- Carlos Garcia, member of the Fiscal Control Board, is Chairman of the Caribbean Financial Group (CFG)
- According to “http://hedgeclippers.org/pirates-of-the-caribbean-how-santanders-revolving-door-with-puerto-ricos-development-bank-exacerbated-a-fiscal-catastrophe-for-the-puerto-rican-people/” the tradename for this business in Puerto Rico is CommoLoCo, which provides “unsecured personal loans and related credit insurance products to individuals who may have limited access to consumer credit from banks and other traditional lenders”.
- According to “http://grupocne.org/2017/03/24/endeudando-al-de-aqui-los-prestamos-por-deposito-diferido-en-puerto-rico/”, the legislation in Puerto Rico is considering a project to allow Payday loans, which would allow abusive interests (>100’s %) on short-term loans for desperate citizens.
As explained in the linked article by CNE, a lending agency could provide $200 in cash to a citizen in order to pay an emergency bill, while asking for a signed personal check of $230. The check then will be cashed on the day that salary is credited to the account of the citizen. If the period between these transactions is 14 days, the Annual Percentage Rate (APR) would be 391%.
The legislature of Puerto Rico is now considering a project to allow these type of payday loans. CFG (CommoLoCo in Puerto Rico), of which Carlos Garcia is Chair, looks interested to introduce these type of loans in Puerto Rico. Coincidence???
Conclusion: Increasing the number of poor, desperate people in Puerto Rico will increase the customer base of CFG, their potential profits, and personally benefit Carlos Garcia. Is this one of the purposes of the austerity measures of the Fiscal Control Board???