Pick over and rinse beans. Put beans & water in a 3-qt saucepan and bring to a boil. Boil for 1 minute, then remove from heat, cover, and let stand for 2 hours.

Heat oil and sauté green pepper, onion, and garlic until onion is tender. Stir them into the beans, along with the (optional) coconut milk. Add enough water to cover beans, if necessary. Heat to boiling, reduce heat to just a simmer. Stir in bay leaf, oregano, cumin and pepper. Cover loosely and simmer until beans are tender, 1-1/2 to 2 hours. Remove bay leaf and season to taste with salt.

Note: If beans give you gas, you can reduce that effect by pouring off the water the beans are soaked in and replacing it with fresh water, but you lose some flavor that way.