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| Washington- Department of Financial Institutions |
The Washington Department of Financial Institutions is responsible for regulating and examining a variety of state chartered financial services. The Department also provides education and outreach to protect consumers from becoming victims of financial fraud.
The Division of Banks (DOB) which is a division of the Department of Financial Institutions was organized in 1907 and administers Title 30, Title 32, and Title 33 of the Revised Code of Washington. The division regulates more than 90 Washington State-chartered commercial banks, stock savings banks, mutual savings banks, alien banks, savings and loan associations, and independent trust companies. They charter new Banks, Trust Companies, Foreign Banks, and Savings & Loan Associations; authorize new Branches and Branch Closures; and approve Mergers & Acquisitions.
They work directly with the institutions they regulate through examination and supervisory activity to be sure that they provide adequate and proper services to the public. They seek to ensure the protection of the interests of depositors, borrowers, shareholders, and consumers.
Their mission is to support economic stability and growth in the State of Washington through efficient regulation and by providing an open market for competitiveness of state-chartered and multi-state financial institutions.
There are more than 20 federally chartered commercial banks and savings and loan associations with home offices in the State of Washington. They can be identified by the words "National" or "Federal" in their name, the initials "FSB" or "FA" in their name, or the initials "NA" following their name. The Office of the Comptroller of the Currency or the Office of Thrift Supervision regulates federally chartered institutions. Questions concerning these institutions can be forwarded to the banks themselves, or to the Office of the Comptroller of Currency at (800) 613-6743 or the Office of Thrift Supervision at (800) 842-6929.
The Federal Deposit Insurance Corporation or FDIC insures deposits of all commercial banks, stock savings banks, mutual savings banks, and savings and loan associations.
Contact and Location Information
Mailing address:
Department of Financial Institutions
PO Box 41200
Olympia WA 98504-1200
Physical address for deliveries or visitors:
Department of Financial Institutions
150 Israel Rd SW
Tumwater WA 98501 (See MAP)
Phone: 360-902-8700
Toll-free: 1-800-372-8303 (Washington residents only)
Toll-free: 1-877-RING DFI
Complaints
If you have a problem with a state-chartered bank - that is, a financial institution chartered by the Division of Banks - we can help. Go to the Division of Banks Complaint Page. See the link below. State-chartered banks are regulated separately from national banks. National banks can usually be identified because they have the words "national" or "national association" in their titles or the letters N.A. or NT&SA following their titles. Complaints against national banks should be directed to the Office of the Comptroller of the Currency.
Use the following links to access current information and instructions on how to file a complaint.
http://www.dfi.wa.gov/consumers/complaint.htm
Entities Regulated
The following entities are regulated by the Washington Department of Financial Institutions..
- Banks Credit Unions Payday Lenders
- Broker-Dealers Currency Exchange Securities
- Business Opportunities Escrow Agents Securities Issuer
- Check Casher/Seller Franchises Small Loan
- Commodities Investment Advisors Trusts
- Consumer Loans Money Transmitters
- Consumer Services Mortgage Brokers
- The division of Banking specifically regulates more than 90 Washington State-chartered commercial banks, stock savings banks, mutual savings banks, alien banks, savings and loan associations, and independent trust companies.
STATUTES AND RULES
The Department of Financial Institutions was created by Chapter 43.320 of the Revised Code of Washington (RCW). The regulatory authority of the agency is derived from the RCWs and the Washington Administrative Code (WAC). (For a complete listing of RCWs and WACs, visit the Web site of the Statute Law Committee's Office of the Code Reviser.)
Division of Banks
The authority of the Division of Banks to regulate Washington's state-chartered commercial banks, stock savings banks, mutual savings banks, alien banks, independent trust companies, and savings and loan associations is derived from the RCWs and WACs.
Division of Banks RCWs and WACs.
Use the following link to access current information on the Statures and Rule the Department of Financial Institutions and the Division of Banking is responsible for enforcing.
http://www.dfi.wa.gov/resources/statutes.htm
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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