West Virginia Code of State Rules Agency 107 - Banking And Financial Institutions
West Virginia Code of State Rules – Agency 107: Division of Financial Institutions (Banking and Financial Institutions)
Agency 107 of the West Virginia Code of State Rules (CSR) contains the regulatory framework established by the West Virginia Division of Financial Institutions, which oversees the licensing, supervision, and regulation of state-chartered financial entities. These include banks, credit unions, mortgage lenders, money transmitters, and other non-depository financial service providers.
The rules in Agency 107 support the enforcement of West Virginia Code §31A (Banks and Banking) and related statutes.
🔹 Primary Purpose of Agency 107 Rules:
Protect consumers through regulation and supervision of financial services
Ensure safety and soundness of financial institutions
Promote fair, lawful, and transparent lending and banking practices
Govern licensing and compliance obligations for non-bank financial services
📘 Key Rules and Areas Covered in Agency 107:
| CSR Section | Subject |
|---|---|
| 107-1 | General Provisions and Definitions |
| 107-2 | Licensing of State-Chartered Banks and Credit Unions |
| 107-3 | Supervision and Examination of Financial Institutions |
| 107-4 | Mortgage Lender, Broker, and Loan Originator Licensing |
| 107-5 | Consumer Lending Regulations |
| 107-6 | Money Transmitters and Check Cashers |
| 107-7 | Annual Reports, Assessments, and Fees |
| 107-8 | Enforcement Actions and Hearings |
| 107-9 | Bank Mergers, Acquisitions, and Branching |
| 107-10 | Recordkeeping and Consumer Disclosures |
✅ Key Functions and Provisions:
1. Licensing and Regulation
Licensing requirements for:
State-chartered banks and credit unions
Mortgage brokers and lenders
Money services businesses (MSBs)
Debt collectors, check cashers, and title lenders
2. Examinations and Audits
Periodic examinations to assess solvency and regulatory compliance
Enforcement authority to issue fines, suspend licenses, or take corrective action
3. Consumer Lending Oversight
Rules regarding payday loans, installment loans, and other consumer finance products
Disclosure and interest rate requirements
Anti-predatory lending safeguards
4. Mortgage Lending (107-4)
Adopts federal standards under the SAFE Act
Includes pre-licensing education, testing, bonding, and continuing education
Oversight of mortgage originators and third-party processors
5. Money Services (107-6)
Licensing and financial responsibility standards for money transmitters
Requirements for recordkeeping and anti-money laundering compliance
6. Corporate Governance and Transactions
Review and approval of bank charters, mergers, conversions, and branching
Reporting of changes in control or ownership
🏛️ Legal Authority:
Agency 107 rules are authorized under:
West Virginia Code §31A (Banks)
§31C (Credit Unions)
§46A (Consumer Credit and Protection)
§32A (Money Transmitters)
Administered by the West Virginia Division of Financial Institutions, under the State Treasurer’s Office and in coordination with federal regulators (FDIC, NCUA, CFPB, etc.)
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