Olympia – The Washington State Department of Financial Institutions (DFI) is pleased to announce the appointment of Lucinda (Cindy) Fazio as the new Director of DFI’s Division of Consumer Services.
“Cindy’s many years of experience with DFI – in particular with the many burgeoning industries regulated by Consumer Services - makes her uniquely qualified to lead the division,” DFI Director Charlie Clark said. “We are lucky to have such an experienced regulator at the helm of one of our busiest divisions.”
Fazio has been with DFI in the Consumer Services Division for 15 years. For the past five years, she was Chief of Regulatory Affairs, directing all rule writing, legislative review, and interpretive matters for all statutes implemented by the Division.
As part of the Consumer Services Division management team, Fazio created and implemented the division’s strategic plan, advanced legislation and rules implementing legislation, and has been a primary contact and resource for compliance professionals. During the financial crisis, she acted as DFI’s liaison for consumers facing foreclosure and became a resource for industry and consumers alike on foreclosure issues.
“After 15 years with the agency, this seems like the perfect culmination of all my years in the division,” Fazio said of her appointment. “I am so honored to lead such incredible people and lead the agency into a new generation.
“We live in such a rapidly changing world now,” Fazio continued. “The challenge for our agency moving forward will be in keeping up with the rapid industry changes, in particular with the use of new technologies.”
A challenge DFI’s Consumer Services Division will continue to work on, Fazio added, is improving multi-state regulation coordination for a stronger, more streamlined process for licensees.
Fazio has a depth of expertise in regulating money services businesses and mortgage lending. She worked extensively with Director Clark and the Conference of State Bank Supervisors on the Multistate Money Service Business Licensing Agreement Program.
Before joining the Department, Fazio served as a nonpartisan staff attorney with Washington State Senate Committee Services. She also worked as a criminal trial attorney and as a business lawyer before working for the state. She is the current Chair of the State Regulatory Registry Lawyers Committee and is a participant with several multi-state regulatory committees.
Cindy holds a juris doctorate from Seattle University Law School and is a graduate of Boise State University.
In addition to welcoming Fazio to her new role, Director Clark recognizes the eight months of service from Consumer Services Examinations Program Manager Rick St. Onge as acting/interim Director of Consumer Services.
“Having Rick, with his strong working knowledge of the division in the acting division director role during this interim time has been an immense source of support,” Director Clark noted. “We thank Rick for his leadership during the interim and welcome Cindy to her new role.”