The Office of the Commissioner of Financial Institutions of Puerto Rico has issued a statement denying allegations of improper conduct contained in an affidavit publicized by an officer of a company fined by the office and reaffirming the validity of the administrative action set out in its 31 October 2025 complaint and order to show cause against Allied Fleet Services and AAA Car Rental. The commissioner said the case reflects a long pattern of non-compliance with applicable laws, regulations and circular letters, rather than personal considerations, and described the affidavit as a tactic to avoid responding to regulatory breaches identified during the licence renewal process. According to the complaint and order, Allied was authorized to operate as a leasing company from August 2018 to December 2024 but renewed its licence late on multiple occasions from 2019 to 2024. AAA was authorized to operate as a financing company from June 2015 to December 2024 and likewise renewed its licence late multiple times from 2018 to 2024. When the office issued the complaint and order, both Allied and AAA had been operating without leasing licences since 1 January 2025, and AAA had also been operating without a financing licence since that date. The office also cited further violations, including failures to submit quarterly and annual reports, audited financial statements and other required documentation over multiple periods. It said AAA, as a financing company, failed to submit quarterly reports from 2015 onward, in breach of Law No. 68-1964 and Circular Letter CIF 09-02. The statement adds that the fines and penalties were determined by an Office of the Commissioner of Financial Institutions officer under the applicable regulations after repeated efforts to bring the firms into compliance. It also says the office renewed both companies' leasing licences on 1 April 2026, once the required documentation had been submitted, and that they are currently authorized to operate.
Office of the Commissioner of Financial Institutions of Puerto Rico 2026-05-11
Office of the Commissioner of Financial Institutions of Puerto Rico rejects misconduct allegations and reaffirms enforcement action against Allied and AAA
The Office of the Commissioner of Financial Institutions of Puerto Rico has rejected allegations of improper conduct made in an affidavit by an officer of a company it fined and reaffirmed its 31 October 2025 complaint and order to show cause against Allied Fleet Services and AAA Car Rental. The authority cites a long pattern of non-compliance, including repeated late licence renewals, operating without required licences since 1 January 2025, and failures to submit mandated reports and audited financial statements, and notes that fines were imposed under applicable regulations after remediation efforts. It adds that both companies’ leasing licences were renewed on 1 April 2026 once required documentation was provided and that they are currently authorized to operate.