FINANCIAL INSTITUTIONS COMMISSIONER'S OFFICE.

LEGAL AUTHORITY

Act No. 4 of October 11, 1985, as amended, known as the Law for the Financial Institutions Commissioner's Office. Conforming to the Reorganization Plan No. 5 dated December 7, 2010, known as the Reorganization Plan to establish a Financial Education Institute of Puerto Rico, the Financial Education Institute of Puerto Rico is established and ascribed to the Financial Institutions Commissioner Office. The Financial Institutions Commissioner is granted the authority to supervise the operation of the Institute and to offer the administrative and financial support necessary for its functioning.

MISSION

Regulate, supervise and oversee Puerto Rico's financial system to: ensure its safety, soundness, and global competitiveness; promote the Commonwealth's socioeconomic development; and protect the public interest.


VISION

Maintain a modern and flexible financial system through policies that ensure balance and equity among the interests of: depositors, shareholders, investors, and the general public.


ORGANIZATIONAL STRUCTURE

The Commissioner has the following organizational units:

  • Area of Examinations of Financial Depositary Institutions
  • Area of Examinations of Financial Non-Depositary Institutions
  • Area of Examinations of Financial Institutions in the Securities Industry
  • Area of Investigations
  • Area of Financial Regulation
  • Complaint Area
  • Administration and Information Sciences
  • Economic Studies and Financial Analysis
  • Human Resources
  • Direction Area

GEOGRAPHIC LOCATION

The Financial Institutions Commissioner's Office is located at No. 1492 Ponce de Len Avenue, Centro Europa Building, Floor 6, in San Juan.

PROGRAMMATIC STRUCTURE

POSITIONS FILLED

Authorized and Proposed Positions 2009 2010 2011 2012
Sept./08 Sept./09 Sept./10 Feb./11 Proj.

 

Total amount of positions 128 119 112 108 119

The difference between fiscal year 2010-2011 and 2011-2012, is a result of the implantation of the Financial Education Institute of Puerto Rico.

Data obtained from the Headcount Reports certified by the agency. Figures for fiscal year 2011-2012 were estimated during the budget formulation process.

PROGRAMS

Financial Education Institute of Puerto Rico

Program Description

Establish the mechanisms and tools needed to educate all citizens. Conducts studies and counsels consumers about suitable financial habits, such as savings and long term financial planning to face the important stages of life, like retirement. Helps citizens make informed decisions, recommends legislation in favor of financial education and helps strengthen the financial education programs in the public and private sector.

Statistical Data 2010 2011 2012

 

Customers served 0 0 60,000
Educational Activities 0 0 60

The statistical data was provided by the Agency during the Fiscal Year 2011-2012 budget formulation process.

Customers

Financial services customers, consumers, including students who attend primary education level up to post-secondary level and groups with particular needs, for example: elders.

Human Resources

Authorized and Proposed Positions 2009 2010 2011 2012

Managerial,Technical, Administrative, and Office Staff 0 0 0 5
Other staff 0 0 0 2
Total, Positions 0 0 0 7

Regulation and Inspection of Banks, Securities and Financial Institutions

Program Description

Inspects and regulates the banking industry, the International Banking Center, the securities industry, the mortgage industry, the small personal loan companies, property leasing companies and installment sale financing companies. Likewise, concessionaires and money transfer agents, pawnshops, check cashing offices, trust companies, and games of chance rooms. Also, institutions authorized to receive public funds, those authorized to receive individual retirement funds and government banks. Trains internal resources and sectors that are key to the development of a financially educated Puerto Rico.

Statistical Data 2010 2011 2012

 

Customers served 75,000 40,000 80,000
Educational Activities 49 51 0
Examination of all financial institutions 181 237 206
Licenses issued 4,767 4,811 4,953
Registration of securities, brokers, dealers, agents and investment advisers 70,910 69,181 69,181

*Includes bank branches.

The statistical data was provided by the Agency during the Fiscal Year 2011-2012 budget formulation process.

Customers

The financial industry, financial services customers and citizens.

Human Resources

Authorized and Proposed Positions 2009 2010 2011 2012

Managerial,Technical, Administrative, and Office Staff 38 49 49 45
Judges, Lawyers, and Legal Staff 20 21 21 20
Other staff 70 49 42 47
Total, Positions 128 119 112 112

FISCAL YEAR 2011-2012 ADOPTED BUDGET

The adopted consolidated budget for fiscal year 2011-2012 ascends to $16,054,000. Funds from a State Special Funds are used to investigate financial institutions. This fund was created by Act No. 20 of April 9, 1976, as amended, and is nourished by revenue from tests, licenses, fines and others.

Operating Expenses reflect an increase of $1,887,000, in comparison with the funds approved for fiscal year 2010-2011. This is due to the Reorganization Plan, No. 5 of December 7, 2010. This Plan created the Financial Education Institute of Puerto Rico and assigned administrative and financial support to the Commissioner.

These funds are necessary for the operation of the Commission and the Financial Education Institute of Puerto Rico.

SUMMARY OF AVAILABLE RESOURCES

Consolidated Budget  (thousands $) 2009 2010 2011 2012

 

Program  
Operational Expenses Actual Actual Budget Adopted
Financial Education Institute of Puerto Rico 0 0 0 1,975
Regulation and Inspection of Banks, Securities and Financial Institutions 11,318 10,351 14,167 14,079
Subtotal, Operational Expenses 11,318 10,351 14,167 16,054
Total, Program 11,318 10,351 14,167 16,054
 
Funding Sources  
Operational Expenses  
State Special Funds 11,318 10,351 14,167 16,054
Subtotal, Operational Expenses 11,318 10,351 14,167 16,054
Total, Funding Sources 11,318 10,351 14,167 16,054
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 8,174 7,776 9,714 10,150
Rent and Utilities 112 130 180 345
Purchased Services 958 1,024 1,423 1,729
Transportation Expenses 163 174 271 371
Professional Services 1,348 937 1,784 2,034
Other Expenses 325 217 432 582
Equipment Purchases 173 42 267 372
Office Supplies and other Materials 39 50 60 135
Advertising and Media Expenses 26 1 36 336
Subtotal, Operational Expenses 11,318 10,351 14,167 16,054
Total, Expense Category 11,318 10,351 14,167 16,054



Financial Education Institute of Puerto Rico

Budget (thousands $) 2009 2010 2011 2012

 

Funding Sources  
Operational Expenses  
State Special Funds 0 0 0 1,975
Subtotal, Operational Expenses 0 0 0 1,975
Total, Funding Sources 0 0 0 1,975
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 0 0 0 330
Rent and Utilities 0 0 0 165
Purchased Services 0 0 0 500
Transportation Expenses 0 0 0 100
Professional Services 0 0 0 250
Other Expenses 0 0 0 150
Equipment Purchases 0 0 0 105
Office Supplies and other Materials 0 0 0 75
Advertising and Media Expenses 0 0 0 300
Subtotal, Operational Expenses 0 0 0 1,975
Total, Expense Category 0 0 0 1,975
 

Regulation and Inspection of Banks, Securities and Financial Institutions

Budget (thousands $) 2009 2010 2011 2012

 

Funding Sources  
Operational Expenses  
State Special Funds 11,318 10,351 14,167 14,079
Subtotal, Operational Expenses 11,318 10,351 14,167 14,079
Total, Funding Sources 11,318 10,351 14,167 14,079
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 8,174 7,776 9,714 9,820
Rent and Utilities 112 130 180 180
Purchased Services 958 1,024 1,423 1,229
Transportation Expenses 163 174 271 271
Professional Services 1,348 937 1,784 1,784
Other Expenses 325 217 432 432
Equipment Purchases 173 42 267 267
Office Supplies and other Materials 39 50 60 60
Advertising and Media Expenses 26 1 36 36
Subtotal, Operational Expenses 11,318 10,351 14,167 14,079
Total, Expense Category 11,318 10,351 14,167 14,079