Banks and Other Financial Institutions

Banks and other regulated financial institutions are exempt from the Virginia Consumer Protection Act, which this office enforces. The Bureau of Financial Institutions (BFI) is a division within the Virginia State Corporation Commission. The BFI 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 BFI 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 BFI will advise the complainant about other ways to pursue the complaint, such as through consulting a private attorney and/or initiating a court proceeding.

Bureau of Financial Institutions

www.scc.virginia.gov/bfi

804-371-9657

The BFI does not have the authority to resolve complaints involving entities that are not under Virginia jurisdiction. 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.

There are several federal agencies that handle banking and financial issues:

Consumer Financial Protection Bureau (CFPB)

www.consumerfinance.gov

(855) 411-CFPB (2372)

The CFPB is a federal agency that answers questions and handles complaints about consumer financial products or services. If you have a complaint in any of the following areas, you may contact the CFPB for assistance:

  • Credit cards or pre-paid cards
  • Mortgage
  • Bank account or service
  • Private student loan
  • Consumer loan
  • Vehicle loan or lease
  • Payday loan
  • Credit reporting
  • Money transfer
  • Debt collection

Office of the Comptroller of the Currency (OCC)

https://occ.gov

1-800-613-6743 (nationwide toll free number) 

The OCC charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury. 

List of National Banks & Federal Savings Associations

The OCC helps customers of national banks and federal savings associations at:

HelpWithMyBank.gov

 

National Credit Union Administration (NCUA)

Customer Assistance Center

(703) 518-6300

The National Credit Union Administration (NCUA) is the independent federal agency that regulates, charters, and supervises federal credit unions. NCUA operates the National Credit Union Share Insurance Fund insuring the savings of account holders in all federal credit unions and majority of state-chartered credit unions. The NCUA Consumer Assistance Center assists consumers in resolving disputes with credit unions and providing information about federal financial consumer protection and share insurance matters. 

 

For further assistance call our Consumer Protection Hotline at 1-800-552-9963 if calling from Virginia, or (804) 786-2042 if calling from the Richmond area or from outside Virginia. Our business hours are 8:30 a.m. to 5:00 p.m., Monday through Friday.