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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 T/heV3iQUzQFRlZwRY3tVqhbGYsaD/6Kqe/Smr8vthx/YkNtbEfNguF41MqyuoHB
 29vH1Ov8sDPGb2RVzx88fQ==

<SEC-DOCUMENT>0001181431-07-011978.txt : 20070215
<SEC-HEADER>0001181431-07-011978.hdr.sgml : 20070215
<ACCEPTANCE-DATETIME>20070215170206
ACCESSION NUMBER:		0001181431-07-011978
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060115
FILED AS OF DATE:		20070215
DATE AS OF CHANGE:		20070215

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			R&G FINANCIAL CORP
		CENTRAL INDEX KEY:			0001016933
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				660532217
		STATE OF INCORPORATION:			PR
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		280 JESUS T. PINERO AVE
		CITY:			HATO REY, SAN JUAN
		STATE:			PR
		ZIP:			00918

	MAIL ADDRESS:	
		STREET 1:		280 JESUS T PINERO AVE
		CITY:			HATO REY, SAN JUAN
		STATE:			PR
		ZIP:			00918

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Secola Hector
		CENTRAL INDEX KEY:			0001389495

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31381
		FILM NUMBER:		07628233

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(787)622-5469

	MAIL ADDRESS:	
		STREET 1:		R&G FINANCIAL CORPORATION
		STREET 2:		290 JESUS T. PINERO AVENUE
		CITY:			HATO REY, SAN JUAN
		STATE:			PR
		ZIP:			00918
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>rrd146709.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2006-01-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001016933</issuerCik>
        <issuerName>R&amp;G FINANCIAL CORP</issuerName>
        <issuerTradingSymbol>RGF</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001389495</rptOwnerCik>
            <rptOwnerName>Secola Hector</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>R&amp;G FINANCIAL CORPORATION</rptOwnerStreet1>
            <rptOwnerStreet2>290 JESUS T. PINERO AVENUE</rptOwnerStreet2>
            <rptOwnerCity>HATO REY, SAN JUAN</rptOwnerCity>
            <rptOwnerState>PR</rptOwnerState>
            <rptOwnerZipCode>00918</rptOwnerZipCode>
            <rptOwnerStateDescription>PUERTO RICO</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Executive VP Human Resources</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>No securities beneficially owned.</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Options (Right to Buy)</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>30.00</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <value>2005-02-24</value>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-02-24</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class B Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Options granted pursuant to the R&amp;G Financial Corporation Stock Option Plan.</footnote>
        <footnote id="F2">Options vest annually over a period of five years commencing on February 24, 2004.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/S/ HECTOR SECOLA</signatureName>
        <signatureDate>2007-02-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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