Place the beans in a colander/strainer and pick through to remove any tiny pebbles or other stray objects that do not belong. Rinse the beans well to remove any dust/dirt.
Place the beans in a large bowl and add enough fresh water to cover by 3 inches. Remove floating beans and discard.
Let the beans soak overnight. (If you choose to soak the beans in a flavorful liquid, such as a stock, you must refrigerate while soaking.) Or, you can do the quick soak method from the package directions.
After soaking, drain the beans through a colander. Rinse. Set aside.
In a 6-quart (or larger) pressure cooker over medium-high heat, melt the lard. Add the onion and sauté until softened, approximately 5 to 6 minutes.
Add the garlic and stir for 30 seconds.
Add the bay leaves, 5 cups of fresh water or stock, salt, and pepper. Adjust seasonings to your preference.
Lock the lid into place. Allow the pressure cooker to come up to pressure. Once you have full pressure, set a timer for 15 minutes. It could take up to 20 minutes cooking time depending on your pressure cooker/instant pot.
After the cook time, allow the pressure cooker to naturally release.
Once the pressure has completely subsided, remove the lid away from you (for safety) and gently stir. If the beans are still lightly firm, pressure cook for another 3 or 4 minutes. Or, you can allow the beans to cook on the stovetop, uncovered, until they are at the desired tenderness.
Remove the bay leaves. Adjust any seasonings as needed.
If you have quite a bit of liquid in your pot, strain the beans into another large bowl, reserving the liquid. See Notes. Or, what I usually do, use a 1-cup measuring cup to skim about 1 cup out of the beans and reserve it.
Return the beans to the pot. Using a potato masher, mash the beans to the consistency you desire. The beans can alternatively be pureed in a food processor (not the blender) or with an immersion blender.
Add some of the reserved liquid from the beans, adding as much as needed to achieve the consistency you desire.
Serve warm with tortilla chips (or just a spoon!), or use for chalupas, quesadillas, taco cups, etc.