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Bureau of Financial Institutions


The Bureau of Financial Institutions' responsibilities include:

  1. investigating and recommending action on applications to the Commission for new state financial institution charters and branches of existing institutions
  2. analyzing and monitoring the financial condition of state-chartered banks, savings institutions, and credit unions to ascertain their soundness. This includes examining these institutions at least one every three years. (Please note: some institutions in Virginia are regulated by federal agencies because they are organized under federal laws. These institutions use the words or initials "national," , "N.A.,", "FSB", "F.S.", "F.A.", or "Federal" in their names)
  3. reviewing applications filed with the SCC to merge financial institutions in Virginia and administering interstate bank acquisitions
  4. licensing and examining mortgage lenders and brokers. (The bureau can also recommend license revocation)
  5. licensing and regulating money transmitters, money order sellers, consumer finance companies, agencies providing debt management plans, payday lenders, motor vehicle title lenders, industrial loan associations and mortgage loan originators; registering check cashers

The bureau is divided into three sections:

  • Depository Supervision – examines and supervises state-chartered banks, credit unions and thrift institutions; handles consumer complaints against these entities.
  • Non- Depository Supervision – examines and/or supervises industrial loan associations, consumer finance companies, mortgage lenders and brokers, agencies providing debt management plans, money transmitters, payday lenders, motor vehicle title lenders, mortgage loan originators, and check cashers; handles consumer complaints against these entities.
  • Administration and Licensing – provides logistical support to the regulatory sections; administers human resource, financial, and automated operations; maintains Bureau records; investigates applications filed with the SCC by banks and other financial services companies, and conducts economic research.

The bureau has staff specially trained in investigating problems in areas of its jurisdiction. Institutions licensed by the SCC through the bureau may face disciplinary action, such as fines, for violations of state law. The Commission may revoke an institution's license.

The Bureau of Financial Institutions responds daily to inquiries related to state-chartered financial services companies, such as banks or savings institutions and consumer finance companies, as well as questions about other areas in the bureau's jurisdiction.