South Carolina State Board of Financial Institutions.
The State Board of Financial Institutions is composed of eleven members, one of whom is State Treasurer Curtis Loftis, an ex officio member and the chairman. The remaining ten members must be appointed by the Governor with the advice and consent of the Senate. The Board’s supervision is handled through its two divisions – the Banking Division and the Consumer Finance Division. The Board appoints a Commissioner of Banking which examines and supervises State chartered banks, trust companies, savings and loan associations, savings banks,credit unions, and development corporations. The Board is also authorized to designate or appoint a Commissioner of Consumer Finance which licenses and examines non-depository mortgage lenders/servicers and their branches, loan originators, consumer finance companies, deferred presentment service companies, and check cashing service companies. The Board’s oversight includes the promulgation of regulations and instructions relating to the supervision of financial institutions; the consideration of applications for new banks, trust companies, savings and loan associations, savings banks, credit unions,non-depository mortgage lenders/servicers and their branches, loan originators,consumer lenders, deferred presentment providers, and check cashing service providers; and the consideration of applications for branches of banks, savings and loan associations, savings banks, credit unions, and trust companies.
The Consumer Finance Division (CFD) is responsible for the licensing, supervision, and examination of all:
- Consumer Finance Company
- Deferred Presentment
- Check-cashing companies
- Mortgage lender/servicer companies, branches, and their loan originators(W2 employees)
Our Mission Statement
The mission of the Board of Financial Institutions is to serve the citizens of the State of South Carolina. We will do this by:
- Licensing, supervising, examining and regulating the financial community in our oversight jurisdiction.
- Protecting the public from unlawful or improper practices of our financial institutions. We will work to ensure that our financial institutions adhere to the law.
- Educate and communicate with the public giving them the information they need to make wise financial choices.
- Operate a safe and sound financial system so that the public can have the highest confidence possible.
- Promoting the growth, innovation and financial stability of our State financial institutions, which allows them to be more competitive and profitable; therefore offering a broad range of products/services and making them more accessible and affordable to the public.
- Creating an environment where the State charter is the charter of choice for institutions headquartered in the State.