Sort beans and rinse well. Place in a Dutch oven and cover with water; soak 6 to 8 hours or overnight. Drain and rinse.
Cover beans with fresh water, add bay leaf, and bring to a boil; reduce heat to medium-low, cover, and simmer just until tender, about 1 1/2 hours, adding additional water if needed.
Heat olive oil in a large skillet over medium heat. Add onion, green pepper, and garlic and cook until tender, about 10 minutes, stirring often. Add to beans along with salt, cumin, and oregano. Continue cooking, stirring occasionally, until beans are very tender, about 20 to 30 minutes longer, adding more water if needed. Stir in TABASCO® Chipotle Sauce to taste and remove bay leaf. Serve over rice.
Makes 6 to 8 servings.