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(CNN) -- As Puerto Rico struggles with a massive debt crisis, a top congressional investigator has questions about the island government's decision to nullify an agreement that would have returned about $230 million in overpaid taxes to a major bank.
House Oversight Committee Chairman Darrell Issa sent a letter last month to Puerto Rico Gov. Alejandro Garcia Padilla asking for a briefing on his administration's decision to unilaterally nullify the agreement between the Puerto Rico Treasury Department, known as Hacienda, and Doral Financial Corporation, the second largest mortgage provider on the island.
Doral has said the Padilla administration's decision to pull out of the agreement could hurt its financial condition.
Because Doral Bank's deposits are insured by the Federal Deposit Insurance Corporation, Issa wrote that the Puerto Rican Treasury's "actions place federal dollars ... at risk."
"To enable the committee to better understand the nature of this risk, and the consequences of Hacienda's actions, I respectfully request that appropriate Puerto Rico administration officials provide a briefing to committee staff," Issa wrote.
Issa's letter comes as Doral battles Puerto Rico for a $230 million tax refund it says it's owed. After Puerto Rico decided not to refund the money, the FDIC essentially told the bank it could no longer count the $230 million toward its capital requirements.
(CNN) -- As Puerto Rico struggles with a massive debt crisis, a top congressional investigator has questions about the island government's decision to nullify an agreement that would have returned about $230 million in overpaid taxes to a major bank.
House Oversight Committee Chairman Darrell Issa sent a letter last month to Puerto Rico Gov. Alejandro Garcia Padilla asking for a briefing on his administration's decision to unilaterally nullify the agreement between the Puerto Rico Treasury Department, known as Hacienda, and Doral Financial Corporation, the second largest mortgage provider on the island.
Doral has said the Padilla administration's decision to pull out of the agreement could hurt its financial condition.
Because Doral Bank's deposits are insured by the Federal Deposit Insurance Corporation, Issa wrote that the Puerto Rican Treasury's "actions place federal dollars ... at risk."
"To enable the committee to better understand the nature of this risk, and the consequences of Hacienda's actions, I respectfully request that appropriate Puerto Rico administration officials provide a briefing to committee staff," Issa wrote.
Issa's letter comes as Doral battles Puerto Rico for a $230 million tax refund it says it's owed. After Puerto Rico decided not to refund the money, the FDIC essentially told the bank it could no longer count the $230 million toward its capital requirements.
(CNN) -- As Puerto Rico struggles with a massive debt crisis, a top congressional investigator has questions about the island government's decision to nullify an agreement that would have returned about $230 million in overpaid taxes to a major bank.
House Oversight Committee Chairman Darrell Issa sent a letter last month to Puerto Rico Gov. Alejandro Garcia Padilla asking for a briefing on his administration's decision to unilaterally nullify the agreement between the Puerto Rico Treasury Department, known as Hacienda, and Doral Financial Corporation, the second largest mortgage provider on the island.
Doral has said the Padilla administration's decision to pull out of the agreement could hurt its financial condition.
Because Doral Bank's deposits are insured by the Federal Deposit Insurance Corporation, Issa wrote that the Puerto Rican Treasury's "actions place federal dollars ... at risk."
"To enable the committee to better understand the nature of this risk, and the consequences of Hacienda's actions, I respectfully request that appropriate Puerto Rico administration officials provide a briefing to committee staff," Issa wrote.
Issa's letter comes as Doral battles Puerto Rico for a $230 million tax refund it says it's owed. After Puerto Rico decided not to refund the money, the FDIC essentially told the bank it could no longer count the $230 million toward its capital requirements.