The Federal Deposit Insurance Corporation has imposed separate penalties on two Puerto Rico-based financial institutions, signaling continued scrutiny of local banking practices.
The regulator banned a former official at FirstBank from future employment in the industry following findings of fraud.
In a parallel action, the FDIC levied a fine against Oriental Bank for additional violations related to flood insurance regulations.
The dual enforcement actions highlight the regulator's focus on both individual accountability and institutional compliance within the Puerto Rican banking sector.
The ban on the FirstBank employee serves as a direct personnel sanction, while the penalty against Oriental Bank addresses systemic reporting or adherence failures regarding federal flood insurance mandates.
These moves follow a broader pattern of regulatory activity in the region.