advice and Representation
- Representing institutional lenders in structuring and negotiating contracts and transactions involving financial products and services
- Obtaining necessary regulatory approvals for underlying business arrangements
- Providing guidance on applicable reporting requirements
Privacy and Security Expertise
- Advising banks, insurance companies, and other financial institutions on their responsibilities under federal and local law, including:
- Gramm-Leach-Bliley Act
- Fair Credit Reporting Act
- Electronic Communications Act
- CAN-SPAM Act
Recent Notable Matters
- Represented a financial institution in the acquisition of residential mortgage servicing rights from another financial institution
- Structured an advisory board for a local financial institution
- Prepared memoranda on Check 21 requirements
- Provided opinions on reporting requirements associated with interest income and CRA qualified investments
- Advised on applicable federal and local regulations regarding mobile banking and internet banking
- Prepared opinions on debt collecting via SMS/text messages, ruled requests related to Act 247 of 2010 and Act 214 of 1995, and advised on regulations governing transactions with affiliates
Conclusion
In light of these complex compliance challenges, financial institutions operating in Puerto Rico would be well-advised to seek the guidance of an experienced legal team like Ferraiuoli’s Banking and Financial Services Regulation practice. With their expertise, financial institutions can ensure they are in compliance with all relevant laws and regulations, minimizing the risk of costly errors or penalties.