meta_id 3532998

On September 28, 2026, the Office of the Commissioner of Financial Institutions (OCFI) issued Circular Letter CFI-CC-2026-01 establishing the Financial Reporting System (FIRE System), a centralized electronic platform for financial institutions to submit required reports and regulatory information. The FIRE System modernizes the OCFI's processes for collecting, validating, analyzing, and managing financial data from all entities subject to its jurisdiction and supervision. The FIRE System will centralize financial reporting across depository institutions (banks, cooperative banks, trust companies, international banking entities), non-depository institutions (mortgage companies, finance companies, pawnshops, casinos, money transmitters, leasing companies), securities institutions (broker-dealers, investment advisers, private equity funds, investment companies), and other regulated entities including the Puerto Rico Housing Finance Authority and the Association of Employees of the Commonwealth of Puerto Rico. The platform enables the OCFI to generate metrics, indicators, and statistics to identify trends and patterns within regulated sectors while strengthening supervisory, examination, and enforcement functions. Financial institutions will access the FIRE System at no cost to identify applicable reports, filing frequencies, deadlines, and certification requirements specific to their license type, operations nature, and regulatory classification. Implementation occurs in phased stages. Banks, the Economic Development Bank, the Cooperative Bank, the Puerto Rico Housing Finance Authority, and the Association of Employees of the Commonwealth of Puerto Rico must submit reports for the period ending September 30, 2026, beginning October 1, 2026. Subsequent stages will incorporate other depository, non-depository, and securities institutions according to a schedule the OCFI will communicate. Financial institutions must register, complete assigned reports with accurate information, attach required documentation, and submit within established deadlines. Failure to comply may result in administrative fines and sanctions under Act No. 4 and applicable special legislation. The Circular Letter repeals 17 prior circular letters establishing previous reporting requirements.