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Folleto: Cómo las personas de edad avanzada pueden evitar el fraude financiero.

Public Notice

Proposed Amendment to Regulation 6078

(Date Publish September 16, 2014)

Notice

Regulation

Notice Games of change regulation

(Date Publish September 19, 2014)

Notice

Regulation

 

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Advertencia: OCIF investiga el fraude hipotecario

Current Affairs

TO ALL UBS CLIENTS THAT BELIEVE THEY HAVE SUFFERED LOSSES IN PUERTO RICO CLOSED-END MUTUAL FUNDS

 

After OCFI announced that it had reached a Settlement Agreement (the “Agreement”) with UBS Financial Services Incorporated of Puerto Rico (“UBS”) on October 9, 2014, many UBS customers have called our offices claiming to have suffered losses and meeting the same criteria as those compensated under the Agreement.

We must clarify that UBS customers to be compensated under the Agreement were part of a sample selection by OCFI of customers that had a conservative investment profile, with low equity, senior citizen status, and a relatively high investment in closed-end funds relative to their total liquid assets. It is possible that some UBS customers with the referenced characteristics were not included by OCFI in the list of individuals to be compensated by UBS. It must be understood that OCFI worked with a sample and not the totality of customers as OCFI has limited resources and could not possibly analyze each and every single account.

Under Section 3 (c) of the Agreement, UBS agreed that, within a period of six months, it would expand OCFI’s sample, based on the same profile used by OCFI, in order to determine if any other UBS customer required additional action and restitution.

Having reached this Agreement, OCFI has closed this case and can not make any additional claims on behalf of any other affected UBS customer. As stipulated in UBS’customer agreement, any claim must be submitted to arbitration through the Financial Industry Regulatory Authority (“FINRA”).

Any UBS customer who understands that he or she has suffered a loss attributable to UBS should contact FINRA at: (301)-590-6500, (561)443-8000, or (212)-858-4200 or write to:

                                                                      FINRA

                                                                      1735 K St.

                                                                      Washington, DC 20006    

UBS SETTLEMENT WITH OCIF

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HOW TO AVOID YOUR HOMES' FORECLOSURE:

Know your rights

By: Lic. Rafael Blanco Latorre

Commisioner of Financial Institutions of Puerto Rico

Residential foreclosures in Puerto Rico have been rising every year since 2008. In 2008, 2,357 family dwellings were foreclosed, while in 2013, the figure reached 4,207 units. At present, 18,288 units are in process of foreclosure while 14,240 mortgage loans 90 days in arrears inch closer to the foreclosure process.

Residential mortgages pose a serious social problem for our island and a threat to the main source of savings of its residents.

A residence is not only a vital necessity for our families, it represents a life-long sacrifice and the principal form of savings for Puerto Rico’s households. Home refinancing has made possible education for dependents as well as a source of repayment for accumulated debts. By far, a home represents the principal financial asset of Puerto Rico families.

 

What do we need to know about the new rules of credit?

 

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Aviso Legal / Derecho a la Intimidad

2003-2010 Oficina del Comisionado de Instituciones Financieras.