Security Savings Bank taken over by the Financial Institutions Division;  FDIC appointed as Receiver

The Nevada Financial Institutions Division (FID) announced that it has taken possession of Security Savings Bank and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.

“We want Nevadans to know that their deposits are safe,” said FID Commissioner George E. Burns.  “Deposits are now insured by the FDIC for up to $250,000 per depositor, per type of account ownership. All non-brokered deposits of Security Savings Bank, insured and uninsured, will be assumed by Bank of Nevada.”  Customers of Security Savings Bank may phone the FDIC at 1-800-823-5017 for additional information about their deposits and the receivership of the bank.

The Financial Institutions Division is the regulator for all Nevada state-chartered depository institutions including banks, credit unions, thrifts, and trust companies.  “Because of Security Savings Bank’s condition, it was necessary to take possession of the bank and appoint the FDIC as receiver,” said Commissioner Burns.  “We regret having to take these types of actions, but we are committed to making sure Nevada’s banking system continues to be fundamentally safe and sound.”

Security Savings Bank’s customers will continue to have access to banking services over the weekend, and normal business hours and access to banking services will continue on Monday, March 2, 2009, as branches of Bank of Nevada. Customers may phone the Financial Institutions Division at (702) 486-4120 for additional information regarding Security Savings Bank. 

 “We will continue to work closely with the FDIC to manage this situation as smoothly as possible,” said Commissioner Burns. “Especially with the economic instability we are experiencing today, our goal is always to protect depositors while minimizing the disruption to business and preserving jobs as much as possible.”

For more information about the Financial Institutions Division, visit http://fid.state.nv.us/. 

Mortgage Brokers Surrender Licenses, Pay Fines after Mortgage Lending Finds Violations

Silvano and Suzy Barragan have surrendered their mortgage agent licenses and agreed to pay fines after the Nevada Division of Mortgage Lending uncovered  several violations of NRS 645B.

The Division fined the Barragans for misrepresenting their incomes and employment information on two loan applications, allowing them to fraudulently qualify for credit extensions for which they would not otherwise have been qualified.  Such activities were a violation of NRS 645B.060.  The couple also violated NRS 645B.670.

“It’s important that borrowers feel confident in their mortgage agents and brokers, especially with the current economic challenges we’re facing as a state and a nation,” said Mortgage Lending Commissioner Joseph Waltuch.  “Whenever possible, we take strong action against people that engage in this type of deceitful conduct.”

The Barragans have cooperated with the Division, including voluntarily surrendering their mortgage agent licenses.

For more information about the Division of Mortgage Lending, visit http://mld.nv.gov/index.htm. 

During Eye Safety Month, the Division of Industrial Relations Reminds Workers to Protect Eyes

March is Workplace Eye Health & Safety Month, and the Nevada Division of Industrial Relations reminds all workers that the workplace can be hazardous to employees’ sight.  Eye injuries suffered at work can lead to several days off the job and could leave a worker with temporary, or even permanent, vision loss.

The best way for employees to protect their eyes at work is to consistently use appropriate protective eyewear. Taking that simple precaution can prevent more than 90 percent of serious eye injuries.  Knowing the eye safety dangers at work and eliminating those hazards before starting the job can also safeguard workers’ eyes.

For recommendations on the best eyewear to use, consult the OSHA regulations for eye and face protection. Otherwise, tailor your eyewear to your workplace, based on the hazards that are unique to your location.  If you are working in an area that has particles, flying objects or dust, safety glasses with side protection (side shields) are a minimum requirement. If you are working with chemicals, goggles are recommended. Working near hazardous radiation (welding, lasers or fiber optics) requires the use of special-purpose safety glasses, goggles, face shields or helmets, which are specifically designed for that task.  Make sure that your eye safety wear is OSHA-compliant and meets the American National Standards Institute (ANSI) Z87.1 safety standard.

“Don’t take your vision for granted,” says Jan Rosenberg, Chief Administrative Officer for the Division of Industrial Relations’ Safety Consultation and Training Section.  “Once your eyesight is damaged, it’s too late.  Be sure that eye protection is on your ‘must do’ list every single day.”

OSHA requires employers to provide a safe work environment. Eye and face protection must be provided whenever necessary to protect against chemical, environmental, radiological or mechanical irritants and hazards. If you discover an eye safety hazard, notify your employers immediately.  Also, know where the nearest eyewash station is on your job site and understand how to use it. 

 “Protecting workers’ eyesight makes good business sense because employees are the most valuable asset a company has,” continues CAO Rosenberg.  “Working sensibly together, employees and their employers can ensure that eye injuries are minimal and that workers are healthy and productive.”

For more information about Nevada’s worker safety training programs, visit http://4safenv.state.nv.us/index.htm. 

Nevada Department of Business & Industry Director Dianne Cornwall has appointed a new Administrator for the Division of Industrial Relations (DIR), Donald E. Jayne, who will assume his duties on Monday, March 16, 2009.   Mr. Jayne replaces Roger Bremner, who retired as DIR Administrator after ten years in the role and over twenty years of service for the State, including working as a legislator.

Mr. Jayne brings a strong background in Industrial Relations, including extensive experience in insurance operations and Workers’ Compensation matters as General Manager of the State Industrial Insurance System (SIIS) in Carson City.

Mr. Jayne has also had significant private sector experience in insurance, labor and regulatory matters. Mr. Jayne was most recently principle of Jayne & Associates, Inc., a management consulting firm specializing in insurance operations, managed care operations, product development, and regulatory compliance, helping corporate, legal and governmental clients navigate labor-related regulatory issues.

“We appreciate OSHA CAO Tom Czehowski overseeing DIR during the search for a new Administrator,” said Director Cornwall.  “We are pleased to now have Donald take the helm of the Division.  He comes to this important role with outstanding credentials and proven experience in a number of areas key to the Division’s mission.”

Mr. Jayne is a graduate of Illinois State University, with a bachelor's degree in business administration.  He attained the designation of Chartered Property and Casualty Underwriter, CPCU in 1987.

Mr. Jayne is a member of the Nevada Self-Insured Workers’ Compensation Sub-Committee of the Commissioner’s Property and Casualty Advisory Committee.  He has also served as a member of Nevada’s Workers’ Compensation Three-Way Taskforce.

“This is a tremendous opportunity,” said Mr. Jayne.  “A recurrent theme in Industrial Relations is change and continuity, and I am honored to lead this Division as it manages those elements in the service of Nevada’s citizens.”

The Division of Industrial Relations promotes and enforces safety in the workplace. The Division handles matters related to health and safety, workers' compensation, or training of Nevada employees.  For more information about the Division of Industrial Relations, visit their website at http://dirweb.state.nv.us/.