Banking Issues Must Be Ironed Out as U.S., Cuba Repair Relations
With the shift in U.S. policy on Cuba, many financial industry practitioners are anxious to find a solution to Cuba's banking problems. Cuba Action Team Leader Andy Fernandez weighed in on the issue, explaining that a bank might need a whole department just to handle the Cuban accounts. U.S. banks will need to decide whether they want to support card transactions in Cuba.
"Because of the demands and pressures from federal banking regulators, we don’t know if U.S. banks will be comfortable processing transactions in Cuba," said Mr. Fernández.