Puerto Rico Office of the Commissioner of Financial Institutions

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, being Puerto Rico 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 federal direct 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]

Office of the Commissioner of Financial Institutions of Puerto Rico
Oficina del Comisionado de Instituciones Financieras
Agency overview
FormedOctober 11, 1985[1]
JurisdictionPuerto Rico
HeadquartersSan Juan, Puerto Rico
Agency executive
  • Víctor Rodríguez Bonilla[2], Commissioner
Websitewww.ofic.pr.gov

References
  1. Puerto Rico Law enacting the Office of the Commissioner of Financial Institutions of October 11, 1985 No. 4 Page 919 Article 1 - OCIF LAW
  2. "Gobernadora designa Comisionado de Instituciones Financieras". May 14, 2020. Retrieved May 14, 2020.
  3. "How do I find my state's bank regulator".
  4. "Asociación y Fundación Alumni Colegial Celebra su vigésima tercera exaltación al Pabellón de los Inmortales del Deporte Colegial". www.upr.edu (in Spanish). December 18, 2017. Retrieved September 8, 2020.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.