It might strike you as strange that the Fed would be holding an event in Puerto Rico, but it's not that unusual.

Puerto Rico is a US territory and hence part of the US banking system. So just like the rest of the United States, banks in Puerto Rico (including my own) fall under the umbrella of the Federal Reserve.

The whole point of the event was to help showcase large-scale investments in Puerto Rico that local banks can help finance.

This is actually part of the Fed's responsibility, something that comes from an old law from the 1970s called the Community Reinvestment Act.