Last year, the Oregon Division of Financial Regulation (DFR) was busy looking out for the little guy, netting nearly $9 million for consumers dealing with financial and insurance headaches. Their tenacity paid off especially in the final stretch of 2024, reclaiming close to $2 million in the fourth quarter alone, according to a statement released by the DFR.
At its most basic, the DFR's mission is to make financial wrongs right. Yet, pulling in a cool $1,956,485 in Q4 isn't just a dig at big businesses; it's a lifeline tossed to Oregonians tightening their belts against the rising cost of living. Working the phones every day, the division's consumer advocates, who wield knowledge like lifeguards to a riptide, grapple with calls ranging from "help me" to "hey, that's not fair!" getting back hard-earned cash from regulated institutions and licensed pros, as per DFR news release.
Insurance issues seem to be the most prolific pain point tapping the resources of this body, with 794 complaints lodged in the fourth quarter and a total of 3,357 throughout 2024. Andrew R. Stolfi, Oregon's insurance commissioner and head honcho over at the Department of Consumer and Business Services, gushed pride at the advocates' performance, asserting that their efforts to aid people with insurance problems and financial questions are unwavering, as reported by the DFR.
One example involves a homeowner whose kitchen was flooded by a backed-up sewer. Despite the cleanup, slow payments from the insurance company caused disputes, but a complaint led to a $122,633.50 settlement. In another case, a car owner faced a $3,571.57 claim clawback due to a mistake by an adjuster. After challenging the claim, the repayment demand was dropped. These stories and more were shared in the DFR release.
Oregonians who think they might benefit from having a dedicated cornerman (or woman) on their side can give the DFR a shout at 1-888-877-4894 or fire off an email to [email protected] or [email protected] for assistance with insurance or financial services inquiries, respectively. The full scope of the DFR's yearly tug-of-war with various institutions - from banking to bullet loans - is neatly detailed in the provided link to their exhaustive report on 2024's consumer advocacy efforts.
