South Florida bank is first from the US to sign banking relationship in Cuba

Obama’s executive action allowed US financial institutions like Stonegate to open correspondent accounts in Cuba. It also allowed US credit card and debit transactions, but those have yet to receive Cuban authorization and US cardholders still have no option but to use cash.

“This qualifies as a big deal because the agreement must be authorized by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury and the Federal Deposit Insurance Corporation (FDIC),” John Kavulich, president of the US-Cuba Trade and Economic Council, said in a statement.

The deal affirms that Cuba’s financial governance “may be trusted, a substantial marketing benefit to the country”, Kavulich said.

Obama’s executive action allowed US financial institutions like Stonegate to open correspondent accounts in Cuba. It also allowed US credit card and debit transactions, but those have yet to receive Cuban authorization and US cardholders still have no option but to use cash.

“This qualifies as a big deal because the agreement must be authorized by the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury and the Federal Deposit Insurance Corporation (FDIC),” John Kavulich, president of the US-Cuba Trade and Economic Council, said in a statement.

The deal affirms that Cuba’s financial governance “may be trusted, a substantial marketing benefit to the country”, Kavulich said.

http://www.theguardian.com/world/2015/jul/22/south-florida-bank-cuba