Current regulator very hot

Howdy,
I'm working on a PC 3.0 board. During my pre-install test I noticed the current regulator was really hot. At least I'm pretty sure its the current regulator. Its the part on the board that is removed to do a single cell hack.
I'm using a 7.4 lit ion battery, have tested this a few times with different batteries all new and fully charged. Each time getting the same effect.
I know these can run a little hot, but when I say hot I mean its hot to the touch and kinda hurts. The heat build up is almost immediate upon starting up the board.
Has anyone else encountered this issue?
Let me know I'm interested to hear what transpired.

Regulators do get hot, is it heat sinked? What are you regulating down to?