|
|
| Virginia - Bureau of Financial Institutions |
The Virginia Bureau of Financial Institutions' responsibilities include…
- Investigating and recommending action on applications to the Commission for new state financial institution charters and branches of existing institutions
- 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.
- Reviewing applications filed with the SCC to merge financial institutions in Virginia and administering interstate bank acquisitions
- Licensing and examining mortgage lenders and brokers. (The bureau can also recommend license revocation)
- Licensing and regulating money order sellers, money transmitters, consumer finance (small loan) companies, and debt counseling services; registering check cashers and industrial loan associations
The bureau is divided into five sections:
- Banks and Savings Institutions - examines and supervises state-chartered banks and thrift institutions.
- Consumer Finance - examines and supervises industrial loan associations, consumer finance companies, mortgage lenders and brokers, debt counseling agencies, money order sellers, money transmitters and check cashers.
- Credit Unions - examines and supervises state-chartered credit unions.
- Corporate Structure and Research - investigates applications filed with the SCC by banks and other financial services companies, and conducts economic research.
- Administration and Finance - provides logistical support to the regulatory sections, administers human resource, financial and automated operations, maintains Bureau records, and handles consumer complaints.
Use the following link to access current information on the Virginia Bureau of Financial Institutions …
http://www.scc.virginia.gov/division/banking/index.htm
Contact Us
Bureau of Financial Institutions
1300 E. Main Street, Suite 800
P.O. Box 640
Richmond, Virginia 23218-0640
General Information/Administration 804/371-9657
FAX 804/371-9416
Regulated Entities
The following entities are regulated by the Bureau of Financial Institutions…
- State chartered Banks and thrift institutions
- Mortgage Lenders and Brokers
- Money Order Sellers and Money Transmitters
- Payday Lenders
- Check Cashers
- Nonprofit Credit Counselors
Complaints
The Bureau of Financial Institutions is a division within the Virginia State Corporation Commission. The Bureau has jurisdiction over Virginia state-chartered financial institutions and certain out-of-state entities that have been granted authority to do business in the Commonwealth.
It is important to remember that the Bureau does not act as the complainant's attorney. It also does not have the power to adjudicate complaints. If a dispute turns on facts that do not involve a supervised entity's violation of a specific law or regulation (such as a matter concerning internal policies or guidelines) the Bureau will advise the complainant about other ways to pursue the complaint, such as through consulting a private attorney and/or initiating a court proceeding.
Who to contact regarding your complaint
The Bureau does not have the authority to resolve complaints involving entities that are not under Virginia jurisdiction. Some institutions are regulated by federal government agencies. For example:
*Commercial banks having the word "National" or using the title "N.A." (National association) in their title, are organized under and subject to federal law. Requests for information or complaints concerning these national banks should be directed to the Office of the Comptroller of the Currency (phone 1-800-613-6743).
*Savings banks and savings and loan associations having the word "Federal" in their name or which use the initials FSB (federal savings bank), FSA (federal savings association), FA (federal association) or FSLA (federal savings and loan association) are regulated by the Office of Thrift Supervision, a federal agency. Inquiries or complaints should be directed to the Office of Thrift Supervision (phone 1-800-842-6929).
*Federally regulated credit unions are similarly identified by the word "federal" in their name. Inquiries and complaints concerning federal credit unions should be directed to the National Credit Union Administration (phone 703-518-6300).
If the complaint relates to a mortgage loan that is secured by a property outside of Virginia, you should contact that state's banking authority.
If you believe the regulated entity falls under the jurisdiction of the Bureau of Financial Institutions, complete a complaint form and submit it to the Bureau at the address noted on the form. If you are not sure if the entity with which you are dealing is regulated by the Bureau, you can check the Annual Report, which contains lists of all entities regulated by the Bureau of Financial Institutions. Updated information is made available through the Weekly Bulletin on their website.
Use the attached link to access instructions and the correct forms to file a complaint.
http://www.scc.virginia.gov/division/banking/complaint.htm
Rules and Regulations
Use the attached link to access current information on rules and regulations the bureau is responsible for enforcing.
http://www.scc.virginia.gov/division/banking/adminrules.htm
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit-reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
|
|
|
|
