Division of Banks News

News from the Washington State Division of Banks.

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Please be advised that on Monday, February 13, 2017, the Washington Department of Licensing began rolling out a new driver license issuance online system. The new issuance system is responsible for the production of all Washington driver license and ID cards, including enhanced ID and driver licenses.
The Bank Secrecy Act and related federal and state law requirements are the first line of defense against financial crimes, and financial institutions play an important role in minimizing these risks. It is important that financial institutions are able to effectively identify, monitor and communicate Bank Secrecy Act/Anti-money Laundering (“BSA/AML”) risk. For many institutions, particularly small, non-complex institutions, these requirements command significant compliance resources.
Additional information related to the Trust Institutions Modernization Act (“TIMA”). Description of the changes in the law, as well as the approach the Department of Financial Institutions (“DFI”) is taking to implement the new law.
The Federal Financial Institutions Examination Council (FFIEC) today released two statements about ways that financial institutions can identify and mitigate cyber attacks that compromise user credentials or use destructive software, known as malware. In addition, the FFIEC provided information on what institutions can do to prepare for and respond to these threats.
It has come to the attention of the Washington State Department of Financial Institutions that certain Washington State-chartered banks, savings banks, and credit unions may still be using an unnecessary separate “disclosure summary” for 1-4 family residential home loan applications
In response to recent increase of time spent by state regulators regarding payment issues, the Conference of State Bank Supervisors (CSBS) has established the Emerging Payments Task Force. The Task Force has published a model regulatory framework for emerging payments, such as virtual currency, and is seeking public comments.
The Conference of State Bank Supervisors (CSBS) has issued a Cybersecurity 101: A Resource Guide for Bank Executives.
DFI's Division of Banks recently answered a question regarding DFI's position on indirect banking of marijuana-related businesses. See the document linked below for more information.
The Division of Banks online semi annual assessment system is now available.
DFI encourages banks to work with customers impacted by the wildfires.
The Director of the Department of Financial Institutions has issued an interpretive statement regarding the use of the terms "banking", "bank", and "banker" by state-chartered credit unions.
DFI encourages banks to work with customers affected by the SR-530 Mudslide.
Letter to banks from DFI regarding the Heartbleed vulnerability.
As you are undoubtedly aware, Microsoft is ending its support for the Windows XP operating system after April 8, 2014. This letter from the Division of Banks discusses what this means and steps banks should take to protect their computer systems.
On February 14, 2014, the Department of the Treasury, Financial Crimes Enforcement Network, issued Guidance FIN-2014-G001, “BSA Expectations Regarding Marijuana-Related Businesses.” Boards and management teams of our state-chartered financial institutions should carefully review this guidance and discuss it with legal counsel when considering whether and how to provide banking services to I-502 compliant entities and individuals and/or whether to accept I-502 tax proceeds for transmission to the Washington State Department of Revenue.
The Division of Banks has issued the final rule amending Chapter 208-544 WAC to (1) provide for semi-annual assessments of non-depositary trust companies, (2) adjust the hourly examination fee schedule and other charges for all of the Division of Banks’ regulated institutions, (3) establish and/or clarify miscellaneous service charges, and (4) make technical changes for purposes of clarity (including plain-language amendments and additions), and promote equalization as between different types of chartered entities and based on considerations of asset size, examination hours, and services provided.
The Conference of State Bank Supervisors issued a letter in strong support of the Stopping Abuse and Fraud in Electronic Lending Act of 2013 (the SAFE Lending Act).
The Conference of State Bank Supervisors issued a letter in strong support of the Stopping Abuse and Fraud in Electronic Lending Act of 2013 (the SAFE Lending Act).
The Federal Trade Commission has announced publication of an Interim Final Rule on identity theft "red flags" that narrows the circumstances under which creditors are covered by the Rule.