First BanCorp of San Juan, Puerto Rico, said Tuesday that its regulators have lifted long-standing cease-and-desist orders after the company took steps to reduce its credit risk and completed a comprehensive review of its mortgage portfolio.
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A March 2006 order with the Federal Deposit Insurance Corp. and the Office of the Commissioner of Financial Institutions of Puerto Rico involved the $17.6 billion-asset company's mortgage-related transactions with other financial companies. An August 2006 order dealt with its compliance with the Bank Secrecy Act. First BanCorp said it had refined the core elements of its Bank Secrecy Act program and conducted a full review of policies, programs, and procedures tied to the act.
