The complex regulatory and compliance requirements affecting banking and financial services under federal and Puerto Rico laws and regulations require an experienced and knowledgeable legal team. That’s where we come in.
This practice provides sophisticated bank regulatory and financial services compliance advice for local and foreign financial institutions looking to establish or expand their operations in Puerto Rico. Our team’s deep experience in this complex area of law serves local, stateside and international financial institutions of every size, as well as the financial services industry at large.
Our attorneys advise banks, insurance companies and other financial institutions regarding privacy and security issues and their responsibilities under federal and local law, including the Gramm-Leach-Bliley Act, Fair Credit Reporting Act, Electronic Communications Act, and CAN-SPAM Act.
We Handle
- Contracts and transactions
- Deposits
- Residential/commercial mortgages
- Auto financing and leasing
- Lines of credit
- E-commerce/online banking issues
- Federal preemption questions
- Community Reinvestment Act
- Fair lending and truth-in-lending matters
- Securitizations
- Regulatory approvals
- Reporting requirements
Representative Matters and Transaction
- Represented a financial institution in the acquisition of residential mortgage servicing rights from another financial institution.
- Structured advisory board for a local financial institution.
- Prepared memoranda related to Check 21 and requirements for legal equivalency of substitute checks.
- Provided opinion to local financial institution regarding reporting requirements associated with interest income.
- Provided advice to local financial institution regarding CRA qualified investments.
- Prepared opinion to local financial institution regarding applicable federal and Local regulations to mobile banking and internet banking.
- Prepared opinion regarding debt collecting via SMS/text messages
- Prepared ruling request for a local financial institution regarding the applicability of Act 247 of 2010 and Act 214 of 1995.
- Provided advice to local financial institution regarding applicable regulations to transaction with affiliates.
