who we are and what we do
The Department of Banking and Consumer Finance (DBCF) is charged with the primary examination and regulatory supervision of all state-chartered Financial Entities.
Who We Are
The Department of Banking and Consumer Finance (Department) is the chartering agency for banks, credit unions, and nonbank trust companies choosing to pursue a state charter instead of a national charter. Department also serves as the primary regulator for nonbank financial service providers operating in Mississippi. The Department licenses the following nonbank financial service providers operating in Mississippi: consumer finance companies, premium finance companies, credit availability companies, motor vehicle sales finance companies, pawn brokers, money transmitters, title pledge lenders, consumer loan brokers, check cashers, mortgage lenders, and debt management service providers.
As an executive branch agency, the Governor appoints the Commissioner to serve a four-year term. The Commissioner is responsible for the overall operation of the agency and effective supervision of bank and nonbank entities chartered and licensed with DBCF. The Commissioner appoints a Deputy Commissioner to assist with agency operations. Examiners are responsible for conducting examinations to ensure the safety and soundness of financial institutions chartered with the agency and to monitor institutions' compliance with governing laws and regulations.
What We Do
The Department additionally serves as a regulatory interpreter for the institutions supervised and considers various applications for charters, branching, licensing, or other permissible activities. The Department may also bring various supervisory and enforcement actions against an institution to preserve regulatory practices and principles. In order to preserve the public interest, the Department may find it necessary to close an institution operating in an unsafe and unsound manner.
The Department is committed to providing cooperative assistance to any individual, institution, industry, or other regulatory agency within the scope of our responsibilities.
The Department is accredited with the Conference of State Bank Supervisors (CSBS). CSBS is dedicated to enhancing the value of the state charter and strengthening the dual banking system. A fundamental goal of CSBS is enhancing the professionalism of state-chartered banking departments and their personnel.