Regulatory Alerts2005-04-29 | ISGC-2005-005-DOBWashington State DFI Determination on Use of Bank in DomainBank.com
The Washington State Department of Financial Institutions determined that non-banking entities are prohibited from using the term "Bank" in trade names or Internet domain names under RCW 30.04.020. The Division of Banks explicitly declined to authorize the use of "DomainBank.com" for a company offering web hosting and domain registration services, citing public policy to prevent consumer confusion and protect the integrity of financial institutions. Unauthorized use of the term constitutes a gross misdemeanor and subjects the entity to potential injunctions or criminal prosecution by state authorities.
Share