The Bureau of Financial Institutions (BFI) is a regulatory division of the Virginia
State Corporation Commission (SCC.) This division is involved in consumer protection
through administration of state laws regarding depository and non-depository financial
Depository financial institutions are comprised of Virginia-chartered banks and
related holding companies, savings institutions and related holding companies, and
credit unions. Non-depository institutions consist of trust companies, consumer
finance companies, mortgage lenders and brokers, money transmitters, credit counseling
agencies, motor vehicle title lenders, industrial loan associations, payday lenders,
and check cashers. Each institution is required to obtain a certificate of authority
or a license prior to engaging in business with the exception of check cashers.
Check cashers are required to register with the Bureau.
The Bureau also investigates and responds to consumer complaints. In addition to
written complaints, the staff responds to thousands of telephone inquiries. The
Bureau also has an outreach program for the purpose of improving the financial literacy
E. Joseph Face, Jr.
Commissioner of Financial Institutions
Notice: Mortgage Company Annual Assessments were sent via NMLS on April 25th
Annual assessments due pursuant to § 6.2-1612 of the Code of Virginia and Virginia Regulation 10 VAC 5-160-40, were sent
through NMLS to each mortgage company licensee’s contact person on April 25, 2013. A deficiency was placed on MC
licensees’ record by NMLS. The external notes section of the deficiency provides instructions on how to obtain the assessment
invoice(s). Please follow this link to the Virginia Regulation explaining how the assessment is calculated.