Heat the oil in a large saucepan over medium high heat. Saute the onion, stirring occasionally, until tender and fragrant, about 5 minutes. Add the rice and stir frequently, about 5 minutes. Be careful to avoid browning. You want your rice to toast to a golden brown with the oil and onion.
Add the chicken broth, cumin, oregano, salt and bay leaf. Bring mixture to a boil, then cover and reduce heat to low. Simmer until rice is fully cooked, about 20-25 minutes.
Discard bay leaf, fluff rice with a large wooden spoon, and then mix in drained black beans.
Notes
* plain black beans can be used, but Trader Joe's Cuban Black Beans add so much more flavor