After tackling immediate problems, such as accessing electricity and arranging cash deliveries, bankers are facing a longer-term concern: What if customers who fled the island after Hurricane Maria don’t come back?
The hurricanes destroyed hundreds of thousands of cars, and banks are significantly boosting their reserves in anticipation of higher defaults on auto loans. But there is also a silver lining for auto lenders.
The Federal Reserve's nationwide preparedness plan for cash emergencies is being put to a unique test in Puerto Rico. Stocks are being replenished with daily flights, but the lack of power to ATMs and branches is contributing to reports of cash shortages.