BFI POLICY STATEMENT REGARDING COVID-19
The Bureau of Financial Institutions encourages all supervised financial institutions to work constructively to mitigate the impacts of the Coronavirus/COVID-19 pandemic on Virginia consumers and businesses. While the Bureau is not in a position to unilaterally modify statutory requirements, it is also mindful of the extraordinary extenuating circumstances presented by these recent events. Accordingly, the Bureau will take such circumstances into account should a subsequent issue arise and will attempt to accommodate, consistent with law and sound practices, efforts made by licensees to minimize service disruptions. Licensees are nonetheless cautioned that data security, internal controls, and adherence to safe and sound lending practices must retain paramount importance in alternative work programs. The Bureau will also work with financial institutions to reduce burden when scheduling examinations and place an increased emphasis on off-site reviews and examinations.
The Bureau will continue to monitor this rapidly evolving situation and release additional guidance as necessary. This policy statement is effective through June 1, 2020, unless otherwise modified or withdrawn.
CASE NUMBER BFI-2020-00006 SCC Order Certifying Financial Service Sector Workers as Critical Infrastructure Workers
COVID-19 UPDATE REGARDING FILING OF COMPLAINTS:
As a result of the COVID-19 pandemic, the Bureau of Financial Institutions will now accept consumer complaints via email relating to entities we regulate. Please send your complaint to: BFIQuestions@scc.virginia.gov. Be sure to include your name, mailing address, name of the company, and a summary of your concerns. Please also include a statement of what you are seeking / asking the company to do.
PLEASE DO NOT INCLUDE ANY ACCOUNT NUMBERS OR OTHER PERSONAL FINANCIAL INFORMATION IN THE EMAIL.
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