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Protecting Consumers Financial Interests- DISB Releases Its 2007-2008 Biennial Report

Tuesday, November 10, 2009

Protecting Consumers Financial Interests- DISB Releases Its 2007-2008 Biennial Report

Protecting Consumers Financial Interests- DISB Releases Its 2007-2008 Biennial Report

(Washington, DC) - The DC Department of Insurance, Securities and Banking (DISB) today released its fiscal years 2007/2008 Biennial Report. Using the theme, “Protecting Your Financial Interests,” the report highlights the collaborative efforts of the agency in the middle of a devastating and arguably unparalleled downturn in the US economy.

“The last two years were undoubtedly among the most challenging times in recent history in terms of the rapid slowdown in the economy due to increases in fuel prices, fewer homes being sold and a significant number of home foreclosures,” said DISB Commissioner Gennet Purcell. “This report showcases the dynamic and responsive leadership demonstrated by the agency following major financial events. 2007 and 2008 will forever be recorded as years that state regulation of the financial-services industries were put to the test. The agency has overwhelmingly succeeded in striking the balance between effective and efficient regulation and providing targeted consumer protection, advocacy and education.”

The 52-page report, which covers October 1, 2006 to September 30, 2008, includes DISB’s notable achievements and progress in the areas of financial solvency and stability, market regulation, fraud enforcement, spurring economic development, its legislative agenda, modernization, and consumer outreach and advocacy. The report even highlights areas where the agency has made efforts toward promoting the District’s Green Agenda.

Released during Health Insurance Awareness Month, Commissioner Purcell said this report will continue DISB’s branding and social marketing campaign, which was launched 2007, to continue increasing the public’s awareness of the agency as a great resource on financial matters.

In highlighting its accomplishments, the agency looks forward to 2010 with great enthusiasm and ingenuity, developing and enhancing programs to address the current economic climate.

To view an electronic version of the DISB Biennial Report.