Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 12, 2008, Frank W. Baier resigned from the Board of Directors of Doral Financial Corporation (the "Company"). His resignation was related to his decision to agree to serve as Special Assistant to the newly appointed Chief Executive Officer of Washington Mutual Inc. Item 8.01 Other Events

On September 17, 2008, the Company announced that the Federal Deposit Insurance Corporation (the "FDIC") had terminated the Order to Cease and Desist (the "Order") issued to its principal subsidiary, Doral Bank. The Order was put in place on February 19, 2008 and related to Bank Secrecy Act ("BSA") compliance in regards to Doral Bank's BSA/Anti-Money Laundering Compliance Program. Item 9.01 Financial Statements and Exhibits

(c) Exhibits

99.1 Press release dated September 17, 2008

---

Page 3 of 3