A bank on Puerto Rico cannot pay dividends or take on debt without prior Federal Reserve approval.

The Fed on Tuesday released an agreement with First BanCorp, a San Juan holding company that owns FirstBank Puerto Rico.

Under the agreement, the company requires prior approval to declare dividends, incur debt or redeem shares.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.