May 11, 2023 – DFR Commissioner Kevin Gaffney announced the recent appointments of Amanda Smith and Aaron Ferenc as deputy commissioners of the securities and banking divisions within the Department of Financial Regulation.
In November 2022, then-Director of Examinations Ferenc was appointed interim-deputy commissioner of banking. Earlier last year, Smith, who was then supervising the administration and registration unit in the securities division, became interim-deputy commissioner of securities.
Department Commissioner Gaffney said their contributions during the past year were instrumental in maintaining continual, effective operations.
"Aaron is an experienced DFR leader who not only met the challenge of the new role but has been extremely helpful in providing support and advice as the banking sector navigates a variety of challenges," Gaffney added. "Amanda has done a great job of not only leading the division but supporting me in a number of ways this past year. She also has been an integral part of the Department outreach effort and helped coordinate a collaborative Financial Literacy effort with the Treasurer's Office last month."
Smith and Ferenc, two longtime employees with the Department, were appointed by Gov. Phil Scott last week as deputy commissioner of the Department securities division and banking division, respectively.
The Department of Financial Regulation is charged with protecting consumers while ensuring industry partners in the areas of banking, insurance, securities and captive insurance operate responsibly, and can access information and guidance to do so in Vermont.
The Department Securities Division administers Vermont’s “Blue Sky Laws” contained in the Vermont Uniform Securities Act and is responsible for protecting Vermont investors from fraud and promoting the development of Vermont’s capital markets. The DFR Banking Division regulates state-chartered banks, credit unions, trust companies, and other non-bank financial services providers such as mortgage lenders, sales finance companies and money transmitters.
Both Deputy Commissioner of Securities Smith and Deputy Commissioner of Banking Ferenc have extensive experience within the financial sector and expressed gratitude for their appointments. Smith has been with the Department for 13 years, and Ferenc has worked with the Department for 20 years. Made last week, both appointments became effective immediately.
Smith, who joined the securities division in April 2010 and holds a master's degree in public administration, supervised registration efforts for broker-dealers, sales agents, and investment adviser representatives, including directing division business operations. Prior to joining the Department, she collectively worked 10 years for a broker-dealer firm and a financial advisor.
“I am grateful to Gov. Scott and Commissioner Gaffney for the honor to continue serving at DFR as the securities deputy commissioner. We have a talented and dedicated team committed to our core mission to protect the Vermont investing public against fraud and promoting sustainable development of Vermont’s capital markets," Deputy Commissioner of Securities Smith said. "I look forward to continuing our critical work as a state securities regulator."
In March, Ferenc was appointed by the National Association of State Credit Union Supervisors (NASCUS) to its Performance Standards Committee for a two-year term. For nearly 13 years, Ferenc worked with the Department as a field examiner prior to becoming director of examinations eight years ago.
“I am thankful to Gov. Scott and Commissioner Gaffney for the opportunity to lead the banking division as deputy commissioner and to continue supervising and supporting Vermont’s banks, credit unions and financial services providers," Deputy Commissioner of Banking Ferenc said. "I look forward to maintaining DFR’s high standards, exceptional reputation, and adapting to our evolving regulatory landscape.”
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