Querellas

Complaints

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, 1985 (“Act 4-1985") as amended, better known as the “Office of the Commissioner of Financial Institutions Act” (the “OCIF”) grants us powers and powers to:

•Regulate, oversee and deal with complaints related to financial institutions as defined by law.
•Address complaints related to the multiple laws and regulations it administers.

Before filing a complaint with the OCIF, we urge you to review the answers to the following frequently asked questions:

Against which institutions I complaint cannot be filed with the OCFI?

Act No. 4-1985 does not grant the OCFI any power to deal with complaints filed against the following entities:

Against a national bank. National Banks are usually identified by containing the words “national”, “national association” or the abbreviation “N.A.” in their business name.
Against a Credit Union.
Against a federal credit union. Federal credit unions are usually identified by containing the words “credit union”, “federal credit union” in their business name.
Against banks located in any state of the union or other jurisdiction.
Against foreign banks.
Against financing companies based in other jurisdictions.
Against companies that offer credit cards issued in a state of the union or other jurisdiction.
Against banks that offer credit cards located in a state of the union or other jurisdiction.

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Where do I file a complaint?

You may file your complaint in one of two ways, namely:

Personally at our offices:

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

By mail:
Commissioner of Financial Institutions
Attention: GRIEVANCE DIVISION
Office of the Commissioner of Financial Institutions
PO Box 11855
San Juan PR 00910-3855

By line:

Click the next linking

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How long does it take for the OCFI to resolve a complaint?

This may vary from case to case. Let's see.

Act No. 38 of June 30, 2017, as amended, better known as”Uniform Administrative Procedure Act of the Government of Puerto Rico” (“Law 38-2017”) requires administrative agencies to comply with certain fundamental requirements and rules of the procedural rules in an award proceeding, with the purpose of ensuring equitable solutions in a quick, fair and economic manner for the parties to the dispute.

The administrative procedure provides for due process of law that involves terms that the agency must grant to the parties to answer, provide documentation and file the corresponding appeal or action, so depending on them, the final award may vary from case to case.

The controversies presented in complaints filed with the OCFI, in most cases, require technical analysis in specialized areas, which, depending on the case, may take time. In the same way, no case is the same as another, even if they have similarities or involve the same institution or issue.

In addition, the OCFI, as part of its ministerial duty, must verify whether the complaint and the documents submitted and evaluated reveal violations of law on the part of the defendants, which may result in sanctions against them. The OCFI, during the processing of the above-mentioned complaint, must comply with the provisions of Law 38-2017, which governs the award procedures carried out by administrative agencies on matters under their jurisdiction. In addition, it must comply with the provisions of Regulation 9551. A person who voluntarily submits to the administrative award procedure before the OCFI accepts and must comply with the pace of the complaint process.

Expedited Procedure for Seniors. When the claimant is a senior citizen, the final order or decision of the OCFI must be issued within forty-five (45) days after the conclusion of the hearing or after factual determinations and conclusions of law are issued, unless this term is waived or extended with the written consent of all parties. If a claimant is an elderly person, he must notify him in his claim so that the OCFI can proceed with the expedited procedure.

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What remedies cannot be obtained through a complaint procedure with the OCIF?

You can't:

Request compensation for damages.
Take action regarding compliance or non-compliance with contractual clauses not regulated by the OCFI.
Initiate covered actions or remedies under federal laws.

Moreover,

The Office does not have jurisdiction to handle disputes related to billing disputes or unrecognized charges on revolving card accounts or lines of credit, as a matter of federal law.
The Office cannot intervene in situations related to deposit account contracts because they are disputes over civil contracts outside the jurisdictional scope of the OCFI.

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What are the requirements for filing a complaint?

In accordance with Law 38-2017, known as the “Uniform Administrative Procedure Act of the Government of Puerto Rico” and Regulation 9551, known as the “Regulations of Award Procedures Under the Jurisdiction of the Office of the Commissioner of Financial Institutions”, every complaint must contain the following information:

Letter o complaint form in original, faxes, e-mail or photocopies are not accepted.
Name and postal addresses of the complainant and of the complainant entity or person.
Statement of the facts constituting the claim or violation, written in legible and detailed form that sets out all the information that is relevant to the matter raised.
Reference to applicable legal provisions, if known.
Include a copy of any document in your possession pertaining to the dispute.
If you file the complaint on behalf of another person, you must include an authorization to represent you before the OCIF signed by the complainant.
Request for the remedy or solution that you want to obtain to resolve the dispute.
Complainant's signature

Once a complaint is received that meets all these requirements, the OCIF is empowered to address the matter raised by the complainant. (Failing that, we are prevented from initiating the procedure until everyone is complied with.)

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Against which institutions can a complaint be filed with the OCIF?

Act No. 4-1985 defines a financial institution as one of the following:

Securities brokerage house (brokers-dealers).
A company that provides mortgage loans or a person who is dedicated to processing mortgage loans.
A person who is engaged in the financial intermediation business such as debt reduction plans, etc.
A pawn shop
A check cashing business
A foreign money transfer company
A small personal loan company
A trust company
A real estate leasing company whose lease term is longer than one (1) year.
A financing company
An organized investment company licensed in Puerto Rico
A commercial bank organized and operating in Puerto Rico.
The Association of Commonwealth Employees (AEELA) with regard to mortgage loans, credit cards, personal loans and other businesses regulated by the OCIF.
A company organized as an International Banking Entity (EBI) or as an International Financial Entity (EFI).

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Download the Form:

Form

File Your Complaint Online:

CLICK HERE

OCIF

OCIF

pr.gov

pr.gov