Rodríguez Villa to prioritize rigorous oversight as head of OCIF

By THE STAR STAFF

Mónica Rodríguez Villa, the new commissioner of the Office of the Commissioner of Financial Institutions (OCIF by its acronym in Spanish), reaffirmed her commitment to rigorous oversight, a flexible regulatory framework, and a continued effort toward the economic development of Puerto Rico.

She made her remarks Thursday after her appointment a day earlier.

“I sincerely thank the governor and her team for the trust they have placed in me,” Rodríguez Villa said. “I accept this appointment with great honor and commitment, and I will fully dedicate myself, along with the outstanding OCIF team, to strengthening Puerto Rico’s financial sector and promoting its development within a solid regulatory compliance framework.”

The commissioner emphasized the successes achieved during her tenure in the previous administration, particularly in supervising international financial and banking entities. However, she acknowledged that there is still work to be done, especially in emerging sectors such as private equity funds, which require vigilant attention and oversight.

During her address, Rodríguez Villa highlighted the significant accomplishment of removing Puerto Rico from the U.S. Treasury Department’s National Money Laundering Risk Assessment, showcasing the local commitment to financial integrity and the prevention of money laundering.

She also noted that the regulatory framework governing non-depository institutions -- such as mortgage banks, pawn shops, remittance companies, and finance companies -- will be evaluated in an effort that aims for responsible deregulation.

Addressing the Financial Education Institute, Rodríguez Villa recognized the challenges in recruiting staff and gave assurances that new strategies are being explored to launch the institute as soon as possible.

In her vision for modernizing the OCIF, she announced that a contract will soon be signed with a technology provider to develop a modern platform for financial data analysis. The platform’s purpose will be to enhance efficiency, transparency, and accessibility for supervised entities and the public.

Other key aspects of Rodríguez Villa’s agenda include the transformation of the Dormant Accounts Division, which seeks to update public notification processes and improve operational efficiency; the publication and implementation of key regulations -- including those related to banking, international entities, security chambers, and the Sports Betting Act; and a push to obtain accreditation from the Conference of State Bank Supervisors to enhance the OCIF’s standing among national regulatory peers and provide access to training resources in emerging areas such as cryptocurrencies, medical cannabis and gambling.