Welcome    

The Office of the Commissioner of Financial Institutions is an agency of the Commonwealth of Puerto Rico created by Act No. 4 of October 11, as amended, 1985, better known as the Law of the Office of the Commissioner of Financial Institutions, and empowered to:

  • Regulate, oversee and deal with complaints against financial institutions as defined in the law, and
  • To attend to complaints related to the rules and regulations it administers.


Prior to filing a complaint with the Office of the Commissioner of Financial Institutions (the OCIF) we suggest you review the Q & A's.

MOST FREQUENTLY ASKED QUESTIONS RELATED TO
THE FILING OF A COMPLAINT AT THE
OFFICE OF THE COMMISSIONER OF FINANCIAL INSTITUTIONS
AND THE ANSWERS

Against which institutions can a complaint by filed at the OCIF?



Act No. 4 of October 11, as amended, better known as the Law of the Office of the Commissioner of Financial Institutions, empowers the OCIF to regulate, oversee and deal with complaints against financial institutions as defined in the law, as well as authorizing the Office to attend to complaints related to the rules and regulations it administers.

Law 4 defines a financial institution as one of the following:

  • A securities company.
  • A company offering mortgage loans.
  • A person dedicated to the business of financial intermediation such as
    facilitating mortgage loans, debt reduction plans, etc.
  • A pawn shop.
  • A check-cashing business.
  • A company making money transfers.
  • An investment company.
  • A small personal loan company.
  • A trust company.
  • A company dealing in the lease of personal property for one year or more.
  • A finance company.
  • A commercial bank organized and operating in Puerto Rico.
  • The Commonwealth Employees Association (AEELA) in cases of mortgage loans, credit cards, personal loans and other businesses regulated by the OCIF.
  • A company organized as an International Banking Entity (EBI).
Against what type of institutions can a complaint not be filed before the OCIF?



Law 4 does not grant authority to the OCIF to deal with complaints filed against:

  • A national bank. National Banks are usually identified by having the word
    "national," "national association" or "N.A." in their name.
  • A savings and credit cooperative.
  • A federal cooperative. Federal cooperatives generally have the words "credit
    union" or "federal credit union" in their name.
  • Banks located in a state of the union or other jurisdiction.
  • Foreign banks.
  • Finance companies registered in other jurisdictions.
  • Companies offering credit cards from a state of the union or other jurisdiction.
  • Banks offering credit cards based in a state of the union or other jurisdiction.
What remedies cannot be obtained through a complaint filed at the OCIF?


You can not seek:
  • Compensation for damages.
  • Any action over the compliance or noncompliance of any contractual clauses not regulated by the OCIF.
  • Action or remedies covered under the protection of federal law.
What are the requisites to file a complaint?



As stated in Act No. 170 of August 12, 1988, as amended, known as the Law of Procedures and Uniform Administration" and Regulation 3920, known as the "Regulation of Ajudication Procedures under the Jurisdiction of the Office of the Commissioner of Financial Institutions," all complaints filed shall include the following information:

  • A letter or complaint form in original form. Neither fax, e-mail nor photocopies are acceptable.
  • Name and mailing address of the person filing the complaint and of the entity or person against whom the complaint is being filed.
  • All the facts comprising the claim or infraction must be written in a detailed and legible form including all information pertinent to the matter at hand.
  • Reference to the applicable legal provisions (if known).
  • Also include copies of all documentation in your possession pertinent to the controversy.
  • If you are filing the complaint on behalf of another person, you must include an authorization signed by this person to enable you to represent him before the OCIF.
  • Request for the remedy or solution you are seeking to settle the controversy.
  • Signature of the person filing the complaint

Once the OCIF receives a complaint that complies with all the requisites, it will attend to it. (If any of the requisites listed above are missing, the OCIF will be unable to attend to the problem).

Where are complaints to the OCIF filed?



You may file your complaint in one of two ways:

Personally at our offices:

Office of the Commissioner of Financial Institutions
Centro-Europa Building - Suite 600
1492 Ponce de Leon Avenue (in front of the Performing Arts Center)
San Juan, Puerto Rico 00907

By mail:

Commissioner of Financial Institutions
ATTN: Complaints Division
Office of the Commissioner of Financial Institutions
PO Box 11855
San Juan, Puerto Rico 00910-3855

 

How long will it take the OCIF to resolve a complaint?



This varies on a case-by-case basis.

Act No. 170 calls for the fulfillment by the administrative agencies of determined requisites and fundamental norms of the regulation procedures in an adjuticative manner with the aim of guaranteeing equitable solutions in a speedy, just and economical manner for all parties to the controversy. The administrative procedure calls for a due process of law that involves limits the agency should provide for the parties to answer, provide documentation and present the corresponding recourse of action which can vary from case to case.

In most cases the controversies presented in the complaints filed before the OCIF require a technical analysis in specialized areas which, depending on the case, may take time. On the other hand, no case is the same as another despite the fact that there may be some similarities or that they involve the same institution or matter.

In addition, the OCIF, as part of its ministerial duty, is required to verify if the claim presented and the documents reviewed as the result of the complaint filed contains violations to the law which could result in the levying of penalties against the financial institution. The OCIF, while working on the complaint, must comply with the dispositions of Act No. 170 which specify the adjudicative procedures carried out in matters under its jurisdiction. In the same manner, the OCIF must comply with the dispositions of Regulation 3920. Any person that voluntarily submits to an adjudicative administrative procedure before the OCIF accepts and must abide by the complaint process.

Doubts or additional questions?



Personally:

Office of the Commissioner of Financial Institutions
Centro Europa Building - Suite 600
1492 Ponce de Leon Avenue (in front of the Performing Arts Center)
San Juan, Puerto Rico 00907

By mail:

Commissioner of Financial Institutions
ATTN: Complaints Division
Office of the Commissioner of Financial Institutions
PO Box 11855
San Juan, Puerto Rico 00910-3855

Electronic mail: querellas@ocif.gobierno.pr

Telephones: Metro area (787) 723-8445 Toll free (800) 981-7711

Fax: (787) 723-4225

www.ocif.gobierno.pr


Aviso Legal / Derecho a la Intimidad

2003-2010 Oficina del Comisionado de Instituciones Financieras.