La Office of the Commissioner of Financial Institutions (OCFI), created under Act No. 4 of October 11, 1985, ("Act 4") is responsible for formulating public policy for the financial industry. As stated in the said Organic Law, “... The financial industry is a highly specialized and technologically advanced one, demanding special attention and promptness. In accordance with this complaint, the Office of the Commissioner of Financial Institutions is empowered to deal with incidents in the financial industry and with the power to create an agile and efficient policy. Therefore, the OCIF was created to regulate, supervise and oversee the functioning of financial institutions.”
‍
also creates and ascribes to the OCFI, the Financial Board whose functions include: fixing, regulating, increasing, decreasing or deregulating financial interests and positions in Puerto Rico. Before 1985, the functions of the OCIF fell on three agencies: Treasury Department, Department of Consumer Affairs and Department of Justice. In the Treasury Department, the related functions were carried out by the Bureau for Banks, Financial Institutions and Securities. It is then that, with the enactment of Act 4, it becomes a regulatory agency for the Financial Industry, except for the insurance sector.

It is not until 2001, with the inception of the Corporation for the Supervision and Insurance of Cooperativas (COSSEC, Spanish accronism), that local, non-federally chartered Credit Unions or Cooperativas where no longer withint the purview of the OCFI. However, to this day, the figure of the Commissioner of Financial Institutions remains an important member of the Board of Directors of COSSEC.

The OCIF administers about 27 acts and about 20 others that delegate some power to it. It enacts about 48 regulations, and its amendments. It issues licenses to dealers in the financial system. Through examinations and investigations, it monitors performance and compliance with laws and regulations, both federal and state, within the jurisdiction of the OCIF. It is keeping an eye on financial and fiscal policy controversies affecting the balance sheet and equity between depositors and institutions of the financial system. In addition, it serves citizens individuals through an administrative forum to discuss and resolve complaints.

The OCIF is also considered a law enforcement agency and, in the interest of providing tools to financially empower all residents of Puerto Rico, including the most vulnerable populations, the Financial Education Division created pursuant to Act No. 2-2023. The Division's mission is to develop initiatives aimed at mentoring and educating citizens from all sectors in matters of personal financial empowerment, and making informed decisions about financial products and services. In addition, to promote economic development through teaching financial skills to entrepreneurs. This is why the OCIF is a cornerstone for the Financial System.