Category: Press Releases

Financial Literacy Tip of the Week: Idaho Department of Finance Encourages Consumers to Verify Licensing When Seeking Help with Tax-Related or Other Debt

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As part of Financial Literacy Month, the Idaho Department of Finance is reminding consumers of the importance of working with licensed financial service providers. Whether a consumer is seeking help with tax-related debt, medical bills, credit card balances, or other obligations, Idaho law requires certain companies to be licensed before they engage in debt-related services. Under the Idaho Collection Agency Act, companies must obtain a license before they collect or receive payments for others, negotiate or settle consumer debt, solicit the right to collect a debt, or operate as a collection agency, debt counselor, credit counselor, credit repair business, or debt buyer. Licensing helps ensure that businesses meet Idaho’s standards for transparency, financial responsibility, and fair treatment.

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Financial Literacy Tip of the Week: Understanding Alternative Mortgage Products

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The Idaho Department of Finance is encouraging homeowners to carefully evaluate alternative mortgage and home‑equity products following a rise in complaints. Recent complaints include companies charging consumers, predominately seniors, for reverse‑mortgage counseling that should have been free and was not HUD-approved, high‑pressure “retirement mortgage” seminars pushing expensive products and discouraging lawyer review or family involvement, and fraudulent callers impersonating government mortgage‑relief programs and demanding upfront fees. Many Idaho homeowners, particularly long‑time residents have built substantial equity, which has led to increased marketing activity from lenders, investors, and, in some cases, scammers.

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Governor Brad Little Proclaims April as Financial Literacy Month

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Governor Brad Little has officially proclaimed April as Financial Literacy Month in Idaho, reaffirming the state’s commitment to empowering Idahoans with the knowledge and skills needed for lifelong financial well-being. The Idaho Department of Finance (IDOF) and the Idaho Financial Literacy Coalition (IFLC) proudly support this annual observance, which highlights how early financial education helps shape healthy financial habits and long-term stability.

“Financial literacy is a lifelong skill, and building a strong foundation early is essential,” said Director Salvador Cruz. “When we equip young people with the tools to understand money, we empower them to make confident decisions that support their future stability and success.”

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Financial Literacy Tip of the Week: The Importance of Data Hygiene

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As more consumers rely on digital banking, online payments, and mobile financial tools, understanding how personal information is stored and potentially exploited enables individuals to better protect themselves and use financial tools safely. This Financial Literacy Month, the Department of Finance is highlighting the importance of data hygiene. According to national cybersecurity experts, basic cyber hygiene can prevent the overwhelming majority of cyberattacks, underscoring the importance of consistent, proactive digital habits in today’s financial environment.

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Idaho Department of Finance Marks National Consumer Protection Week

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In recognition of National Consumer Protection Week, March 1–7, 2026, the Idaho Department of Finance (IDOF) is reaffirming its commitment to protecting Idaho consumers by helping them avoid scams, understand their financial rights, and safely navigate today’s rapidly changing financial marketplace, while ensuring fair and transparent financial practices across the state.

 

“Empowering Idahoans with clear, trustworthy information is essential to helping them make confident financial decisions,” said Salvador Cruz, Director of the Idaho Department of Finance. “Whether someone is choosing a financial service provider, managing personal finances, or considering an investment opportunity, our goal is to help Idahoans stay informed, avoid scams, and protect their hard-earned money.”

 

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Annual Piggy Bank Beauty Contest Celebrates SWEET 16

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The Idaho Department of Finance, in partnership with the Idaho Financial Literacy Coalition (IFLC), is pleased to announce the 16th Annual Piggy Bank Beauty Contest. Now in its sixteenth year, the contest invites Idaho students in grades 3–6 to combine creativity with practical money skills by designing a coin-holding bank of any shape, using any materials.

Entries will be accepted February 1–28, 2026. One entry per child is allowed. Piggy bank submissions may be uploaded as a photo or submitted via the IFLC contest page: https://idahoflc.org/piggy-bank-about/. The contest is open to students from public, charter, private, remote, and home schools, as well as childcare facilities and after‑school programs across Idaho.

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Savvy Women and Money Financial Education Conference Returns February 2nd

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The Idaho Department of Finance (IDOF) is proud to continue its support of the Savvy Women & Money Conference, taking place Monday, February 2, 2026, from 7:30 a.m. to 4:30 p.m. at the Boise Centre. This free, full-day event will feature exciting speakers and a diverse lineup of breakout sessions designed to help attendees strengthen their financial knowledge and confidence. Registration is required and includes lunch and light refreshments. Additional information, including registration information, can be found online at www.swsmid.org. 

“Helping Idaho women gain the knowledge and confidence to make informed financial decisions is truly important to us. This conference is a meaningful chance to support women wherever they are in their financial journey,” said Director Salvador Cruz of the Idaho Department of Finance.

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Don’t Start the Year with a Scam: The Idaho Department of Finance Unveils the 12 Top Investor Threats

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As Idahoans step into the new year, the Idaho Department of Finance (IDOF) and the North American Securities Administrators Association (NASAA) are reminding investors that fraud remains a year-round risk. As tactics evolve, the start of the year is an ideal time to stay alert and review emerging threats. Drawing on data from NASAA’s 2025 Enforcement Report and annual survey of top investor threats, IDOF has identified the top investor frauds and schemes to watch for as we begin the new year.

According to NASAA’s 2025 Enforcement Report, state securities regulators conducted over 8,800 active investigations in 2024, leading to more than $259 million in monetary fines and restitution. The data reveals that while scammers are using new technologies like artificial intelligence (AI) to dress up their schemes, the goal remains the same: separating victims from their hard-earned money. 

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Idaho Department of Finance Receives CSBS Reaccreditation for Bank and Mortgage Supervision

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The Idaho Department of Finance announces it has earned reaccreditation from the Conference of State Bank Supervisors (CSBS) for its bank and mortgage supervision programs. This recognition reaffirms the Department’s commitment to protecting Idaho consumers and ensuring a safe and sound financial system.

Reaccreditation means Idaho retains authority over its own banking and mortgage markets, rather than relying on federal oversight. It confirms that the Department meets rigorous national standards, reduces unnecessary regulatory costs, and helps keep financial services accessible and affordable for Idaho families. It also strengthens Idaho’s reputation as a strong environment for financial institutions and supports the continued stability of banks and mortgage companies serving communities across the state.

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Tax Debt Settlement Firms are Required to Obtain a License in Idaho

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In a significant ruling issued on August 21, 2025, the Idaho Supreme Court upheld the Idaho Department of Finance’s authority to regulate tax debt settlement companies under the Idaho Collection Agency Act (ICAA).

The ICAA governs entities that provide services to manage, adjust, or settle debts—including unpaid tax obligations. Companies offering or providing stand-alone tax settlement services to Idaho residents are required to have a license with the Department.

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