BANKS AND CREDIT UNIONS
The Banking Division regulates 60 state-chartered banks, 4 state-chartered credit unions, and 1 non-depository trust company. As of 12/31/19, banking assets total $91 billion, ranking Mississippi 16th nationally in assets under supervision.
The division has a legal responsibility for ensuring state-chartered institutions are operating on a safe and sound basis. The division does not have regulatory authority over national banks, banks chartered out of the State of Mississippi, or federal savings banks.
The Department, in the banking division, has statutory authority under Section 81-1-1, et seq., Mississippi Code of 1972, Annotated to carry out its supervisory and regulatory actions for banks, savings and loan associations, savings banks, trust companies and credit unions. While the Department uses the Mississippi Code in most instances to perform its duties, statutes allow the Commissioner the authority to promulgate regulations to further help in the regulatory process. Also from time to time, the Commissioner will communicate with banks in the form of a Memorandum to further clarify certain positions. The State Board of Banking Review also has authority to promulgate rules or regulations which will allow state chartered banks the same rights and privileges as that of national banks operating in the state.
The Banking Division fulfills its mission of ensuring the viability of each institution by performing periodic examinations of the financial soundness of each institution. Examiners evaluate the financial statements of the institution, compliance with governing laws and regulations, and the effectiveness of management. Examiners also review the institution’s Bank Secrecy Act (BSA) and Information Technology (IT) departments.
HOW DO I...
Any bank seeking approval to pay dividends shall notify the Department of Banking and Consumer Finance (DBCF) via e-mail or fax outlining the amount of the dividend and payable date.
Here are the ways to request a dividend payment with the Mississippi Department of Banking and Consumer Finance:
- Submit a completed Dividend Request Letter via e-mail to firstname.lastname@example.org.
- If you need to furnish supporting documentation to coincide with a recently submitted dividend request, please e-mail documentation to email@example.com.
- Fax a completed Dividend Request Letter to 601.364.3042.
- Call 1.601.321.6901 or 1.800.844.2499 (toll free) for questions related to dividend requests.
Any state-chartered bank, savings association, savings and loan association, or savings bank may exercise the rights, powers, privileges, immunities, duties and obligations of a federally chartered depository institution under the same circumstances and conditions as enjoyed by such federally chartered depository institution, subject to the prior approval and any conditions imposed by the Commissioner of Banking and Consumer Finance ("Commissioner").
Upon submission of proof, through an application procedure provided by the Department of Banking and Consumer Finance, that the right sought is possessed by the entity's respective federally chartered counterpart which operates within the State, the Commissioner shall determine whether to approve the required action. In the event that any approved right is subsequently modified, restricted or prohibited by virtue of federal statute, rule, regulation, interpretive ruling, regulatory order, or court decision, the right enjoyed by the state entity shall be correspondingly restricted under the same circumstances and conditions.
Any bank seeking approval for parity shall notify the Department of Banking and Consumer Finance (DBCF) via e-mail or fax outlining the desired parity.
Here are the ways to request parity with the Mississippi Department of Banking and Consumer Finance:
- Submit a Parity Request Letter via e-mail to firstname.lastname@example.org.
- If you need to furnish supporting documentation to coincide with a recently submitted parity request, please e-mail documentation to email@example.com.
- Fax a Parity Request Letter to 601.364.3042.
- Call 1.601.321.6901 or 1.800.844.2499 (toll free) for questions related to parity requests.
If you have an issue with a financial institution, first, you should try to resolve the issue with the financial institution. If you have attempted to work with the institution but need more assistance, you can file a complaint with the Department. Here are the ways to file a complaint with the Mississippi Department of Banking and Consumer Finance:
- Submit a completed Consumer Complaint Form via e-mail to firstname.lastname@example.org. Please do not submit any information that may be considered confidential or if it contains personal identifying information via email.
- If you need to furnish supporting documentation to coincide with a recently submitted complaint, or else you are an institution, which needs to submit a response to a consumer complaint, please mail this documentation (copies, NOT originals) to the following address.
- Mail a completed consumer complaint form to:
Department of Banking and Consumer Finance
Attention: Consumer Complaints Department
P.O. Box 12129
Jackson, Mississippi 39236-2129
- Fax a completed form to 601.321.6933.
- Call 1.601.321.6901 or 1.800.844.2499 (toll free) to confirm receipt of a complaint form.
In order for the Department to investigate the issue of your concern, please provide us with a completed Consumer Complaint Form documenting the following:
- Details and nature of your complaint, describing any problems you may have experienced;
- The date of the occurrence;
- Individuals you have contacted at the financial institution or licensee;
- Whether or not you have attempted to resolve your complaint;
- COPIES of any documentation to support your claim; and
- Any action you request of the bank to resolve the issues to your satisfaction.
Once the complaint is completed and sent to the Department, the complaint will be assigned to legal counsel to review. If more information is needed, legal counsel will contact the complainant. In most cases, the complaint and supporting documentation will be sent to the financial institution or licensee; however, there may be situations where a different course of action is taken. If the complaint is sent to an institution, the institution will be asked to provide a written response to the Department. Once the institution's response is reviewed by legal counsel, the Department will respond to the complainant.
Please note that the Department cannot act as a court of law or as an attorney on the complainant's behalf, provide legal advice, or become actively involved in complaints that are in litigation or have been resolved by the court system.