EXHIBIT 23.1

                     [LETTERHEAD OF PRICEWATERHOUSECOOPERS]


                       CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in this Registration
Statement on the Pre-Effective Amendment No. 2 to Form S-3 of our report dated
February 28, 2003 relating to the financial statements, which appears in the
2002 Annual Report to Shareholders, which is incorporated by reference in R&G
Financial Corporation's Annual Report on Form 10-K for the year ended December
31, 2002. We also consent to the reference to us under the headings "Experts" in
such Registration Statement.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

San Jan, Puerto Rico

September 10, 2003