AGENCY SUMMARY
The State Corporation Commission is charged with administering the statutes providing for the supervision of banks and trust companies. It issues certificates of authority to engage in such businesses. It may require reports and examine such institutions. Its approval is required for bank mergers, the establishment and relocation of branches and trust offices, and for a variety of other transactions. It may order compliance, close an institution, or remove directors and officers for continued violations of laws or regulations. Code of Virginia, Title 6.2, Chapters 8 and 10. The commission has similar authority respecting trust subsidiaries, savings institutions, and credit unions. Code of Virginia, Title 6.2, Chapters 10, 11, and 13. The commission is authorized to adopt such regulations as may be necessary to permit state chartered banks, savings institutions, and credit unions to have powers comparable with those of federally chartered depository institutions. Code of Virginia, Title 6.2, Chapters 8, 11, and 13. Financial institution holding companies are required to register and file reports with the commission. The commission may examine such holding companies and order them to discontinue unsafe or unsound practices. Code of Virginia, Title 6.2, Chapter 7.
The commission licenses consumer finance companies and it may adopt and enforce regulations governing the conduct of licensees' business. Code of Virginia, Title 6.2, Chapter 15. The commission has similar authority respecting mortgage lenders and mortgage brokers, mortgage loan originators, payday lenders, money order sellers and money transmitters, persons offering debt management plans, and motor vehicle title lenders. Code of Virginia, Title 6.2, Chapters 16, 17, 18, 19, 20, and 22. The commission supervises industrial loan associations and it may adopt and enforce regulations governing the conduct of their business. Code of Virginia, Title 6.2, Chapter 14. It registers persons engaged in business as check cashers and it may adopt and enforce regulations governing the conduct of their business. Code of Virginia, Title 6.2, Chapter 21. The commission is authorized to adopt regulations governing the conduct of settlement agent business by financial institutions and their subsidiaries and affiliates. Code of Virginia, Title 55, Chapter 27.3. It is authorized to adopt regulations to carry out the chapter providing for equal credit opportunity and to investigate and mediate complaints of violations. Code of Virginia, Title 6.2, Chapter 5.
Regulations are available at the Bureau of Financial Institutions' office, 1300 East Main Street, Eighth Floor, Post Office Box 640, Richmond, VA 23218-0640. Internet address: http://www.scc.virginia.gov/bfi/index.aspx.
Rev. 10/2014
AGENCY SUMMARY
The State Corporation Commission is charged with administering the statutes providing for the supervision of banks and trust companies. It issues certificates of authority to engage in such businesses. It may require reports and examine such institutions. Its approval is required for bank mergers, the establishment and relocation of branches and trust offices, and for a variety of other transactions. It may order compliance, close an institution, or remove directors and officers for continued violations of laws or regulations. Code of Virginia, Title 6.2, Chapters 8 and 10. The commission has similar authority respecting trust subsidiaries, savings institutions, and credit unions. Code of Virginia, Title 6.2, Chapters 10, 11, and 13. The commission is authorized to adopt such regulations as may be necessary to permit state chartered banks, savings institutions, and credit unions to have powers comparable with those of federally chartered depository institutions. Code of Virginia, Title 6.2, Chapters 8, 11, and 13. Financial institution holding companies are required to register and file reports with the commission. The commission may examine such holding companies and order them to discontinue unsafe or unsound practices. Code of Virginia, Title 6.2, Chapter 7.
The commission licenses consumer finance companies and it may adopt and enforce regulations governing the conduct of licensees' business. Code of Virginia, Title 6.2, Chapter 15. The commission has similar authority respecting mortgage lenders and mortgage brokers, mortgage loan originators, payday lenders, money order sellers and money transmitters, persons offering debt management plans, and motor vehicle title lenders. Code of Virginia, Title 6.2, Chapters 16, 17, 18, 19, 20, and 22. The commission supervises industrial loan associations and it may adopt and enforce regulations governing the conduct of their business. Code of Virginia, Title 6.2, Chapter 14. It registers persons engaged in business as check cashers and it may adopt and enforce regulations governing the conduct of their business. Code of Virginia, Title 6.2, Chapter 21. The commission is authorized to adopt regulations governing the conduct of settlement agent business by financial institutions and their subsidiaries and affiliates. Code of Virginia, Title 55, Chapter 27.3. It is authorized to adopt regulations to carry out the chapter providing for equal credit opportunity and to investigate and mediate complaints of violations. Code of Virginia, Title 6.2, Chapter 5.
Regulations are available at the Bureau of Financial Institutions' office, 1300 East Main Street, Eighth Floor, Post Office Box 640, Richmond, VA 23218-0640. Internet address: http://www.scc.virginia.gov/bfi/index.aspx.
Rev. 10/2014
