However, Puerto Rico being a commonwealth territory, its functions and legal enforcement are more broad as it is empowered to issue banking licenses under Puerto Rico law which are not under direct federal supervision, such as International Banking Entities and International Finance Entities.

The loss of accreditation by the OCIF is a matter of concern and should not be taken lightly, especially in a country like Puerto Rico where there is a lack of commitment to oversight, accountability and transparency in the decisions and operations of government agencies and entities.

This is stated in a communication from the Organization Ayuda Legal Puerto Rico (ALPR), in view of the decision of the Conference of State Bank Supervisors (CSBS) to suspend the accreditation of the regulator of banking and financial institutions in Puerto Rico.

This entity is in charge of evaluating the procedures and operations of the agencies that regulate financial and banking institutions in the United States.

The loss of OCIF's accreditation was made public through a report by the Investigative Press Center.