The last two years in the financial-services industry have been considerably tumultuous not only for consumers but for businesses as well, according to many economists and political observers. With the slowdown in the economy, the rise in unemployment, the failures of large financial institutions in 2008, and the increase in the numbers of home foreclosures in the DC area, DISB has used the opportunity to strengthen its resolve to continue as a consumer protection agency providing fair and efficient regulation.
In this climate of economic uncertainty, DISB continues to strike a balance between effective regulation of the financial-services industries, and providing consumer protection, advocacy and education. And under the agency’s new leadership, headed by Commissioner Gennet Purcell, residents should look forward to our continued work in protecting consumers from financial fraud and abuse, as well as making sure that the best financial services are accessible and available to all District families and businesses in all wards. DISB will continue to revamp its efforts in its consumer education and financial literacy outreach as well. Continue visiting the website for updates.
In this month’s newsletters, read more on new captive requirements; on Bank On DC, an initiative to be launched this spring that will provide bank accounts for the District’s unbanked and underbanked populations. Also, read about two new businesses approved for CAPCO funding, and about DISB’s settlement with Wachovia, among others.
We hope that you will find something in our newsletters that keeps you coming back for more.
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