ANNUAL REPORT OF THE STATE CORPORATION COMMISSION BUREAU OF FINANCIAL INSTITUTIONS The Bureau of Financial Institutions is responsible under Title 6.2 of the Code of Virginia for the regulation and supervision of the following types of institutions: state chartered banks, independent trust companies, state chartered savings institutions, state chartered credit unions, industrial loan associations, consumer finance licensees, money transmitter licensees, mortgage lenders and brokers, mortgage loan originators, credit counseling agencies, check cashers, motor vehicle title lenders, and payday lenders. Financial institutions domiciled outside of Virginia that have deposit taking subsidiaries within the Commonwealth are also subject to the Bureau regulatory authority, as are out-of-state deposit taking subsidiaries of financial holding companies domiciled in Virginia. During the calendar year, the Bureau of Financial Institutions received, investigated, and processed applications for various certificates of authority as shown below: APPLICATIONS RECEIVED AND ACTED UPON BY THE BUREAU OF FINANCIAL INSTITUTIONS IN 2016 Received Acted Upon New Banks 1 1 Bank Branches 23 23 Relocation Bank Main Office 2 1 Bank Branch Office Relocations 7 7 Establish a Branch (out-of-the state Bank) 2 2 Bank Acquisitions Pursuant to § 6.2-704A 11 10 Bank Acquisitions Pursuant to § 6.2-704C 3 1 Bank Mergers 6 5 Notice of Intent to Acquire Bank Outside Virginia 1 1 Credit Union Mergers 2 2 Credit Union Service Facilities 7 7 Independent Trust Company Additional Offices 1 0 Out of State Trust Branches 1 0 New Consumer Finance 3 1 Consumer Finance Offices 11 22 Consumer Finance Other Business 24 19 Consumer Finance Office Relocations 3 3 New Mortgage Lenders and/or Brokers 129 115 Acquisitions of Mortgage Lenders/Brokers 30 16 Mortgage Additional Offices 624 627 Exempt Mortgage Company Registrations 8 2 Mortgage Loan Originator Licensees 5,440 5,536 Transitional Mortgage Loan Originator 53 38 Bona Fide Non-Profit Designations 2 2 New Motor Vehicle Title Lender 3 3 Motor Vehicle Title Lender Additional Offices 5 5 Acquisitions of Motor Vehicle Title Lenders 1 0 Motor Vehicle Title Lender Office Relocations 4 5 Motor Vehicle Title Lender Other Business 1 1 New Money Order Sellers/Money Transmitters 12 15 Acquisitions of Money Transmitters 4 2 Credit Counseling Agency Additional Offices 5 5 Credit Counseling Office Relocations 10 9 New Check Cashers 35 30 Payday Office Relocations 2 3 New Payday Lenders 1 1 Acquisitions of Payday Lenders 1 1 Industrial Loan Association Relocations 1 1 At the end of 2016, there were under the supervision of the Bureau 61 banks with 1,080 branches, 53 Virginia bank holding companies, 4 non- Virginia bank holding companies with a subsidiary Virginia bank, 3 subsidiary trust companies, 1 savings institution, 34 credit unions, 2 industrial loan associations, 24 consumer finance companies with 267 Virginia offices, 92 money transmitters, 38 credit counseling agencies, 432 check cashers, 175 mortgage lenders with 662 offices, 378 mortgage brokers with 480 offices, 239 mortgage lender/brokers with 1,824 offices, 17,822 mortgage loan originators, 5 private trust companies, 26 motor vehicle title lenders with 442 offices, and 18 payday lenders with 174 offices. ANNUAL REPORT OF THE STATE CORPORATION COMMISSION COMPARISON OF FEES COLLECTED BY THE BUREAU OF FINANCIAL INSTITUTIONS FOR FISCAL YEARS ENDING JUNE 30, 2015, AND JUNE 30, 2016 2015 2016 Banks $7,859,989.00 (1) $8,831,028.00 Savings Institutions and Savings Banks 7,977.00 (1) 8,910.00 Consumer Finance Licensees 500,357.00 310,323.00 Credit Unions 777,148.00 (2) 822,227.00 (2) Trust subsidiaries and Trust Companies 57,173.00 29,288.00 Industrial Loan Associations 3,600.00 1,200.00 Money Order Sellers and Transmitters 611,301.00 630,039.00 Credit Counseling Agency Licensees 93,780.00 53,468.00 Mortgage Lenders and Mortgage Brokers 1,301,447.00 839,732.00 (3) Mortgage Loan Originators 1,728,680.00 2,074,420.00 Check Cashers 111,000.00 86,700.00 Payday Lenders 317,328.00 278,916.00 Motor Vehicle Title Lenders 747,705.00 682,696.00 Miscellaneous Collections 86,658.00 74,066.00 Total $14,204,143.00 $14,723,013.00 Notes: (1) The bank and savings institutions assessments were reduced 10% in Fiscal Year 2015. (2) The credit union assessment was reduced 50% in Fiscal Year 2015 and in Fiscal 2016. (3) The mortgage broker assessment was reduced 50% in Fiscal 2016. CONSUMER SERVICES The Bureau received and acted upon 398 formal written complaints during 2016 and recovered $441,856 on behalf of Virginia consumers. .