Rinse the beans in water and remove any small stones, pieces of dirt, or bad beans.
Set Instant Pot to SAUTE. when Hot, Add oil, garlic, onion, and Sauté for 2 minutes until fragrant.
Add cumin, chili powder, oregano, salt, pepper, cayenne and the broth and water.
Scrape to remove any browned bits from the bottom of the pot.
Add in the beans. Stir to combine.
Hit CANCEL.
Pressure cook on high for for 45 minutes.
When done, allow the pressure to release naturally.
Remove the lid and drain the beans, reserving the liquid. Discard the bay leaf.
Use a potato masher or Immersion blender to mash the cooked beans until smooth adding ½ cup of the reserved liquid, leaving some texture if you like.
Garnish with chopped onion, tomatoes , cheese and cilantro . Serve it with Spanish rice or enjoy it with tortilla chips