PR Financial Institutions Commissioner

Proposed Rule on Administrative Determination Requests and Fees

The Puerto Rico Office of the Financial Institutions Commissioner (OCIF) proposes a new regulation establishing a uniform procedure for requesting and issuing Administrative Determinations, including clarifications, non-objection determinations, and interpretations of laws and regulations under OCIF jurisdiction. The proposed rule authorizes OCIF to establish fees via circular letter for processing these requests and sets documentation, format, and timeline requirements for submissions. Financial institutions and other regulated entities requesting OCIF determinations will be subject to these new procedural requirements and potential fees.

Regulation on Submission and Fees for Administrative Determinations

The Office of the Commissioner of Financial Institutions (OCIF) of Puerto Rico has published a Public Notice proposing a new Regulation establishing a uniform procedure for the submission, review, and issuance of Administrative Determinations under any law or regulation within OCFI's jurisdiction. The proposed Regulation also authorizes OCFI to establish fees for processing such requests by Circular Letter. A 30-day public comment period is open from the publication date.

Regulation on Administrative Determination Requests and Charges

The Office of the Commissioner of Financial Institutions of Puerto Rico (OCIF) proposes a new regulation establishing a uniform procedure for filing, evaluating, and issuing administrative determinations related to any law or regulation under OCIF jurisdiction. The proposal authorizes OCIF to establish applicable processing charges via circular letter. Written comments or requests for oral hearings may be submitted within 30 days of publication.