OFFICE OF THE FINANCIAL INSTITUTIONS COMMISSIONER .

LEGAL AUTHORITY

Act No. 4 of October 11, 1985, as amended, known as the Financial Institutions Commissioner's Office Act Reorganization Plan No. 5 of December 7, 2010, known as the Reorganization Plan to establish the Financial Education Institute of Puerto Rico, created the Financial Education Institute of Puerto Rico 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 operations.


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.


ORGANIZATIONAL STRUCTURE

  • Administration and Information Sciences
  • Customer Support
  • Economic Studies and Financial Analysis
  • Financial Depositary Institutions Review Board
  • Financial Institutions in the Securities Industry Review Board
  • Financial Non-Depositary Institutions Review Board
  • Financial Regulation
  • Human Resources
  • Investigations
  • Office of the Commissioner


PROGRAMS

Financial Education Institute of Puerto Rico

Program Description

Provides the mechanisms and tools needed to educate all citizens. Conducts studies and counsels consumers about sound financial administration, such as savings and long term financial planning to face the important stages of life, like retirement. Assists citizens in their decision process so they make informed financial decisions, recommends legislation in favor of financial education and helps strengthen the financial education programs in both the public and private sector.

Statistical Data 2011 2012 2013

 

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

The statistical data was provided by the Agency during the Fiscal Year 2012-2013 budget formulation process.

Customers

Any person that uses any type of financial service, consumers, students and persons with specific needs


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 gambling establishments. Also, institutions authorized to receive public funds, those authorized to receive individual retirement funds and government banks. Trains resources and sectors that are key to the development of a financially educated Puerto Rico.

Statistical Data 2011 2012 2013

 

Customers served 75,000 80,000 80,000
Licenses issued 4,776 4,919 5,065
Registration of securities, brokers, dealers, agents and investment advisers 80,378 74,191 74,191
Reviews of all financial institutions 145 184 158

The statistical data was provided by the Agency during the Fiscal Year 2012-2013 budget formulation process.

Customers

The financial industry, financial services customers and citizens.

FISCAL YEAR 2012-2013 ADOPTED BUDGET

The adopted consolidated budget for Fiscal Year 2012-2013 amounts to $16,117,000 from the State Special Fund assigned through legislation, specifically Act No. 20 of April 9, 1976, as amended, to be used for the investigation of financial institutions. Resources for this fund are generated from test fees, licensing fees and fines.

Operational Expenses reflect an increase of $63,000 when compared to funds assigned in fiscal year 2011-2012 due to a rise in payments made to the Retirement System.

The adopted budget will allow the Commission to continue working towards the strengthening of the financial sector, providing education and counseling services to citizens that result in better use of the financial alternatives available.

SUMMARY OF AVAILABLE RESOURCES

Consolidated Budget  (thousands $) 2010 2011 2012 2013

 

Program  
Operational Expenses Actual Actual Budget Adopted
Financial Education Institute of Puerto Rico 0 0 1,975 1,974
Regulation and Inspection of Banks, Securities and Financial Institutions 10,351 10,088 14,079 14,143
Subtotal, Operational Expenses 10,351 10,088 16,054 16,117
Total, Program 10,351 10,088 16,054 16,117
 
Funding Sources  
Operational Expenses  
State Special Funds 10,351 10,088 16,054 16,117
Subtotal, Operational Expenses 10,351 10,088 16,054 16,117
Total, Funding Sources 10,351 10,088 16,054 16,117
 
Expense Category  
Operational Expenses  
Payroll and Related Expenses 7,776 7,217 10,150 10,221
Rent and Utilities 130 114 345 349
Purchased Services 1,024 1,050 1,729 1,775
Transportation Expenses 174 162 371 363
Professional Services 937 1,162 2,034 2,034
Other Expenses 217 257 582 532
Equipment Purchases 42 85 372 372
Office Supplies and other Materials 50 39 135 135
Advertising and Media Expenses 1 2 336 336
Subtotal, Operational Expenses 10,351 10,088 16,054 16,117
Total, Expense Category 10,351 10,088 16,054 16,117