Press the sauté button on high. Add oil and wait for 30 seconds. Add chopped onions and cook for 2-3 minutes or until translucent. Add garlic and cook for 1 minute. Press the cancel button.
Add dried beans, broth, water, salt, pepper, oregano, chili, cumin, bay leaves and stir.
Place the lid on. Pressure cook on high for 45 minutes, followed by a 30 minutes natural release . Follow the manufacture instructions for releasing the pressure. Remove the lid.
Drain the beans and reserve the liquid. Return the beans to the pot. Pour about ½ cup of reserved liquid in with the beans. Use a hand held blender or potato masher, blend/smash until smooth or to your liking. If the refried beans are too thick add more reserved liquid.