DFI Agency Overview: DFI’s Mission, Regulatory Divisions and 2025 DFI-Request Legislation
Summary
Agency overview slides from DFI, whose stated mission is to protect consumers and advance the financial health of Washington State by providing fair regulation of financial services and educating consumers. DFI states that it is funded by fees assessed to the financial service providers it regulates. It reports 1,150 complaints received in 2024, 119 enforcement actions over the last year, and cash fines and penalties of $1.2 million in 2024. It also reports 138 outreach events in 2024 providing financial education to over 15,000 Washingtonians. The 2025 DFI-request legislation listed is Virtual Currency Kiosks and Washington Saves Technical Correction.
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“DFI Agency Overview: DFI’s Mission, Regulatory Divisions and 2025 DFI-Request Legislation.”
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DFI Headquarters
150 IsraelRd. SW
Tumwater, WA 98501
AGENCY OVERVIEW
TABLE OF CONTENTS
DFI’S MISSION 3
DFI AT A GLANCE 4
CORE SERVICE 6
REGULATORY DIVISIONS 7
NON-REGULATORY PROGRAMS 12
2025 DFI-REQUEST LEGISLATIO 13
DFI’S MISSION
We protect consumers and advance
the financial health of Washington
State by providing fair regulation of
financial services and educating
consumers to make informed
financial decisions.
DFI AT A GLANCE
License. Regulate . Educate . Protect . DFI IS FUNDED BY FEES ASSESSED TO THE
FINANCIAL SERVICE PROVIDERS WE REGULATE.
A CHANGING FINANCIAL INDUSTRY
• Increasing cybersecurity attacks and breaches
Our mission has three primary objectives: • Technology in a rapidly changing environment
1. Protecting consumers.
• Regulation of cryptocurrency
2. Advancing the financial health of Washington State by
providing fair regulation of financial services. MULTISTATE SUPERVISION
3. Educating consumers to help them make informed
financial decisions.
• Multistate supervisory exams of large
national companies
COMMUNITY OUTREACH
CONSUMER PROTECTION AND FIGHTING FRAUD
• $10B Fraud Prevention Advertising and Outreach Campaign
• Educates on how toIdentify , Prevent and Report Financial Fraud
• More than 3-million statewide social media impressions
INVESTOR ALERTS
• In recent years, DFI has seen an increase in crypto
-currency related
scams. To inform and educate the public on these scams,
DFI has issued approximately 80 consumer alerts
naming these fraudulent websites since 2022
DFI’S CORE SERVICES
Chartering, Licensing Examinations of Enforcement Activities of Financial Education &
& Registration of Financial Institutions . Financial Institutions Outreach Activities
Financial Institutions To verify financial To detect, and take Aimed at informing and
To ensure financial institutions follow the corrective action, for protecting the people of
service providers meet law for safety, violations of the regulatory Washington. Done with an
statutory requirements. soundness, and and anti-fraud statutes additional focus on the
In 2024, DFI received compliance. DFI issued applicable to financial wealth gap and reaching
1,150 complaints. 119 enforcement actions institutions. The primary underserved communities.
over the last year. objective to protect In 2024, DFI participated
consumers.Cash fines in 138 outreach events,
and penalties totaled providing financial
$1.2 million in 2024. education to over 15,000
Washingtonians.
REGULATORY DIVISIONS
CREDIT CONSUMER
BANKS SECURITIES
UNIONS SERVICES
PURPOSE: PURPOSE: PURPOSE: PURPOSE:
Safety, soundness Safety, soundness Consumer Protection Consumer Protection
and compliance and compliance and Compliance and Compliance
JURISDICTION: JURISDICTION: JURISDICTION: JURISDICTION:
State Chartered Banks State Chartered Non-Depository Securities Broker /
and Trust Companies Credit Unions Financial Institutions Dealers, Investment
(i.e. Loan Brokers / Advisers / Reps,
CORE ACTIVITIES: CORE ACTIVITIES:
Originators / Servicers, Franchises, Investment
• Examination • Examination
Check Casher, Payday Fraud
• Enforcement • Enforcement
Lenders , etc.)
• Chartering • Chartering CORE ACTIVITIES:
• Education and • Education and CORE ACTIVITIES: • Registration
Outreach Outreach • Licensing • Examination
• Examination • Enforcement
• Enforcement • Education and
• Education and Outreach
Outreach
BANKS
By The Numbers
19Commercial Banks
7 Savings Banks
18Trust Companies
1Branch of Foreign Banks
$103.69 Billion
Total Banking Assets
$60.52 Billion
Total Trust Assets Under Management
KEY ACHIEVEMENTS: Focus on Cybersecurity Risks, Expanded Information Security and Technology Examination Workforce,
Deeper Compliance Examination Expertise, Financial Risk From Climate Change, Service Provider Legislation
CREDIT UNIONS
By The Numbers
48 State Chartered Credit Unions
4.5 Million
State Chartered
Credit Union Members
$84 Billion
Total Assets of
State Chartered Credit Unions
KEY ACHIEVEMENTS: Expanded Information Security and Technology Program, Increased Compliance Exam Team,
Experience Level of Team/New Hires and Overall Responsiveness to Stakeholders
CONSUMER SERVICES
NUMBER OF LICENCEES EXAMS CONDUCTED ENFORCEMENT ACTIONS
Complaints
Check Cashers 83 Check Casher 11 819
Received
Escrow Agents 36 Escrow Agent 12 Complaints Closed 813
Enforcement
Money Transmitters 244 Money Transmitter 52 52
Actions Issued
Investigations
Mortgage Brokers 367 Mortgage Broker 128 45
Opened
Investigations
Consumer Loan 1,060 Mortgage Origination 243 54
Closed
Mortgage Loan
22,219 Mortgage Servicing 60
Originators
Student Loan
Payday Lenders 11 3
Servicing
KEY ACHIEVEMENTS: Multi -State Licensing Program (MMLA), Multi -State Enforcement Actions (3 Actions), Virtual Currency Kiosks,
Home Equity Sharing Agreements (HESA) + Preliminary Study on DFI Website & UW Study Authorized by Legislation Due June 2025
SECURITIES
By The Numbers 2023 Enforcement Results (thru Dec. 31)
1,700Securities Broker Dealers 314Complaints Received
622 Investment Advisers 79 Enforcement Actions Issued
14,427Investment Adviser Reps 147Active Cases
222,769 Securities Salespersons
86 Registered Securities Offerings
996 Registered Franchise Offerings
3 Registered Business Opportunities
RULEMAKING AND INTERPRETIVE ACTIVITY: Broker-Dealer Rule Making, Investor Alerts,
Washington Whistleblower Award and Protection Act.
CRIMINAL CASES AGAINST:Charles Richard Burgess ($4.3mm), Scot Reynolds ($1.88mm),
Daniel G. Langley ($705k), Gregory Lone ($480k), Bruce Phillip Hills (criminal referral).
Covenant Homeownership
Program Oversight Committee
(HB 1474– 2023)
NON- Washington Saves
(SB 6069– 2024)
REGULATORY
PROGRAMS
2025
DFI-REQUEST
LEGISLATION Virtual Currency
Kiosks
Washington Saves
Technical Correction
THANK YOU.
Washington consumers can file a complaint or verify a license online at www.dfi.wa.gov
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