Doral Submits Capital Plan to FDIC

Doral Financial in San Juan, Puerto Rico, has provided the Federal Deposit Insurance Corp. with its capital restoration and contingency plans.

The $8 billion-asset company is currently listed as "significantly undercapitalized" after the Puerto Rican Treasury Department rejected the company's claim to a $230 million tax refund. The FDIC decided that Doral couldn't count the money as part of its Tier 1 capital, putting it in violation of a 2012 consent order and requiring it to improve its capital levels.

The FDIC had been hounding Doral to turn in the written plans.

Doral disclosed in a regulatory filing that it submitted the plans on Wednesday, though the company did not provide further details.

The company has been selling assets, including a health care lending division, to boost capital levels. It also recently won a key legal victory with a Puerto Rican court ruling that the government must pay the tax refund. However, the territory's Treasury Department has vowed to appeal the decision.

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