Turn the instant pot to Sauté mode and add in the 1 tbsp corn oil. Once hot add in the onion and jalapeño and sauté for about 3 minutes, until onion is tender.
Add in the rinsed pinto beans, chicken broth, salt, garlic powder and chili powder. Place on the lid and make sure the valve is set to the sealed position.
Cook on HIGH pressure for 45 minutes with a Natural Pressure Release for 20 minutes, then release any remaining pressure. Remove beans and liquid from the pot and place in a separate bowl (careful, beans will be hot).
Return the instant pot liner to the instant pot and set to Sauté mode. Add in the lard and let melt until slightly bubbly and hot. Add the beans back to the pot and let them fry in the lard for a few minutes. While still frying, use a potato masher to mash the beans to your desired consistency. Turn off the Instant Pot and enjoy.
How To Double:
You can double this recipe by doubling the ingredients list (use the scale button up top for ease [2x])
Keep the cook time and NPR (natural pressure release) time the same.
Make sure to not fill your Instant Pot more than 1/2 way full before cooking.
Recipe was tested in an 8 quart Instant Pot. Smaller pots may require a longer cook time as smaller pots will come to pressure faster.