Government finance

The city wanted to sever its relationship with the bank, but it ran into a big obstacle.

There were no sighs of relief from bankers, who realize their planning could still prove useful as the potential for another shutdown looms.

A measure passed by the city council, which still needs final approval, would require banks that want city contracts to disclose whether they set individual or branch-level sales requirements. It comes in response to the Wells Fargo fake account scandal.

In the coming year, bankers in Puerto Rico will need to keep an eye on how steep cuts in government spending will affect the island’s consumers, says José Rafael Fernández, CEO of OFG Bancorp.