Pinto Beans with Chiles

2 dried ancho chiles, stemmed
2 cups boiling water
1 medium onion, chopped
1 garlic clove, peeled
1 tsp. cumin seeds
1 tsp. salt
1 tbsp. olive oil
2 15-oz. cans pinto beans, rinsed, drained
1 1/2 cups low-salt chicken broth
2 bay leaves
1/4 tsp. ground black pepper

Place chiles in bowl. Pour 2 cups boiling water over. Let soak until chiles are soft, about 20 minutes. Strain, reserving 1/2 cup soaking liquid. Seed chiles; place in processor. Add onion, garlic, cumin, salt and 1/2 cup soaking liquid; puree. (This can be made 2 days ahead. Cover, chill).

Heat oil in large pot over medium-high heat. Add chile puree; stir until slightly thickened, about 4 minutes. Add beans, broth, bay leaves, and pepper. Bring to boil. Reduce heat; simmer 10 minutes. Season with salt and pepper.