Place a large nonstick pan over medium heat, add olive oil, onion, and bell peppers. Cook onions and peppers for 5-7 minutes, until onion begins to become translucent. Add garlic cloves and cook for another 3 minutes, until garlic becomes fragrant.
Next, add beans, tomato paste, diced tomatoes, chicken broth, salt, oregano, chili powder, cumin, garlic powder, and cayenne pepper. Mix to combined then press 2 bay leaves into the mix. Cover and bring to simmer for about 10 minutes, stirring every couple minutes to keep from sticking to the bottom of the pan.
Once the mixture has reduced and thickened, remove the lid and let it thicken even more for another 3-4 minutes.
Lastly, remove the bay leaves then use a wooden spoon or a potato masher to mash the beans. This should only mash the bean slightly, not break them down into a soup. Then all you have do is serve and eat!