OCIF Regulatory Entity

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The Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) is the regulatory agency under the Department of Treasury, Puerto Rico, which oversees and controls the country’s financial sector and ensures that financial transactions within the territory are in compliance with the laws and regulations.

OCIF Mission

The main goal of OCIF is to control, regulate and supervise the financial structure sector of Puerto Rico, to compete in the global market, help in the development of the social-economic sector of the country and protect the public interest.

OCIF Vision

Establishing a quick, updated, and adaptable financial policy for the public that guarantees equality and balance between the interests of financial customers, depositors, shareholders, and investors.

OCIF History

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OCIF was established on October 11, 1984, under Act No 4 for creating a public policy for the financial sector in the country. According to Act No 4, OCIF has the responsibility to deal with financial industry issues and establish adaptable and effective policies. Accordingly, OCIF came into existence to monitor, control, and oversee financial institutions’ financial activities.

According to Act No 4, the function of OCIF is to increase, decrease, or maintain the deregulated interest and finance charges in the country.  Before 1985, OCIF functions were carried out by three main agencies: the Department of Treasury, the Department of Consumer Affairs, and the Department of Justice. Banking, financial activities, and the security bureau were handled by the Department of Treasury.

Because of the establishment of Act No 4, OCIF became the regulatory agency of the financial sector in the country, except for the Insurance sector.

The savings and credit cooperative left the jurisdiction of OCIF after the establishment of Corporation for the Supervision and Insurance of Cooperatives (COSSEC) in 2001.

On December 7 2010, the Puerto Rico Financial Education Institute was established to protect the public interest. The main function of this institution is to make strategies and initiatives to educate and guide the public of all sectors in matters relating to finance.

They are also informed about financial products and services. They also promote economic development in the country by teaching financial skills to entrepreneurs.

As a result, OCIF has become an important part of the financial system.

OCIF Functions

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OCIF, in total, has about 48 laws implemented and administers about 25 of these laws and 20 others delegate some power to it.

 

  • If issues licences to the concessionary are of the financial sector in pottery
  • Through exams and investigations, it monitors performance by federal and state laws and regulations within the OCIF’s jurisdiction.
  • It is attentive to financial and fiscal policy controversies that affect balance and equity between depositors and the financial system institutions.
  • It provides a platform for private individuals to voice and settle issues through an administrative forum.

OCIF Directory

Under the OCIF directory, we have:

Commissioners office

  • Commissioner
  • Subc skipped
  • General Legal Advisor

Management Office

  • Assistant assistant Commissioner

Office of Human Resources

  • Human resources director

Office of Economic Studies and Financial Analysis

  • Supervisor

Operational Areas

Financial Regulation Area

  • Licensing and Permits Division

Assistant Commissioner: Its responsibilities include granting and terminating licences and administrative decisions, and special permits.

  • Securities Regulation Division

Assistant Commissioner: It oversees the securities market and is in charge of registering all securities issued in Puerto Rico, as well as the organisations and individuals who sell them. The department is responsible for approving licence applications and applications for the establishment and operation of local investment businesses and investment capital funds.

Examinations Area for Depository Financial Institutions

  • Assistant Commissioner: To ensure the integrity and stability of local banks, international banks and branches, international financial entities, international financial institutions, trusts, and government banks, they are supervised and examined by this sector.

Examinations Area for Non-Depository Financial Institutions

  • Assistant Commissioner: Mortgages, pawnshops, check cashing, financial intermediation, small personal loans, money transfers, financing, leasing, and casino gambling halls are among the financial services supervised and examined by this department.

Examinations Area for Financial Securities Institutions

Acting Assistant Commissioner: Registered broker-dealers, branches, securities dealers, investment advisers, investment companies (mutual funds), and investment capital funds are all subject to supervision and scrutiny under this department.

Research Area

Assistant Commissioner: Dedicated for investigating criminal acts that entail violations of the OCIF’s laws and regulations.

Customer Service Area

Complaints and Consultations Division

  • Administrative Assistant: Inquiries, processing, and resolution of consumer complaints are the responsibility of this department.

Inactive Accounts Division

  • Supervisor: Unclaimed property from both inside and outside of Puerto Rico is gathered. It is responsible for preparing claims so that the money can be returned to the owners.

Puerto Rico Financial Education Institute

Its goal is to create educational projects that will help the country become more financially informed. As a result, it implements initiatives targeted at influencing diverse segments of the Puerto Rican community. Talks, training, and mass orientation programmes are examples.

Bottom line

OCIF Regulatory Entity (The Office of the Commissioner of Financial Institutions of Puerto Rico) works under the Department of Treasury. Puerto Rico monitors and controls Puerto Rico’s financial sector to make sure that it’s within the laws and regulations of the country.

OCIF functioning as a regulatory body is the same as the function of the state banking departments found in around 50 states. However, as Puerto Rico is a Commonwealth territory, its responsibility and legal enforcement are broad. It is allowed to grant banking licences under Puerto Rico laws and regulations that are not directly supervised by the Federal government, like international banking entities and international financial entities.

Overall, OCIF is an important part of the financial sector in Puerto Rico to monitor, supervise, and regulate the country’s financial sector and ensure that all financial activities are taking place within the law and regulation.

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