From Reg. 24-A to 25-A and now to 26-A. (deregulation of the Puerto Rican banking industry)

Finance Board surprises everyone and pleases island banks with quick action following legislative rejection of 25-A

The contrast was astounding. The Commonwealth Finance Board dragged out a decision over Regulation 24-A for years, exasperating the island's banking industry and confusing local consumers and businesses.

Then last week, after both chambers of the Puerto Rico Legislature had rejected the board's decision, it took the board only a day to change the regulation again. The new ruling, Regulation 26-A, takes effect this week, replacing the one-month-old 25-A.

The whirlwind turn of events may have made nervous wrecks out of most island bankers. …