Oficina del Comisionado de Instituciones Financieras | |
Agency overview | |
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Formed | October 11, 1985[1] |
Jurisdiction | Puerto Rico |
Headquarters | San Juan, Puerto Rico |
Agency executive |
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Website | www.ofic.pr.gov |
The Office of the Commissioner of Financial Institutions of Puerto Rico—in Spanish: Oficina del Comisionado de Instituciones Financieras (OCIF)—is an office of the Department of Treasury of Puerto Rico that supervises and regulates Puerto Rico's financial sector to ensure its safety and soundness, as well as to oversee a strict adherence to all applicable laws and regulations. The OCIF as a regulatory body is similar in function to the State Banking Departments[3] found in the 50 states. However, Puerto Rico being a commonwealth territory, its functions and legal enforcement are more broad as it is empowered to issue banking licenses under Puerto Rico law which are not under direct federal supervision, such as International Banking Entities and International Finance Entities. The OCIF follows examination guidance issued by the Federal Financial Institutions Examination Council (FFIEC), a formal interagency body empowered to prescribe uniform principles for the examination of financial institutions in the U.S., including institutions regulated by the Federal Reserve Board of Governors and the Office of the Comptroller of the Currency (OCC). Ángel Luis Rosas Collazo served as its first commissioner. [4]