FOR IMMEDIATE RELEASE FROM
THE WASHINGTON DEPARTMENT OF FINANCIAL INSTITUTIONS

Contact
Lyn Peters, Director of Communications
PH (360) 349-8501 or CommunicationDir@dfi.wa.gov

12/31/2014

OLYMPIA – Today, staff at the Washington State Department of Financial Institutions (DFI), bids farewell to Deborah Bortner, Director of DFI’s Consumer Services Division, as she retires after more than 30 years in public service. DFI Director Scott Jarvis appointed current Consumer Services Program Manager and Enforcement Chief Charles Clark as her successor.

Firm But Fair

Bortner’s career in financial regulation began in 1981 as a Securities Examiner with the Department of Licensing. She was instrumental in the creation of DFI in 1993 with the merging of state financial service regulators into a single agency – creating DFI’s divisions of Banks, Credit Unions, Securities and Consumer Services. She served as Director of Securities prior to her 2006 appointment as Director of Consumer Services, where she has overseen the regulation of mortgage brokers, loan originators, payday lenders, money transmitters, check cashers and more.

“Deb has done an outstanding job representing the agency and the citizens of Washington through her leadership roles both in our Securities Division and Division of Consumer Services,” DFI Director Scott Jarvis said. “Her commitment to consumer protection and fair regulation is unmatched.”

Bortner began DFI’s consumer protection and financial education outreach programs when she served as Director of Securities, and remained a strong supporter of consumer education as Director of Consumer Services. Her commitment to both strong, but fair, regulation and consumer protection earned her the respect and admiration of those she regulated as well as her colleagues. She was selected by her fellow state securities regulators to lead the North American Securities Administrators Association as its president – a role DFI’s current Director of Securities Bill Beatty now holds. She also served on the Board of Directors of both the Money Transmitter Regulatory Association (MTRA) as well as the American Association of Residential Mortgage Regulators (AARMR).

In her time with DFI, Bortner said she’s been honored to play a role in making the Nationwide Mortgage Licensing System (NMLS) more functional for consumers and licensees, and having a hand in cases that went after people who take advantage of consumers “and make sure they get their comeuppance.”

“As an agency we’re just so focused on making sure the people get their money back, and/or the appropriate punishment is meted out,” Bortner said. “It’s been a great part of my career, hearing consumer’s stories of being taken advantage of and being able to help.”

Bortner noted that Washington DFI, as a regulatory agency, is unique in having a reputation of working with the licensees they regulate to ensure safety and soundness of the industries, with legislators from all parties, and organizations devoted to educating and protecting consumers – something she says made her job something she loves and made it difficult to leave.

“I hope DFI continues on as it has, well-balanced in having a focus on consumers and helping people and making the industries work as well,” Bortner said in parting.

As for her successor? “I hope he has as much fun as I had,” Bortner said.

Up For The Challenge

Charles Clark begins as DFI’s new Director of Division of Consumer Services tomorrow, Jan. 1, 2015.

“Charlie’s extensive experience with regulation of non-depository financial institutions and his proven leadership skills will be an asset to the department,” Jarvis said. “I am confident Charlie will continue DFI’s tradition of protecting consumers while promoting economic vitality through fair and effective regulation.”

Clark most recently served as the Program Manager of DFI’s Division of Consumer Service’s Enforcement Unit. Prior to joining DFI, he served as the DFI’s lead litigation counsel as an Assistant Attorney General from 2005 through 2011. That, Clark said, is when he became interested in DFI’s unique role of balancing consumer protection and licensee regulation.

“I enjoy working with industry and the public,” Clark said. “I look forward to the challenges of working with our industries as they grow and as new financial industries emerge.”

Clark is active in national regulatory organizations and currently sits on the Board of Directors of the American Association of Residential Mortgage Regulators (AARMR). He received his Bachelor of Science degree in accounting and a Masters in Business Administration from California State University, Sacramento. He received his law degree in 1997 from the University of the Pacific, McGeorge School of Law.

“I hope to foster the same type of balance between consumer protection and relationships with stakeholders,” Clark said about his goals as incoming Director of Consumer Services. “There has to be a balance between regulation and building relationships and making sure companies trust we will deal with them fairly. Deb laid the groundwork for this agency to have a good reputation in doing that, I hope to continue it.”


About DFI
www.dfi.wa.gov ▪ 360.902-8700 ▪ 877-746-4334
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders and securities brokers and dealers. The department also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information: http://www.twitter.com/FinEd4All, www.twitter.com/DFIConsumers, www.finlit.blogspot.com, www.youtube.com/user/WADFI, www.homeownership.wa.gov.

About the Division of Consumer Services
www.dfi.wa.gov/cs ▪ 360-902-8703 ▪ 877-746-4334, x 8703
The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent lending practices. The division accomplishes its mission through licensing, licensee examinations, investigations, and enforcing selected state and federal statutes and rules. Consumer Services regulates the business activities of consumer loan companies, mortgage brokers, money transmitters and currency exchangers, as well as check cashers and sellers, also known as "payday lenders." The Division is entirely self-supporting, with funding provided by licensing, auditing, and policing of regulated businesses and individuals. No money is received from the state General Fund or other public revenue source.