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 institutions.

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, short-term lenders, check cashers, student loan servicers, and debt settlement services providers. 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 of Virginians.

• American Association of Retired Persons (AARP)
  AARP offers engaging and helpful content on a variety of topics including personal finance, retirement and investing.
• Better Business Bureau (BBB)
  The Better Business Bureau (BBB) maintains the vision of an ethical marketplace where buyers and sellers can trust each other. Their mission is to be a leader in advancing this marketplace trust. The organization exists as a resource for consumers and businesses alike to turn to for objective, unbiased information on businesses. BBB provides educational information and expert advice that is free of charge and easily accessible.
• Consumer Federation of America
  Since 1968, the Consumer Federation of America (CFA) has provided consumers a well-reasoned and articulate voice in decisions that affect their lives. Day in and out, CFA's professional staff gathers facts, analyzes issues, and disseminates information to the public, policymakers, and rest of the consumer movement.
• Federal Trade Commission – Consumer Information (FTC)
  The FTC deals with issues that touch the economic life of every American. It is the only federal agency with both consumer protection and competition jurisdiction in broad sectors of the economy. The FTC pursues vigorous and effective law enforcement; advances consumers’ interests by sharing its expertise with federal and state legislatures and U.S. and international government agencies; develops policy and research tools through hearings, workshops, and conferences; and creates practical and plain-language educational programs for consumers and businesses in a global marketplace with constantly changing technologies.
• National Fraud Information Center (NFIC)
  The NFIC was originally established in 1992 by the National Consumers League, the oldest nonprofit consumer organization in the United States, to fight the growing menace of telemarketing fraud by improving prevention and enforcement. Their mission is to give consumers the information they need to avoid becoming victims of telemarketing and Internet fraud and to help them get their complaints to law enforcement agencies quickly and easily.
• Internet Crime Complaint Center
  The Internet Crime Complaint Center (IC3) is a partnership between the Federal Bureau of Investigation (FBI), the National White Collar Crime Center (NW3C), and the Bureau of Justice Assistance (BJA). IC3's mission is to serve as a vehicle to receive, develop, and refer criminal complaints regarding the rapidly expanding arena of cyber crime. The IC3 gives the victims of cyber crime a convenient and easy-to-use reporting mechanism that alerts authorities of suspected criminal or civil violations.
• Consumer Financial Protection Bureau
  The central mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.

• Get quotes from several companies. Rates vary by company, so it pays to shop around.
• Compare each policy. Be sure the policies you compare have similar levels of coverage. The more features, options, and benefits a policy has, the more it will typically cost.
• Ask questions! Talk to your agent or company. Do not feel pressured or intimidated to sign an application for a policy until you are comfortable with your decision.
• Before you buy an insurance policy, ask the agent how the company will handle issues that might come up while you're deployed. Company guidelines can vary.
• Make sure your agent and insurance company are licensed in Virginia. Use our search tool to verify that an insurance agent, agency or company is licensed in Virginia.

Complaints

If you believe you have encountered deceptive sales practices or have discovered that the policy you purchased was misrepresented to you, then visit our complaints page for information on how to file a complaint.

Securities and franchises must be registered through the State Corporation Commission, Division of Securities and Retail Franchising or exempted before business is transacted in the Commonwealth of Virginia. We investigate complaints regarding the sale of investment products and franchises and the practices of investment advisors and broker dealers in Virginia.

Sections §13.1-518 of the Virginia Securities Act and §13.1-567 of the Virginia Retail Franchising Act authorize the Commission to conduct investigations of possible violations of these Acts. Investigations are initiated based on consumer complaints, referrals from outside agencies and surveillance. Investigations are confidential and no information is available to you until there is a hearing or a settlement that makes the information public.

The following are examples of actions that may be violations of the Acts:

• Failure to register
• Lack of disclosure or deficient disclosure
• Unlawful offers
• Misappropriation of funds
• Fraud or attempt to defraud
• Omission of material facts
• Misrepresentations

Such violations may result in official civil actions by the Commission, or they may be referred to other state or federal agencies for criminal prosecution. The Securities Consumers Guide is recommended for anyone interested in investing.

Life & Health Insurance Complaints Declaration/Authorization/Release

Complaints concerning services of public utilities are handled by another division in the Commission. For electric, gas, telecommunications, and water services, contact the Division of Public Utility Regulation at 804-371-9611, or toll-free (within Virginia), 1-800-552-7945.

Securities Complaints

2018 Claims-Complaints-Appeals Mental Health and Substance Use Disorder Benefits Report

2021 Claims-Complaints-Appeals Mental Health and Substance Use Disorder Benefits Report