Banking & Financial Services Regulation

The complex regulatory and compliance requirements impacting 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.

Ferraiuoli’s Banking and Financial Services Regulation 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 makes Ferraiuoli an advisor to a number of financial institutions, ranging from large and small, Puerto Rico, U.S. and non-U.S., as well as the financial services industry at large.

We assist clients in interpreting and implementing new federal and state laws and regulations and routinely provide advice regarding consumer and commercial finance, including:

  • 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

We represent and advise our institutional lending clients in structuring and negotiating contracts and transactions involving financial products and services as well as obtaining necessary regulatory approvals for the underlying business arrangements. In addition, we provide advice regarding applicable reporting requirements and as well as represent clients before local and federal regulators.

Our Banking and Financial Services Regulation practice also provides advice to banks, insurance companies and other financial institutions regarding privacy and security issues and their responsibilities under Federal and local law, including, but not limited to, Gramm-Leach-Bliley Act, Fair Credit Reporting Act, Electronic Communications Act, and CAN-SPAM Act.

Representative Matters and Transactions:

  • 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.