Dept of Financial Institutions
RCW 43.320
The Department of Financial Institutions provides regulatory oversight for Washington’s financial services industry, which includes a variety of providers such as state chartered banks and credit unions, mortgage brokers, mortgage servicers, consumer loan companies, escrow and loan officers, money transmitters, payday lenders, and securities brokers, dealers, and salespeople. Oversight is provided through licensing and registration, examination, and enforcement activities. The Department also conducts education and outreach activities for consumers as well as regulated entities.
Agency Mission
The Department of Financial Institutions protects consumers and advances the financial health of Washington State by providing fair regulation of financial services and educating consumers to make informed financial decisions.
| Request | 80,056,000 |
|---|---|
| Net change from current biennium | 18,378,000 Increase |
| Percent change from current biennium | 29.8% Increase |
Operating Budget: Summary
Appropriated Funds
| 2021-23 Appropriations | Appropriated Funds | Expenditures | |||
|---|---|---|---|---|---|
| Amount | Estimated Balance | 2019-21 Actual | 2021-23 Estimated | 2023-25 Proposed | |
| (211,000) | Securities Prosecution Account - Nonappropriated | 55,637 | 211,000 | 211,000 | |
| (1,000,000) | Mortgage Lending Fraud Prosecution - Nonappropriated | 801,410 | 1,000,000 | 1,000,000 | |
| (60,467,000) | Financial Services Regulation Acct - Nonappropriated | 60,179,839 | 60,467,000 | 78,845,000 | |
| 140,000 | 140,000 | Financial Services Regulation Acct - State | |||
| 140,000 | (61,538,000) | Total Appropriated Funds | 61,036,886 | 61,678,000 | 80,056,000 |
Non-Appropriated Funds
Operating Budget: Program Summary
| Program Title | Actual | Estimated | Proposed | ||
|---|---|---|---|---|---|
| Actual | Estimated | Estimated | Proposed | Proposed | |
| Annual Total | 29,272,862 | 31,692,920 | 11,087,947 | 38,718,000 | 41,338,000 |
Operating Budget: Change from Preceding Biennium
| Actual | Estimated | Proposed | |||
|---|---|---|---|---|---|
| Amount | Percent | Amount | Percent | Amount | Percent |
| (970,829) | (1.6%) | (18,256,018) | (29.9%) | 37,275,132 | 87.1% |
Employment Summary
| Actual | Estimated | Proposed | |||
|---|---|---|---|---|---|
| 2020-21 Actual | 2021-22 Estimated | 2022-23 Estimated | 2023-24 Proposed | 2024-25 Proposed | |
| FTE Staff Years | 194.3 | 199.8 | 203.2 | 221.3 | 232.5 |
