Washington State Department of Financial Institutions

The next episode in the 3-part series is now available! Listen to NASAA's Real Life Regulators podcast.

This concluding episode will focus on those who are approaching – or are already – in retirement, and will discuss common pitfalls, misconceptions, obstacles and fraud that target hard-earned nest eggs.

Listen here: player.captivate.fm/episode/26361952-8f65-4e1e-9168-ded4364bf73a/

DFI hosted a booth this past Saturday at the annual Latino Educational Training Institute - LETI Latino Expo in Lynnwood. We were able to provide financial education materials en español as well as make new partnerships.

We were happy to attend yet another year!

To learn more about our financial education programs, visit our website at: dfi.wa.gov/financial-education

Our Summer 2024 Newsletter has been released!

In this issue you will find updates on:
- Next Generation of Financial Leaders
- CSBS Chair Charlie Clark
- "10 Billion Reasons" ad campaign
- DFI Division Updates

To read this new issue, visit our website: dfi.wa.gov/sites/default/files/summer-2024-dfi-newsletter.pdf

En marzo, enviamos una alerta sobre Sigue Corporation. DFI se enteró de que Sigue estaba experimentando dificultades financieras y no podía enviar dinero como le indicaban sus clientes. DFI emitió una orden de cese y desistimiento en respuesta.

Hoy le traemos una actualización.

Si cree que Sigue le debe dinero, póngase en contacto con Liberty Mutual y presente una reclamación siguiendo las instrucciones que Liberty Mutual le facilite. DFI no puede actuar como su representante personal o legal.

Para más información, visite nuestra página web: dfi.wa.gov/sigue-es

In March, DFI sent out an alert that we issued a cease and desist order against Sigue Corporation. Today, we have an update.

If you believe Sigue owes you money, please contact Liberty Mutual and file a claim according to the instructions that Liberty Mutual provides. DFI cannot act as your personal or legal representative.

For more information, visit our website: dfi.wa.gov/sigue

Read the cease and desist order: dfi.wa.gov/news/press/sigue

Join us on Wednesday, July 24 at 2:30 p.m. ET for a webcast titled 'Pig Butchering 101: Protecting Investors from Scams.' During the webcast, we'll explain what pig butchering scams are, provide resources for victims, and discuss red flags to watch out for. Register now: https://learn.nasaa.org/products/pig-butchering-101-protecting-investors-from-scams

Be aware of scammers impersonating Good To Go! and WSDOT.

People have reported receiving texts claiming they have unpaid tolls and need to make a payment to avoid fees. The fraudulent texts include a link to a fake website.

Good To Go! will only request online payments at www.MyGoodToGo.com and will not include a specific amount owed – like $6.67 – in a text.

If you are ever questioning if a message is real, don’t click on any links! Instead, log into your Good To Go! account to verify. If the message is truly from Good To Go! you will see the same alert on your account dashboard. If you don’t have an account (and haven’t given us your contact information in a customer service case), we would not have a phone number to contact you.

The scammers also try to make their fake websites look real by copying our official website. Please know we will never ask for your birth date or driver’s license number to pay a toll bill.

If you receive one of the fraudulent texts you should file a report with the Federal Trade Commission at https://reportfraud.ftc.gov and be sure to include the phone number where the message was sent from and the website listed in the text of the message. Then delete the email or text.

Listen to NASAA's newest episode on their podcast, Real Life Regulators!

https://player.captivate.fm/episode/513baecf-f8c1-4af8-b2d4-24ddaf3642dc?fbclid=IwZXh0bgNhZW0CMTAAAR1TUwgfCpOQJxWTytPtAubUtMUT0nr2aLcdyNyOF0ZiKXV9GvkOQc4QKCI_aem_KzQjCWm8PQpSvo0vf7tkfw

Our newest episode is part two of a three-part series titled “Hatching from the Egg to Creating Your Own Nest Egg.” This part will focus on the Sandwich Generation. These are the adults that are caring for young kids, older parents, and themselves. During this episode, we will discuss common pitfalls, misconceptions, and the schemes and scams that this generation faces regarding their finances and their future. Listen to Ep. 17: https://player.captivate.fm/episode/513baecf-f8c1-4af8-b2d4-24ddaf3642dc

Check out our website for resources on how to become debt free!! 🎆💵

For resources on debt, visit our website: dfi.wa.gov/financial-education/information/debt

DFI will be closed tomorrow in observance of Independence Day. We hope you all have a safe and fun holiday!

This week, DFI Director Charlie Clark, DFI Director of Banks Roberta Hollinshead, and DFI’s Division of Banks Chief of Exams Shannon Tushar participated in the Washington Banker’s Association annual convention in Stevenson, WA.

The four bankers associations are Washington, Oregon, Idaho, and Nevada, and the agenda included both private sector presentations and some regulator sessions. Federal Reserve Board Governor Michelle Bowman gave an update on the Federal Reserve System, and Charlie Clark joined the FDIC Regional Director Paul Worthing and Bank President & Chief Operating Officer Bryan MacDonald for a regulatory update from both the state system and the FDIC.

🚨 Press Release 🚨

June 26, 2024 - DFI joins 24 other state financial regulators in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO, common control person, and largest equity owner William “Bill” Barhydt for operating a cryptocurrency company without receiving the required state licensing. State regulators and the Conference of State Bank Supervisors (CSBS) announced a multistate settlement agreement today. Additionally, Washington State entered into a consent order with Abra today.

Read the full press release: dfi.wa.gov/news/press/abra

DFI's inaugural Next Generation Financial Leaders workshop was a tremendous success! This week brought great insights on what it means to work in the financial services industry. We had attentive participants that we hope ended the workshop inspired.

We would like to say thank you to our mentors and panelists who shared their knowledge with upcoming financial leaders. Lastly, thank you to those who participated in our first – of what we hope will be an annual - Next Generation Financial Leaders workshop!

On Tuesday, DFI raised the Juneteenth Flag in front of our building with employees. DFI celebrates progress and remains committed to equality.

Tomorrow, we launch a statewide advertising campaign – “$10 Billion Reasons” – to encourage people to learn how to identify, prevent and report financial fraud. According to the Federal Trade Commission, consumers reported losing more than $10 billion dollars to fraud in 2023. Consumers reported losing more money to investment scams — more than 4.6 billion — more than any other category of fraud.

Read the full press release: dfi.wa.gov/news/press/dfi-launches-statewide-ad-campaign-highlight-how-identify-prevent-and-report-financial

Today’s episode of our Real Life Regulators podcast is part one of a three-part series titled “Hatching from the Egg to Creating Your Own Nest Egg”. Part one will focus on young adults. Young Adults have so much time to prepare for retirement, but the best time to start planning your future is yesterday. We will discuss common pitfalls, misconceptions, obstacles, and fraud that many young people face regarding finances and their future. Listen to Ep. 16: https://player.captivate.fm/episode/f61daf17-f6b9-47b1-9ddd-bdf6a34e215f

Today, DFI employees gathered in front of our office building to raise the Progress Pride Flag in celebration of .

Happy Pride Month!

It’s probably one of the biggest decisions you’ll make in your life. Don’t fret! We have some great resources that can make your biggest purchase a little less scary. 🏠

- Washington State Housing Finance Commission: www.wshfc.org/

- Washington Homeownership Resouces Center: www.homeownership-wa.org/
Or call their statewide hotline number: 877-894-HOME (4663)

- U.S. Department of Housing and Urban Development: www.hud.gov/

Each of these share valuable resources that can make being a homebuyer seem more like a reality than a dream.

Visit their websites!

Financial fraud doesn't discriminate - neither does DFI! We're here to help protect ALL people in Washington State from financial fraud.

Learn how to identify financial fraud at: dfi.wa.gov/10b/identify

If you’ve been a victim of financial fraud, file a complaint at: www.dfi.wa.gov/file-complaint

Join Washington Student Achievement Council (WSAC) on June 4 from 1:30 - 3:00 p.m. for a series of updates about WSAC's new and continuing work to improve educational attainment in Washington state!

You can register for this webinar at: us02web.zoom.us/webinar/register/WN_jDkh6Q10TcCsD8Qkf38gbg #/registration

Join us on June 4 for our Spring Program & Policy Showcase: a series of updates on our financial aid texting tool, OtterBot; Washington Health Corps, a loan repayment program for health professionals; and our ongoing efforts to assess and enhance student basic needs security. https://ow.ly/NER350S0I5Y

Money lost to scammers by Washingtonians has more than tripled since 2020 - to over $240 million just last year. That’s why Whatcom Asset Building Coalition is hosting their annual summit this year with the theme “Unmasking Fraud & Scams: Detect, Prevent, Respond.”

We’ll hear from state and local agencies about these concerning trends and how to protect ourselves, our clients, and our families from scammers. Happening May 30th!

Click the link for more details and to register: www.whatcomabc.org/events/

DFI is pleased to announce that today Director Charlie Clark was appointed Chair for the Conference of State Bank Supervisors (CSBS) Board of Directors. This is one more step in meeting DFI’s vision, "leading the way in consumer protection and financial services regulation."

CSBS is the nationwide organization of state banking and financial regulators from all 50 states, the District of Columbia, and the U.S. territories.

You can read the full press release on our website: dfi.wa.gov/news/press/dfi-director-charlie-clark-elected-chair-conference-state-bank-supervisors-csbs-board

Upcoming event! Make sure to register for the Whatcom Asset Building Coalition’s annual summit, happening on May 30th.

This year’s theme is “Unmasking Fraud & Scams: Detect, Prevent, Respond.” This event will include a keynote speaker, panel presentation, and resource tabling displays. Check out the link below for an agenda and to register. https://www.whatcomabc.org/events/

The NASAA Life Stages Project Group podcast Real Life Regulators episode recorded at the January Investor Educator Conference in Minneapolis, MN is live! DFI’s Director of Communications is a co-host for this episode.

Podcast Description:
This is a special episode that was recorded live during the 2024 NASAA Investor Education Training. NASAA talked with representatives from the Ontario Securities Commission and discussed the downfall of crypto asset trading platform Quadriga. Clients entrusted their assets to Quadriga, which provided false assurances that those assets would be safeguarded. In reality, Quadriga’s Ceo Gerry Cotten spent, traded and used those assets at will. Gerry Cotten was able to misuse client assets for years, unchecked and undetected, ultimately bringing down the entire platform.

Listen on Apple Podcasts: podcasts.apple.com/us/podcast/ontario-securities-commission-episode/id1493439730?i=1000654783667

Listen on Captivate.FM: player.captivate.fm/episode/94558629-e4a9-4e78-a7ad-dacaa074afaa

Listen on NASAA’s Website: www.nasaa.org/investor-education/multimedia-library/real-life-regulators/

Listen on YouTube: www.youtube.com/watch?v=9nYBiwoEwfw

We had so much fun celebrating DFI employees today for Public Service Recognition Week! 🎉

Here at DFI, we license and regulate the financial services industry in Washington State. To be more specific, we make sure your money stays safe and protected from illegal activity. We love the fact that we make a difference in the lives of those who call Washington home.

Thank you!

How old were you when you started saving?

A Cambridge University study indicated that our money habits are set by the age of seven. Financial education experts remind us that “eight isn’t too late!” Creating better money habits may become more difficult as we age, however, so it’s important to start teaching young ones how to manage money wisely sooner than later.

No matter what age you are, it’s always a good idea to save.

For financial education tips and resources, visit our website. Link in bio.

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¿Cuántos años tenías cuando empezaste a ahorrar?

Un estudio de la Universidad de Cambridge indicó que nuestros hábitos monetarios se crean a los siete años. Los expertos en educación financiera nos recuerdan que "ocho años no es demasiado tarde". Pero crear mejores hábitos monetarios puede resultar más difícil a medida que crecemos, y por eso es importante empezar a enseñar a los más pequeños a gestionar el dinero con prudencia cuanto antes.

Tengas la edad que tengas, siempre es una buena idea ahorrar.

Para obtener consejos y recursos sobre educación financiera, visita nuestro sitio web.

dfi-wa-gov.zoom.us

Finding yourself in too much debt can be stressful! But did you know that by paying down your debt, you’re actually saving money? 🤔

When you pay down debt, you are paying less in interest and making more room in your budget to put even more money toward paying down more of your debt. Before long, your debt repayment plan is not just sn*******ng – it's avalanching toward zero debt! Once you’ve paid your debt off, start putting that money into savings and grow your wealth.

To learn more about how to deal with your debt, visit our website: dfi.wa.gov/financial-education/information/debt

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Tener demasiadas deudas puede ser estresante. Pero, ¿sabías que al pagar tus deudas, en realidad estás ahorrando dinero? 🤔

Entre más pagas una deuda, estarás pagando menos en intereses, y te abre más espacio en tu presupuesto para poner aún más dinero para pagar más de tu deuda. Al poco tiempo, tu plan de pago de deudas no sólo se está convirtiendo en una bola de nieve, ¡está avanzando en avalancha hacia una deuda cero! Una vez que hayas terminado de pagar tu deuda, empieza a destinar ese dinero al ahorro y haz crecer tu patrimonio.

Para saber más sobre cómo hacer frente a tus deudas, visita nuestro sitio web: dfi.wa.gov/financial-education/information/debt