Department of Banking and Consumer Finance (Department) is charged
with the primary examination and regulatory supervision of all state
commercial banks, state chartered thrift institutions, state chartered
credit unions, independent trust companies, consumer finance companies,
premium finance companies, motor vehicle sales finance companies, pawn
brokers, title pledge lenders, consumer loan brokers, check cashers,
lenders, the sale of commercial exchange, and debt
management service providers. The primary functions of the Department
are to insure the safety and soundness of the financial institutions
under state authority and to monitor the institutions' compliance with
governing laws and regulations. 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
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 has met all the standards of the Conference of State Bank Supervisors (CSBS) accreditation program and was officially accredited June 6, 1996. The Department has since been re-accredited four times, most recently August 1, 2016. The Department will continue to be subject to an annual self assessment and an on site re-accreditation every five years by representatives of CSBS.
CSBS is the professional association of state officials responsible
for chartering, supervising, and regulating the nation's 6,000-plus
state-chartered commercial and savings banks, and more than 400 state-licensed
foreign banking offices nationwide.
CSBS is the only national organization dedicated to enhancing the
value of the state charter and strengthening the dual banking system.
Founded in 1902, CSBS is the premier resource for state banking and
the major champion of the American dual banking system. A fundamental
goal of CSBS is enhancing the professionalism of state banking departments
and their personnel. Well-educated examiners bring more efficiency,
experience, and accuracy to the examination process.
The Department establishes a precedence to accomplish their mission
with the following statement: The Department is committed to providing
cooperative assistance to any individual, institution, industry, or
other regulatory agency within the scope of our responsibilities. The
staff is fully aware that courteous professionalism is not a goal,
but the minimum acceptable standard of performance in this administration.
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
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
in the State.
The consumer division of the
Department is given authority under the following Sections of the Mississippi
Code of 1972, Annotated to carry
out its duties of supervision and regulation of non-deposit institutions
it is charged with licensing. The statute allows the Commissioner
to promulgate regulations to further enhance the supervisory process.
Sale of Checks Law 75-15-1, et seq.
Consumer Loan Broker Act 81-19-1, et seq.
Insurance Premium Finance Law 81-21-1, et seq.
Small Loan Regulatory Law 75-67-101, et seq.
Small Loan Privilege Tax Law 75-67-201, et seq.
Motor Vehicle Sales Finance Law 63-19-1, et seq.
Mississippi Pawnshop Act 75-67-301, et seq.
Mississippi Title Pledge Act 75-67-401, et seq.
Mississippi Check Cashers Act 75-67-501, et seq.
Mississippi Mortgage Consumer Protection Law 81-18-1, et seq.
Mississippi Nonprofit Debt Management Services Act 81-22-1, et