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Bureau of Financial Institutions

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, 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 of Virginians.

picture of Banking Commissioner E. Joseph Face, Jr.

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, 2014. 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).

The following link will take you to a copy of the mortgage licensee assessment schedule: http://leg1.state.va.us/cgi-bin/legp504.exe?000+reg+10VAC5-160-40External Link logo