The Comptroller of Puerto Rico issued a favorable opinion on the fiscal operations of the Office of the Commissioner of Financial Institutions (OCIF) related to the functions, powers and duties of the Financial Education Institute of Puerto Rico.
The tests performed and the evidence in our possession revealed that the operations of the OCIF, the subject of this Report, were carried out, in all significant aspects, in accordance with the applicable law and regulations.
The OCIF was created by Act No. 4 of October 11, 1985, to oversee and supervise the financial institutions that do business in Puerto Rico. As part of Reorganization Plan No. 3 of 1994, the Office of the Inspector of Cooperatives and the Corporation for the Insurance of Shares and Deposits of Savings and Credit Cooperatives came under the supervision of the OCIF Commissioner.
On December 7, 2010, the Financial Education Institute of Puerto Rico was created to provide financial training to residents of Puerto Rico, recommend legislation, and help strengthen education programs in the public and private sector.
For fiscal years 2015 to 2019, the Institute had resources amounting to $2.3 million and made disbursements of $338,355.
The report covers the period from July 1, 2014 to September 30, 2018.
See Audit Report DA-20-01.
To see other published reports, visit our Audit Reports section.
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