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
Money Transmitter NMLS Transition Period
By Order dated July 1, 2019, the State Corporation Commission adopted amendments to the Commission’s Rules Governing Licensed Money Order Sellers and Money Transmitters, with an effective date of July 15, 2019. Among other requirements, the amended regulations require licensed money transmitters to transition their records to the Nationwide Multistate Licensing System (NMLS) by September 1, 2019. Licensees and prospective money transmitter applicants are encouraged to contact the Bureau’s licensing section at (804) 371-9690 with any questions concerning the new NMLS requirements.
BFI-2019-00016 - Order Adopting Regulations