Banking Chief Ana Otero addresses challenges facing Puerto Rico's financial sector

In a recent meeting of the Puerto Rico Legislature, discussions centered around the future of the island's banking sector, particularly the role of the Banco de Desarrollo (BDE) in supporting underserved communities. The meeting highlighted the significant decline in commercial banks, from 15 in 1985 to just four today, raising concerns about access to financial services for residents.

A key speaker emphasized the importance of the BDE's mission to assist small and medium-sized businesses and to retain young talent in Puerto Rico. The speaker, who has a background in banking and auditing, reassured attendees that the BDE is not aiming to compete with private banks but rather to collaborate with them. Recent training sessions with banks like First Bank and Oriental were mentioned as examples of this cooperative approach.

The speaker also addressed regulatory concerns, stating that meetings with the Office of the Commissioner of Financial Institutions (OCIF) have been productive and that all necessary regulations are being followed. The BDE is committed to providing financial solutions where private banks may fall short, ensuring that the needs of the community are met.

Additionally, the meeting touched on the BDE's robust information system, particularly in mortgage lending, which is seen as a strength in their operations. Plans for credit card services in partnership with Visa and Pailor were also discussed, indicating a proactive approach to expanding financial offerings.

As the BDE continues to navigate its role in the financial landscape, the focus remains on fostering partnerships and enhancing access to banking services for all Puerto Ricans, particularly those who have been historically underserved. The outcomes of this meeting signal a commitment to addressing community needs and supporting local economic growth.