In a large saucepan over medium heat, add the olive oil and heat. Add the onion, bell pepper, carrots, and garlic. Cook for 8-10 minutes, stirring occasionally. Add the chili powder, paprika powder, cumin, oregano, and bay leaf. Cook for 30-60 seconds.
Add the broth, tomato sauce, diced tomatoes, and all beans. Reduce heat to low and simmer for 30-45 minutes, stirring occasionally. Remove bay leaf.
Serve and top with sliced avocado and chopped cilantro.