Category: Press Releases

Financial Literacy Tip of the Week Financing Home Improvements: Considerations for Consumers

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As the seasons change and warm weather approaches, many homeowners consider moving forward with home improvement projects. This may be especially true for those with low interest rates, who opt to stay in their homes longer and seek avenues to upgrade their living spaces. Home improvement projects can be complex and may involve long-term financial commitments. Taking proactive steps, such as researching financing options and their implications, and becoming familiar with other important considerations, can help homeowners make more informed decisions and avoid common pain points associated with financing home improvements.

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Financial Literacy Month “Tip of the Week” – Understanding Debt Settlement & Credit Repair Companies

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Managing debt and credit can be overwhelming, particularly when left untouched. Debt settlement and credit repair companies have long been part of the financial landscape, but understanding what they do, how to interact with them, and how they are regulated in Idaho is crucial for making informed financial decisions and maintaining healthy financial standings.

What Do These Companies Do?

Debt Settlement Companies work with creditors on behalf of consumers to reduce the amount owed on unsecured debt such as credit cards, medical bills, tax debt, or personal loans. However, debt settlement doesn’t apply to secured debt like a mortgage or auto loan.
Credit Repair Companies offer services to help consumers address negative items on their credit reports by disputing inaccurate information with consumer reporting agencies, including Equifax, Experian, and TransUnion.

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Idaho State Treasurer Proclaims April Financial Literacy Month

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April is officially designated as Financial Literacy Month, thanks to the proclamation by Idaho State Treasurer Julie Ellsworth, with strong support from the Idaho Department of Finance (IDOF) and the Idaho Financial Literacy Coalition (IFLC). This annual observance emphasizes the importance of early financial education in fostering positive financial habits.

“We recognize the importance of helping Idaho’s youth develop a financial compass to navigate successfully into adulthood and make financially responsible decisions that will yield benefits for years to come,” said Director Patti Perkins.

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TrESCo of Idaho Files Petition Seeking Approval of Transfer of Trusteeship

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The Idaho Department of Finance (Department), with the cooperation of Trust and Estate Services Company of Idaho d/b/a TrESCo of Idaho (TrESCo), issued a Consent Order requiring TrESCo to comply with the statutory requirements of the Idaho Trust Institutions Act and no longer engage in unauthorized trust activity in Idaho.  TrESCo agreed to either obtain a trust charter from the Department or remove itself as trustee or agent for all accounts that constitute unauthorized trust activity.

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Department of Finance partners with Idaho Scam Jam Alliance for Events

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The Idaho Department of Finance (IDOF), in partnership with the Idaho Scam Jam Alliance (ISJA), is excited to announce three community events to raise awareness about the increasing prevalence of financial scams and provide essential prevention tips. The first event will occur at the Meridian Senior Center on September 4th from 6 pm- 8 pm, followed by the Weiser Vendome on September 5th from 11 am – 1 pm, and conclude with the Nampa Library on September 18th from 11 am- 1 pm.

Attendees will have the opportunity to hear from a panel of experts representing local law enforcement, various state government agencies, and other non-profit organizations on the front lines of consumer protection, as well as the Federal Trade Commission (FTC). These speakers, with their extensive experience and knowledge, will discuss some of the latest scam tactics and trends, tips to identify and avoid a scam, provide practical tips to protect personal information, and share resources to report and recover from scams. Light refreshments, swag, and door prizes will be available. Registration is not required, but to accommodate capacity limits, attendance will be on a first-come first-serve basis.

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Idaho Department of Finance

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Idaho Department of Finance

Senior Fraud & Financial Exploitation Prevention Working Group

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The Idaho Department of Finance (IDOF) and Idaho Commission on Aging (ICOA) are announcing the creation of a joint Senior Fraud and Financial Exploitation Prevention Working Group (SFFEP) comprised of financial and senior protection experts to provide recommendations for potential policies, frameworks, and solutions that can help better protect Idaho’s senior community from financial crime.

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Department of Finance Settles with Abra to Return Cryptocurrency Assets

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The Idaho Department of Finance (the “Department”) joined twenty-four other state financial regulatory agencies in taking collective action against Plutus Financial, Inc., Abra Trading, LLC, Plutus Financial Holdings, Inc., Plutus Lending, LLC (collectively known as “Abra”), and CEO and largest equity owner William “Bill” Barhydt for operating a cryptocurrency company without receiving the required state licensing.

A multistate investigation found that Abra operated a mobile application for buying, selling, trading, and investing in cryptocurrency without obtaining the required licenses. Under the settlement, Abra agreed to cease accepting virtual asset allocations from U.S. Abra Trade Account customers into their products and services and cease making, buying, selling, or trading cryptocurrencies available to U.S. Abra Trade customers as of June 15, 2023. The settlement terms require Abra to refund any remaining virtual assets on its platform for U.S. Abra Trade customers in the settling states.

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Alternative Investments: Considerations for Consumers

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Boise, Idaho… Alternative Investments are investments such as art, collectibles , real estate , private equity , venture capital , and commodities that do not fall into traditional categories such as stocks, bonds, or cash. These types of investment opportunities are more prevalent today and are increasingly being introduced to a growing number of retail consumers. Recent research suggests that alternative investment assets under management may grow to over $23 trillion by the year 2027. As more investment professionals recommend these products that can possess complex features, it is important for consumers to understand both the potential benefits and risks of alternative investments.

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Idaho Sees Uptick in Physical Gold and Precious Metal Scams

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The Idaho Department of Finance (IDOF) is warning the public against scams that involve the physical purchase and delivery of gold and other precious metals. Illicit actors trick victims into believing that either their identity, computer, or financial account(s) have been compromised. Once an illicit actor convinces the victim that they are involved in a criminal situation, the victims are then directed to purchase physical gold or precious metals to protect their assets. The victims are then told to deliver the gold/precious metals to couriers posing as either government officials, financial professionals, or tech support staff. The couriers take possession of the gold/precious metals on behalf of the illicit actors and transport them to complete the scam.

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