Department of Financial Institutions Update, Senate Business, Financial Services & Trade (December 2, 2022)

Summary

Department of Financial Institutions update to the Senate Business, Financial Services & Trade Committee dated December 2, 2022, listing Drew Bouton, Director of Policy & Legislative Relations, and Brian Guerard, Chief of Enforcement, Securities Division. The slides cover HB 1899 concerning confidentiality of certain data shared with the department. On growth in the financial services sector from 2019-2021, they state that licenses of consumer loan companies regulated under DFI Consumer Services more than doubled, from 4,705 to 11,263, and that assets of state chartered credit unions increased from $57.3 to $78.5 billion. They add that licenses issued by the Division of Securities increased by 26% over the last decade.

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“Department of Financial Institutions Update, Senate Business, Financial Services & Trade (December 2, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-12-02-a30165-d246884-dfi-update-ppt-749148111d/, SHA-256 a7132eb0d97adbf7ad4445cefc63801d112043f65985368975551c68869dade5.

Full text

  Department of Financial
  Institutions - Update

Senate Business, Financial Services & Trade
Committee.
December 2, 2022


                    Drew Bouton, Director of Policy & Legislative Relations
                   Brian Guerard, Chief of Enforcement, Securities Division
2022 Session

.




    “Leading the way in consumer protection and financial services regulation.”
                                                                                  2
HB 1899 Concerning confidentiality of
certain data shared with the department of
financial institutions


Already helping with joint investigations
with SEC.




  “Leading the way in consumer protection and financial services regulation.”
                                                                                3
“Leading the way in consumer protection and financial services regulation.”
                                                                              4
“Leading the way in consumer protection and financial services regulation.”
                                                                              5
Growth In The Financial
Services Sector
2019-2021
 Licenses of consumer loan companies
   regulated under DFI Consumer Services
   more than doubled – 4,705 to 11,263.
 Assets held by state chartered credit
   unions increased from $57.3 to $78.5
   billion.
  “Leading the way in consumer protection and financial services regulation.”
                                                                                6
Financial Services Growth

 Licenses issued by the Division of
  Securities increased by 26% over the
  last decade.
Licensee Type   July 1, 2014   July 1, 2022   Percent of   2014 number      2021 number      2014 volume     2021 volume
                Licensee       Licensee       Increase     of               of               transactions    of
                Count          Count                       transactions     transactions                     transactions
Money           132            253            91.6%                                          $6.6 billion    $90.9 billion
Transmitter
Virtual         3 of 132       50 of 253      1,567%       Unknown          53,544,236       Unknown         $32.0 billion
Currency
Residential     491            924            86.2%        78,949           318,180          $19.8 billion   122.6 billion
Loan                                                       mortgage loans   mortgage loans
Origination                                                made             made
Licensed Loan   9,677          23,206         140%
Originators

     “Leading the way in consumer protection and financial services regulation.”
                                                                                                                             7
Financial Services Growth
Licenses issued by the Division of Consumer
Services increased roughly double over the
last decade.
Licensee Type   July 1, 2014   July 1, 2022   Percent of   2014 number       2021 number       2014 volume     2021 volume
                Licensee       Licensee       Increase     of transactions   of transactions   transactions    of transactions
                Count          Count
Money           132            253            91.6%                                            $6.6 billion    $90.9 billion
Transmitter
Virtual         3 of 132       50 of 253      1,567%       Unknown           53,544,236        Unknown         $32.0 billion
Currency
Residential     491            924            86.2%        78,949            318,180           $19.8 billion   122.6 billion
Loan                                                       mortgage loans    mortgage loans
Origination                                                made              made
Licensed Loan   9,677          23,206         140%
Originators




      “Leading the way in consumer protection and financial services regulation.”
                                                                                                                                 8
Cybercrime




 “Leading the way in consumer protection and financial services regulation.”
                                                                               9
Questions?


Drew Bouton
drew.bouton@dfi.wa.gov
(360) 764-0659


Thank you.

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