Washington State Department of Financial Institutions is an agency of the
State of Washington
Washington (), officially the State of Washington, is a state in the Pacific Northwest region of the Western United States. Named for George Washington—the first U.S. president—the state was formed from the western part of the Washington ...
charged with regulating financial institutions including banks, and prevention of financial fraud such as
bank fraud
Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many ins ...
,
credit card fraud
Credit card fraud is an inclusive term for fraud committed using a payment card, such as a credit card or debit card. The purpose may be to obtain goods or services or to make payment to another account, which is controlled by a criminal. The P ...
and
payday loan
A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest rates.
The term "payday" in payday loan refers to ...
issues. It is authorized by
Revised Code of Washington The Revised Code of Washington (RCW) is the compilation of all permanent laws currently in force in the U.S. state of Washington (state), Washington. Temporary laws such as appropriations acts are excluded. It is published by the Washington State S ...
(RCW) Title 43, Chapter 320.
The agency regulates the following types of institutions: under the Division of Credit Unions, credit unions; under the Division of Banks, state-chartered commercial banks, savings banks, savings associations and non-depositary trust companies; under the Division of Consumer Services non-depositary mortgage lenders, servicers and brokers, consumer lenders, and money services businesses; under the Division of Securities, issuers of private placement equity, debt securities, and derivatives products, securities and derivatives broker-dealers, investment advisers, and franchisors.
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Financial Institutions
Financial institutions, sometimes called banking institutions, are business entities that provide services as intermediaries for different types of financial monetary transactions. Broadly speaking, there are three major types of financial insti ...
Banking in Washington (state)
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