Step 1

Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Pour in oil. Add chicken pieces to the hot oil and saute until lightly browned, 5 to 7 minutes. Add onion and garlic and saute until soft and translucent, about 5 minutes more.

Step 2

Add enchilada sauce, dry beans, broth, green chiles, oregano, and cumin to the pot. Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 45 minutes. Allow 10 to 15 minutes for pressure to build.

Step 3

Release pressure using the natural-release method according to manufacturer's instructions, at least 25 minutes to allow beans to fully cook. Unlock and remove the lid. Garnish chili with shredded Cheddar-Monterey Jack cheese blend and cilantro.