The year of 2025 has already proven to bring significant changes, with leadership transitions at both the state and federal level. Despite these changes, our continued focus here at DFI is to carry out our mission of protecting consumers, advancing the financial health of Washington State, advancing fair regulation, and providing consumer education.
A significant focus has been to retain qualified and talented employees, which is evident by two of our staff members being nationally recognized by the Conference of State Bank Supervisors (see Leading the Way Nationally.)
In 2024, our Division was instrumental in two very large multi-state enforcement actions (see Multistate Enforcement Actions), and our Division provided Washington consumers restitution and refunds in excess of $235k (see Living into our Mission: Restitutions & Refunds). For those data-driven folks, in 2024, our Division held steady in our licensing numbers, conducted over 500 examinations, and closed 1,125 complaints (see Looking Back at 2024 for more information).
Unfortunately, all manner of fraud, including Wire Transfer Fraud, continues to be on the rise. Please review the tips and tricks located in the Wire Transfer Fraud section for more information on how to keep your business safe. DFI also has a helpful webpage that aids in identifying, preventing, and reporting fraud. We have also included other items in this newsletter to aid you in your continued success, including From the Field - Common Exam Findings. Please take note of our upcoming Escrow Committee Meeting on Wednesday, February 19 at 9 a.m., where we will be providing cybersecurity training for Escrow professionals, which will cover Wire Transfer Fraud as a topic.
Last, the legislature is currently in full swing, and by the time the next newsletter is issued, we will have a better understanding of the legislative impacts to DFI and the Division of Consumer Services.For now, please refer to our Rulemaking & Legislative Update page for more information.
Sincerely,
Ali Higgs