Regulators are saying visitors to Cuba may be able to use American credit cards, thanks to President Obama's announcement this week. 

But for American financial institutions to actually engage with Cuban banks, Columbia School of Law lecturer Pedro Freyre says there are a lot of steps that still need to be taken. The Department of Treasury will need to release guidelines for American banks to engage with Cuban banks, and Cuba will need to be taken off the State Department's list of "State Sponsors of Terrorism." Even with a regulatory green light, he says American companies will still need to do their due diligence and take a look at Cuban banks's books to make sure doing business together isn't too risky.

WNYC's Julia Longoria talks to frequent visitors to Cuba about what the new regulations might mean — and what's still missing.