Office Of The Commissioner Of Financial Institutions Of Puerto Rico

The Office of the Commissioner of Financial Institutions ("OCIF", by its Spanish acronym) is Puerto Rico’s banking and financial services regulator. OCIF is a government agency created pursuant to the provisions of Act No.4 of October 11, 1985, as amended, with the main responsibility regulating, supervising and overseeing financial institutions that operate or do business in Puerto Rico. OCIF is responsible for: • Overseeing the implementation of public policy prescribed and established by the Governor of Puerto Rico regarding the financial sector, financial products and services, and consumer protection; • Promoting socio-economic development in Puerto Rico; • Safeguarding the financial sector and the public interest; • Enforcing compliance with more than 45 laws and 38 rules and regulations; • Is responsible for performing due diligence and issuing licenses, permits and special rulings or “No-Action Letters” to financial entities operating in Puerto Rico; • As part of OCIF’s supervisory role, OCIF performs regulatory examinations and investigations of licensed entities to ensure compliance with state and federal laws and regulations applicable to the business line and the products and services offered by the licensee; and • Receives and handles claims and complaints filed by residents of Puerto Rico against a licensed entity.