The Department of Financial Regulation would like to remind Vermonters they should exercise caution when purchasing Cryptocurrencies.

“The recent success of cryptocurrencies has drawn considerable interest from the investing public and the media, however, Vermonters should educate themselves about the risks associated with cryptocurrencies, including high volatility and limited oversight, before deciding to invest,” said DFR Commissioner Michael Pieciak.

Please see the press release that identifies some common concerns and red flags regarding Cryptocurrency and some suggestions as to how Vermonters can educate themselves.

Is your Car Rental Expiring based on “Estimated” Repair Time?

During the winter months it is not unusual for autobody repair facilities to experience a high volume of business. This increased volume results in unusual delays due to autobody shops limited bays and staff. If you are being told that your car rental is ending because the insurance carrier has an estimated repair time that is less time than it will take your autobody shop of choice to reasonably repair your vehicle we ask that you call our Consumer Services staff at 1 800-964-1784.

Settlement Reached with PHH Mortgage Corporation

Attorney General Thomas J. Donovan, Jr. and Department of Financial Regulation Commissioner Michael S. Pieciak announced today that they have reached a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corporation, along with 49 other state Attorneys General and 46 other state financial regulators. Under the settlement, approximately 200 Vermonters may be eligible to receive a payment from a $30.4 million settlement fund, and the State of Vermont will receive an administrative penalty payment of approximately $160,000.

The settlement resolves allegations that PHH, the nation’s ninth largest non-bank residential mortgage servicer, improperly serviced mortgage loans from January 1, 2009 through December 31, 2012. The agreement requires PHH to adhere to comprehensive mortgage servicing standards, conduct audits, and provide audit results to a committee of states. The settlement does not release PHH from liability for conduct that occurred beginning in 2013.

The $45 million settlement includes $30.4 million in payments to borrowers, plus additional payments to state attorneys general who helped lead the investigation and negotiations, and an administrative penalty of $8.8 million to state regulators.

Borrowers who lost their homes to PHH foreclosures during the eligible period will qualify for a minimum $840 payment, and borrowers who faced foreclosures that PHH initiated during the eligible period, but did not lose their home, will receive a minimum $285 payment. Approximately 200 Vermonters may be eligible to receive a payment. Vermonters eligible to receive payments from this settlement will be contacted by the settlement administrator with more information later this year.


 

Vermont Educational Health Benefits Commission

The commission was established in June 2017 to determine whether and how to establish a single statewide health benefit plan for all teachers, administrators, and other employees of supervisory unions and school districts. The commission submitted the report below to the Legislature on December 18, 2017.

VEHBC Final Report

DFR and Attorney General’s Office release Data Brokers Working Group Report

The Department of Financial Regulation and the Attorney General’s Office today released the report of their joint Data Broker Working Group, as required by Act 66 of 2017. The report recommends that the Legislature consider several potential actions, and also proposes a legislative definition of the term “data broker.”  The report is attached below.

A variety of related documents are available on the Attorney General’s website:

http://ago.vermont.gov/focus/consumer-info/privacy-and-data-security1/da...

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