Release Date: March 17, 2006
For immediate release
The Federal Reserve Board on Friday announced the issuance of a consent Cease and Desist Order against Doral Financial Corporation, San Juan, Puerto Rico, a registered bank holding company that owns and controls Doral Bank, San Juan, Puerto Rico, a state nonmember bank, and indirectly owns and controls Doral Bank, FSB, New York, New York, a federal savings bank.
In a separate, coordinated action, the Federal Deposit Insurance Corporation contemporaneously issued a consent Cease and Desist Order against Doral Bank, San Juan, Puerto Rico.
A copy of the Board's Cease and Desist Order is attached.