|
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 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 |
