Vermont captive insurance legislation signed into law

first_imgUpdates to Vermont’s captive law proposed by the Vermont Captive Insurance Association (VCIA) and passed by Vermont’s General Assembly were signed into law by Governor Peter Shumlin this week.Every year, VCIA partners with Deputy Commissioner for Captive Insurance Dave Provost and his team at the State of Vermont in crafting changes to Vermont’s captive statute to keep up with the ever changing needs of our dynamic industry. The Vermont General Assembly always looks forward to taking up proposed legislation with VCIA and the State to keep Vermont the premier captive domicile in the U.S.This year’s legislation was included in Vermont’s Department of Banking, Insurance, Securities and Health Care Administration’s (BISHCA) Housekeeping Bill (H.512), and both expands and clarifies existing captive statutes in Vermont. Because of some changes in the department’s responsibilities, BISHCA has been recently renamed the Department of Financial Regulation (DFR). Here are some of the captive highlights in the new law: Last year’s legislation regarding separately incorporated protected cells in a sponsored captive limited the incorporation to corporations or limited liability companies. The new law allows mutual corporations and nonprofit corporations with one or more members to also incorporate the protected cell. This is consistent with existing law for formation of sponsored captive insurance companies in general.The new law allows companies to meet minimum capital and surplus requirements through the creation of a trust, approved by the commissioner, giving captives more flexibility.The new law streamlines reporting requirements for association captive insurance companies.The new language amends the statute to allow Vermont risk retention groups to be participants in a Vermont sponsored captive insurance company which would allow RRGs to reinsure with Vermont sponsored captives rather than with foreign or alien cell programs. VCIA’s advocacy efforts ensure that the voice and interests of its membership are accurately heard and represented to regulators, the judiciary, legislatures and the executive branch, at both the state and federal levels. Membership in VCIA means clout. With over 450 active member companies – many of whom are well known and well respected industry leaders – VCIA is recognized and listened to during important regulatory and legislative discussions that affect our industry. Whether it’s leading a coalition to prevent the IRS from promulgating injurious regulations, VCIA’s support of the Risk Retention Modernization Act, successfully fighting the Neal Bill’s taxation on reinsurance, or working to update Vermont’s captive statutes, VCIA leads the way.last_img read more

Bad mortgage rate up in Vermont for June

first_imgAccording to a national rating service, Vermont’s mortgage problems continue to slowly climb as the country works its through the home financing crisis. The state’s foreclosure problems were never as severe as most other states and the rate is still below the national average, but Vermont is also working out problem mortgages more slowly. The state’s relative rank was 19th in June after being number 15 in May (total non-current: June 9.0 percent, May 8.7 percent, see chart below). For many months Vermont had the lowest percentage of problem loans in the East, but now two states, New Hampshire and Virginia, have a lower rate.The June Mortgage Monitor report released by Lender Processing Services (NYSE: LPS) shows that while overall mortgage prepayment activity remains stable, despite historically low rates, the federal government’s Home Affordable Refinance Program (HARP) has seen considerable activity since the beginning of 2012.”For this month’s Mortgage Monitor, we looked at Fannie Mae and Freddie Mac [GSE] 30-year fixed-rate loans across a variety of loan-to-value ratios,” explained Herb Blecher, senior vice president, LPS Applied Analytics. “Since the beginning of this year, high loan-to-value refinances have increased significantly. As an example, 2006 vintage GSE loans with six percent interest rates and LTV ratios between 100 and 125 percent increased from a 10 percent annualized prepayment rate at the end of 2011 to more than 40 percent in June 2012. Our data also shows that this rise in loan activity extends beyond that subsection – the same type of increase holds true across other vintages with the same characteristics.”The June data also shows that the rate of new problem loans entering the delinquency pipeline remained stable at multi-year lows; late-stage delinquencies have also shown improvement over the last year, dropping more than seven percent. On a month-over-month basis, the national delinquency rate for loans 90 or more days delinquent remained stable, but after months of tracking very closely, the rate in judicial foreclosure states is now higher than in non-judicial. The share of aged inventory is higher in judicial states as well, with nearly 50 percent of borrowers with loans 90 or more days delinquent not having made a payment in more than one year, as compared to just slightly more than 40 percent in non-judicial states. Further, nearly 60 percent of borrowers with loans in foreclosure in judicial states had not made a payment in at least two years, as of June.As reported in LPS’ First Look release, other key results from LPS’ latest Mortgage Monitor report include:Total U.S. loan delinquency rate: 7.14 %Month-over-month change in delinquency rate: 3.4 %Total U.S. foreclosure pre-sale inventory rate: 4.09 %Month-over-month change in foreclosure pre-sale inventory rate: -2.0 %States with highest percentage of non-current* loans: FL, MS, NV, NJ, ILStates with the lowest percentage of non-current* loans: MT, AK, WY, SD, ND*Non-current totals combine foreclosures and delinquencies as a percent of active loans in that state.Note: Totals are extrapolated based on LPS Applied Analytics’ loan-level database of mortgage assets.About the Mortgage MonitorLPS manages the nation’s leading repository of loan-level residential mortgage data and performance information on nearly 40 million loans across the spectrum of credit products. The company’s research experts carefully analyze this data to produce a summary supplemented by dozens of charts and graphs that reflect trend and point-in-time observations for LPS’ monthly Mortgage Monitor Report. To review the full report, visit http://www.lpsvcs.com/LPSCorporateInformation/CommunicationCenter/DataRe…(link is external)About Lender Processing ServicesLender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation’s top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk.These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS’ servicing solutions include MSP, the industry’s leading loan-servicing platform, which is used to service approximately 50 percent of all U.S. mortgages by dollar volume. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries.LPS is headquartered in Jacksonville, Fla., and employs approximately 8,000 professionals. The company is ranked on the Fortune 1000 as the 877th largest American company in 2012. For more information, please visit www.lpsvcs.com(link is external).JACKSONVILLE, Fla. – August 9, 2012 – LPSlast_img read more

Childcare union activists try one more time

first_imgby Anne Galloway April 29, 2013 vtdigger.org Home health care workers have been authorized to unionize, and even states attorneys have been given the green light for collective bargaining.The same right to form a union, however, has eluded home-based child-care providers.Child care workers testified in force at a Statehouse public hearing on Wednesday evening. Those in red represented the Vermont Workers Center, while those in blue supported the legislation, and those in white opposed it. Photo by Nat RudarakanchanaThough a measure passed the House two years ago, it has been controversial in the Senate from the start. Child-care workers tied to the American Federation of Teachers have tried since 2011 to get authorization to engage in collective bargaining activities in Vermont.Sen. Dick McCormack, D-Windsor, hopes to change that state of affairs before the session ends. McCormack says the ability to bargain for wages and work standards is a fundamental human right, and he hopes this time a new compromise approach will make the proposal more palatable to members of the Senate.On Friday, his committee, Senate Education, voted 4-1 to approve an amendment to the miscellaneous education bill, H.521, that smoothed out wrinkles in a plan that would allow home-based childcare providers to participate in the formation of a union that would negotiate with the state over policy issues. This move appeased Sen. Bill Doyle, R-Washington, who objected to the original language, which excluded small home businesses that do not receive subsidies from the state.The third time could be the charm. The effort was first stalled in 2011 by large child-care centers, including the YMCA and the Burlington Boys and Girls Club. When these groups were removed from the bill, the legislation still went nowhere.Then last year, Senate President Pro Tem John Campbell, other blue dog Democrats and Senate Republicans blocked the legislation because of alleged AFT strong-arming tactics (including a threat to pull campaign funding for a Senate political action committee). This year Campbell, who professes to be pro-union, has said he wont stand in the way of a child-care unionization bill.Others in the Senate, however, including Sen. Kevin Mullin, R-Rutland, remain adamantly opposed to the unionization of child-care providers. Mullins committee, Senate Economic Development, killed a similar bill earlier this session.No guarantees, McCormack says, but it appears the amendment now has the votes in the Senate to pass. If theres any trouble, he says hes going to present a side-by-side analysis of the home health care bill (a nearly identical measure that passed with no debate last month) and the childcare unionization legislation to drive home his point there is no rational reason to respect the rights of one group and deny those same rights to another.In order to get the bill out of committee, McCormack says he had to make a major concession. (As he put it, you cant go off and be a leader if people arent following.)The amendment, he says, makes no effort to collect so-called agency fees for providers who dont receive subsidies from the state. The House and Senate both recently passed legislation that allows unions in the public sector to collect a percentage of union dues from non-union employees because they benefit from the collective bargaining process.Still, McCormack says, the amendment could meet with resistance, and he is prepared to counter attacks.My observation of the arguments against giving early child care providers the right to union is that these are generic anti-union arguments, McCormack said. They are the same arguments that were used in the Tennessee coalfields in the 1890s, the New York sweat shops in 1910 and in the Midwestern automobile factories in the 1930s. We as a people have generally decided collective bargaining is a fundamental human right.The AFT said in a statement that 13 states have similar legislation.Sheila Reed, associate director of Voices for Vermonts Children, a nonprofit group that has advocated for the unionization effort, is pleased with the committee vote. We are now one step closer to ensuring that the people who care for our children every day will have a full voice in developing state child-care policies, Reed said.last_img read more

Citizens Bank named one of the nation’s best banks by Money Magazine

first_imgCitizens Bank,Money Magazine has selected Citizens Bank as one of nation’s best banks in its 2013 list of “The Best Banks in America.” Citizens Bank was recognized for its level of customer convenience available through its 24/7 customer contact center, its banking specialists available online via instant messaging and its network of approximately 1,400 branches and 3,600 ATMs. Money’s ‘The Best Banks in America’ feature is in the November issue. ‘Our customers typically choose to bank with us because of how easy it is to access their accounts at their local branch, through our 24/7 customer service center, at an ATM, online or on their mobile phones,’ said Brad Conner, Vice Chairman of Consumer Banking for RBS Citizens Financial Group. ‘We are committed to making banking simple, clear and personal and we are proud to be recognized by Money Magazine as one of The Best Banks in America.’ In addition to a ‘robust presence’ defined by its many branches and ATMs, Money recognized Citizens Bank’s extended branch hours that include 7-day-a-week supermarket branches.last_img read more

Vermont unemployment rate declined three-tenths to 3.7 percent in February

first_imgAgain driven by a steep drop in the number of unemployed, along with a gain in employment, the Vermont jobless rate fell again and remains the lowest rate east of the Mississippi. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for February 2014 was 3.7 percent. This represents a decrease of three-tenths of a percent from the January rate of 4.0 percent. The comparative national average was 6.7 percent, which was up one-tenth of a percent from January. February 2014 data represents the fifth consecutive reported monthly decrease to the statewide unemployment rate in Vermont. Vermont’s unemployment rate was the fourth lowest in the country.    “It is good news that the statewide unemployment rate has reached pre-2007-recession levels, and Vermont’s job totals are nearly back to where they were before the recession. Yet, we recognize that shifts in the economy and corporate changes have led to displacement of some Vermont workers. The Department encourages Vermonters to visit one of our regional offices to tap into services and programs for job counseling and placement assistance,” said Labor Commissioner Annie Noonan.Governor Peter Shumlin issued the following statement on Vermont’s unemployment rate: “I am pleased that Vermont’s unemployment rate has dropped to 3.7 percent, the lowest it’s been since June 2006 and now the 4th lowest unemployment rate in the nation. While monthly rates fluctuate, Vermont clearly is on the right track with jobs and economic growth. We have seen jobs gains across industries, including professional and business services, education and health services, our local food economy, and manufacturing. I am proud that Vermont has added almost 11,000 new jobs since I took office. Like all states, Vermont has seen some businesses downsize or close over the years, and I know today’s good numbers are not a comfort to employees who have faced those layoffs. But this low unemployment rate tracks with what I’m hearing from employers across the state, that good jobs are available and businesses are looking to hire trained and skilled workers. As we continue to outpace other states, Vermont has a lot to be proud of, but we have more work to do.”last_img read more

Verizon Wireless enhances 4G LTE coverage in Bristol

first_imgVerizon Wireless,Verizon Wireless recently expanded fourth generation (4G) Long Term Evolution (LTE) network coverage(link is external) in Bristol, Vermont. 4G LTE empowers Verizon Wireless customers with compatible devices(link is external) to surf the Web, post status updates and photos, and download files wirelessly at speeds up to 10 times faster than customers on 3G networks.“4G LTE is changing the way customers interact with the world via next generation apps, devices and solutions,” commented Dave MacBeth, Executive Director of Network for Verizon Wireless. “By investing in wireless broadband, we’re investing in local communities and economies where our customers live, work and play.”Verizon Wireless completed $245 million in wireless network enhancements across New England in 2013, increasing the company’s regional network investment to $3.6 billion since its inception in 2000. Verizon Wireless operates the nation’s largest 4G LTE network, which is twice the size geographically of any other 4G LTE network in the U.S. Available to nearly 305 million people in more than 500 markets across the country, the Verizon Wireless network covers more than 97 percent of the U.S. population. To see 4G LTE coverage across the country and locally please visit: www.verizonwireless.com/lte(link is external).May 14, 2014–(BUSINESS WIRE(link is external))–Verizon Wireless:last_img read more

Merchants Bank partners with Vermont Lake Monsters for their 23rd season: Home opener Sunday

first_imgVermont Business Magazine For over 20 years Merchants Bank has been teaming up with the Vermont Lake Monsters; a partnership of deep investment in our community and history. Every year Merchants Bank looks forward to the opening season, so if you’re looking for a new tradition and memorable Father’s Day head to the Lake Monsters 23rd home season beginning Sunday, June 19th.Plus, if you’re heading to the game this weekend or anytime this season, don’t forget to take advantage of the free shuttle service. Merchants Bank is proud to provide courtesy shuttle bus service from Gutterson Fieldhouse to Centennial Field. Kids will love riding the shuttle and hearing a few stories about Lake Monsters on the short ride to the ballpark. Merchants Bank is also proud to provide courtesy parking to all Lake Monsters fans at both Gutterson Fieldhouse and Trinity Campus. For ballpark directions and parking, visit www.lakemonstersparking.com(link is external).Merchants Bank is also excited to announce the return of the Merchants Bank Vermont Lake Monsters debit card. Show your fan loyalty with a Vermont Lake Monsters debit card, available exclusively from Merchants Bank, for a limited time. Open a Merchants Bank checking account or update your current card to a Vermont Lake Monsters card now through September 1st and receive 10% off merchandise at the ballpark and team store, a chance to throw the first pitch, a one-time 50% off merchandise coupon and two ticket vouchers to a 2016 home game, plus special Vermont Lake Monsters ticket discounts. Visit MBVT.com(link is external) to learn more or stop by one of our local branches.”The Vermont Lake Monsters is so much more than a ball game, it’s about families and being connected with the community,” said Merchants Bank’s SVP Deposit Growth and Profitability, Anita Bourgeois. “We’re looking forward to a fun fill night at the park on Tuesday, August 23rd with 300 of our biggest fans.”About Merchants Bank: A Vermont-chartered commercial bank established in 1849, Merchants Bank is the largest Vermont-based bank. The bank’s business, municipal, consumer, and investment customers enjoy personalized relationships, sophisticated online and mobile banking options, with 31 branches in Vermont and 1 location in Massachusetts, operating as NUVO, A division of Merchants Bank. American Banker ranks Merchants Bank a “Top 200” in America among 851 peers. For more information, go to www.mbvt.com(link is external). Where do you want to grow? (Member FDIC, Equal Housing Lender, NASDAQ “MBVT”)BURLINGTON, Vt., June 16, 2016 /PRNewswire/ — MBVTlast_img read more

People’s United acquires NY-based Gerstein Fisher

first_imgVermont Business Magazine People’s United Bank, NA has announced that its subsidiary, People’s Securities, Inc, has entered into a definitive agreement to acquire Gerstein Fisher, a $3 billion, New York City-based investment management firm serving individuals and families, institutions, and third-party platforms. The transaction is expected to bring People’s United Wealth Management’s total assets under administration to nearly $20 billion, of which approximately $8 billion is under discretionary management.”Gerstein Fisher’s well-known quantitative investment approach and scalable technology-enabled platform will build upon the excellent range of investment solutions offered by People’s United,” said Jack Barnes, President and Chief Executive Officer. “The transaction supports recent strategic investments in our fee income businesses and strengthens our New York franchise. We are extremely pleased to welcome this respected firm to the People’s Securities and Wealth Management teams.”Founded in 1993 and featured in Barron’s “Top 100 Financial Advisors” list for six consecutive years, Gerstein Fisher is one of the country’s largest independent boutique investment firms. Gerstein Fisher manages assets using a quantitative Multi-Factor® approach, which structures portfolios to overweight the factors that leading-edge academic research has identified as having the potential to deliver enhanced returns.”Gerstein Fisher’s client focus, quantitative portfolio management and well-rated mutual funds complement People’s United’s offerings and expertise,” said Galan Daukas, Senior Executive Vice President, People’s United Wealth Management. “In addition, our partnership will generate excellent opportunities for shared growth throughout our collective geographic footprint.”Gerstein Fisher’s Founder and CIO, Gregg S. Fisher, will join People’s United as Head of Quantitative Research and Portfolio Strategy. “We look forward to bringing the firm’s pioneering Multi-Factor investment approach, as well as the guidance of Gregg Fisher, to our current and future clients,” Daukas continued.”We’re very excited to join forces with People’s United, as both companies share similar cultures, outstanding client relationships and strong investment performance,” said Fisher. “We believe that our investment strategies, combined with People’s United’s large distribution network, will allow us to help more people invest smartly to achieve their goals than Gerstein Fisher could have on a standalone basis.”The transaction is expected to close during the fourth quarter of 2016, subject to customary approvals and consents, including the consent of Gerstein Fisher clients. People’s United expects the transaction to be modestly accretive to earnings in 2017 with an IRR of over 15%. The transaction contains a portion of contingent consideration based on the achievement of revenue growth targets.Berkshire Capital Securities LLC served as financial advisor to People’s United. Silver Lane Advisors LLC served as financial advisor to Gerstein Fisher.For information about People’s Securities, Inc., read more(link is external) at peoples.com.About Gerstein FisherGerstein Fisher is an investment management firm headquartered in New York City. Founded in 1993, the firm manages assets using a quantitative, Multi-Factor® approach grounded in economic theory and time-tested academic research. Drawing on a deep understanding of both market dynamics and investor behavior, Gerstein Fisher has more than two decades of experience creating innovative solutions for investors. For more information, please visit www.GersteinFisher.com(link is external).About People’s United BankPeople’s United Bank(link is external), N.A. is a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), a diversified financial services company with over $40 billion in assets. People’s United Bank, founded in 1842, is a premier, community-based, regional bank in the Northeast offering commercial and retail banking, as well as wealth management services through a network of approximately 400 retail locations in Connecticut, New York,Massachusetts, Vermont, New Hampshire and Maine.People’s United Bank. “What know-how can do.” ®   Visit us at peoples.com(link is external) and follow us on Facebook (link is external)and Twitter(link is external).SOURCE BRIDGEPORT, Conn., July 21, 2016 /PRNewswire/ — ​People’s United Bank, N.A.last_img read more

Keurig Green Mountain to pay $5.8 million for failure to report defective coffee brewers

first_imgKeurig Dr Pepper,Vermont Business Magazine The US Consumer Product Safety Commission (CPSC) announced today that Keurig Green Mountain, Inc, based in Waterbury, has agreed to pay a $5.8 million civil penalty(link is external) to the government. The penalty settles charges that Keurig knowingly failed to report a defect and unreasonable risk of serious injury to CPSC immediately with Keurig MINI Plus Brewing Systems, as required by federal law.Between 2010 and 2014, Keurig received about 200 reports of hot water, coffee, and coffee grounds spraying out of the brewers. In more than 100 of these incidents, consumers suffered burn-related injuries to their faces, hands, and bodies. Some of these injuries were severe and resulted in second and third-degree burns. In addition to paying a penalty, Keurig has agreed to develop, implement and maintain a compliance program that is designed to ensure that the company complies with the Consumer Product Safety Act.Keurig recalled(link is external) about 6.6 million MINI Plus brewers in December 2014. The brewers were sold at Kmart, Kohl’s, Target, Walmart and other stores nationwide and online at www.keurig.com(link is external), www.greenmountaincoffee.com(link is external), and www.keurig.ca(link is external) from December 2009 through December 2014 for about $100.Keurig’s settlement of this matter does not constitute an admission of CPSC staff’s charges.   The penalty agreement has been accepted provisionally by the Commission by a 4 to 1 vote.  Statement by Commissioners Robert S. Adler, Elliot F. Kaye and Marietta S. Robinson(link is external):”February 16, 2017″On February 15, 2017, the Commission voted 4‐1 to provisionally accept a settlement with Keurig Green Mountain, Inc. to pay a civil penalty of $5.8 million to resolve CPSC staff allegations that Keurig knowingly failed to report a defect with its MINI Plus single‐serve brewing systems (“Brewers”) that caused hot water and coffee grounds to spray out and burn unsuspecting consumers. Staff alleged that Keurig knew of the defect but failed to timely report to CPSC. By the time of the recall, at least 100 consumers had suffered burn‐related injuries to their faces, hands, and bodies.”While we have reluctantly voted to approve the settlement – an amount that now ranks as CPSC’s second‐highest penalty ever – we have serious reservations about whether the amount will have any meaningful deterrent effect on Keurig or other multi‐billion dollar companies who are well‐positioned to dismiss this size penalty as a small cost of doing business.”Background”Keurig is a $4.5 billion business with over 6,000 employees.1″From December 2009 to December 2014, Keurig imported and sold 6.6 million Brewers for approximately $100 each. Beginning in February 2010 and over the next four years, Keurig received approximately 200 reports of hot water and coffee spewing out of the Brewers. For every two incidents reported, at least one resulted in injury to a consumer – an alarming incident‐to‐injury rate of roughly fifty percent. Multiple consumers sought medical treatment and some of the injuries were severe, resulting in second and third‐degree burns.”On November 25, 2014, Keurig informed the Commission about a problem with the Brewers but continued to import and sell them into December. 2  On December 23, 2014, CPSC and Keurig jointly announced a voluntary recall by the firm.”Following the recall, CPSC staff conducted an investigation to determine whether Keurig had complied with the reporting requirements in sections 15(b)(3) and (4) of the CPSA. The investigation revealed that Keurig had accumulated significant information over a four‐year period that resulted in several missed opportunities to report, including receipt of detailed incident and injury data, insurance claim payments made to injured consumers, and notice of at least two requests by a retailer for Keurig to undertake a product safety investigation.3″Unfortunately, we are not at liberty to provide any more specificity regarding Keurig’s violation of the reporting requirement because the restrictive and cumbersome information disclosure provisions in section 6(b) of the Consumer Product Safety Act4 prohibit us or anyone else at the agency from disclosing any facts beyond those set forth in the negotiated Settlement Agreement. For this reason, we cannot comment on the seriousness of the reporting delay because nowhere in the Agreement does it set forth the date by which staff alleges Keurig should have reported.5  Nor as a general matter do most Agreements disclose other pertinent facts because companies continue to strongly resist staff efforts to better inform the public by including more detail about the alleged violative conduct in the civil penalty agreements.”Discussion”A civil penalty in the amount of $5.8 million is not insignificant, and, as we noted at the outset, it is the second‐highest penalty ever obtained by CPSC. Our General Counsel staff is to be commended for resolving this matter expeditiously, without having to resort to costly litigation, and for settling at an amount that accurately reflects its valuation of the case at the time negotiations began. And while we voted to approve the settlement because we think it is in the best interest of the Commission, we believe the amount is not appropriate relative to the size of the business because it does little to deprive this multi‐billion dollar firm of its economic gain from noncompliance.”1 See Keurig Green Mountain Annual Report on Form 10‐K dated November 19, 2015. At the time of the recall and for all the relevant years prior Keurig was a publicly traded company. On March 3, 2016, Keurig was acquired by an investment firm and is now a privately held company.”2 Settlement Agreement at ¶¶ 4, 12 setting forth dates of distribution and date Keurig reported to CPSC.”3 Settlement Agreement at ¶¶ 8, 9.”4 Section 6(b) generally bars the agency from releasing any information that would permit the public to identify a manufacturer unless the agency has obtained permission from the company to disclose such information or the Commission has followed a set of often lengthy procedures to clear the information disclosure. No other agency in the federal government must follow procedures like these.”5 We urge staff in future negotiated settlements to include the length of the firm’s delay in reporting.”About U.S. CPSC:The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products under the agency’s jurisdiction. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical or mechanical hazard. CPSC’s work to help ensure the safety of consumer products – such as toys, cribs, power tools, cigarette lighters and household chemicals – contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.Federal law bars any person from selling products subject to a publicly-announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission.To report a dangerous product or a product-related injury go online to www.SaferProducts.gov(link is external) or call CPSC’s Hotline at 800-638-2772 or teletypewriter at 301-595-7054 for the hearing impaired. Consumers can obtain news release and recall information at www.cpsc.gov(link is external), on Twitter @USCPSC or by subscribing to CPSC’s free e-mail newsletters.SOURCE WASHINGTON, Feb. 21, 2017 /PRNewswire-USNewswire/ — US Consumer Product Safety Commission www.cpsc.gov(link is external)last_img read more

Waistfield company products recalled due to adulteration and being produced without inspection

first_imgVermont Business Magazine The Simmering Bone, a Waitsfield company, is recalling approximately 56 fl-ounces of beef and chicken bone broth products that were adulterated and produced without the benefit of state or federal inspection, the Vermont Agency of Agriculture has announced.The following products are subject to the recall:* 14-fl. Oz individual jars containing “the Simmering Bone Classic Chicken Broth CBD Booster Blend”* 14-fl. Oz individual jars containing “the Simmering Bone Fire Roasted Tomato & Shiitake Beef Broth CBD Booster Blend”The products subject to recall bear establishment number “EST. 44798” inside the USDA mark of inspection. The beef and chicken broth products subject to the recall were produced by The Simmering Bone, Waitsfield, VT, and sold at the Vermont Hemp Festival in Burke, VT on September 9, 2017. A total of 4 jars were sold to attendees of the festival.The problem was discovered when VAAFM personnel were notified and found product that bore the federal mark of inspection but was produced without USDA Food Safety Inspection Service (FSIS) inspection.There have been no confirmed reports of adverse reactions due to consumption of these products. Anyone concerned about a reaction should contact a healthcare provider.Under USDA Recall Classification, this situation is defined as a Class I with a high health risk.USDA Recall ClassificationsClass I: This is a health hazard situation where there is a reasonable probability that the use of the product will cause serious, adverse health consequences or death.Class II: This is a health hazard situation where there is a remote probability of adverse health consequences from the use of the product.Class III: This is a situation where the use of the product will not cause adverse health consequences.Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.Consumers and media with questions about the recall may contact Rachel Collier, owner of The Simmering Bone, at 802-578-7579.Consumers with food safety questions can “Ask Karen,” the FSIS virtual representative available 24 hours a day at AskKaren.gov or via smartphone at m.askkaren.gov. The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from 10 a.m. to 6 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day. The online Electronic Consumer Complaint Monitoring System can be accessed 24 hours a day at: http://www.fsis.usda.gov/reportproblem(link is external).Source: Agency of Agriculture, Food and Marketslast_img read more