FDIC Says Doral Financial Must Revise Capital Plan

Law360, Washington (May 2, 2014, 7:38 PM EDT) -- U.S. regulators have demanded that Doral Financial Corp. revise its capital plan after saying it can't use tax receivables from the government of Puerto Rico as Tier 1 capital, the company disclosed on Friday, sending its stock plummeting more than 60 percent.

The company said in a filing with the U.S. Securities and Exchange Commission that the Federal Deposit Insurance Corp. had directed it to exclude about $289 million of the bank’s $679 million of Tier 1 capital, saying it could not include certain tax receivables...
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