DudeGuy65
I see there are threads related to this topic already but they are filled with tech jargon and lots of arguing so I want to keep this simple:
 
I built my first custom PC in mid September, and chose the 1070 FTW edition.  Today an engineering friend tipped me off about this potential fire hazard with the VRM.  I'm still a newbie for sure to all of this, and I didn't even know what a VRM was until today.  I certainly don't want to disassemble my card and apply some DIY fix because I don't feel confident I won't break my new several hundred dollar investment.
 
Can someone tell me in simple terms if this is something I need to be concerned with?  I don't want to risk destroying my brand new $1,400 PC. Right now I'm writing from a different PC until I get more information about this issue.  Is EVGA swapping cards?  How do I go about that process?
 
Sorry for all the newbisms here.  Thanks in advance.

http://forums.evga.com/Someone-on-reddit-just-did-some-research-about-this-VRM-temperature-issue-on-the-1070-FTW-m2573006.aspx
This is all you need to know.
 
If your card has always worked as it should, it has no faulty components.
EVGA has already stated several times that even though the VRMs do operate hotter than other cards from different vendors, they still operate within spec (as it is proven by that reddit user.)
If you're worried about high temps, just choose the aggressive fan preset on Precision XOC. But even if you let it sit in the 0dB mode you won't have issues.
I've got mine 1 month ago and always had it on the 0dB mode and never noticed anything abnormal.
 
One thing that everyone needs to understand, and this is really clear and you don't need an EVGA tech to tell you, is that one thing was the issue related to faulty 1080 FTW VRMs that led them to blow up (which has been corrected by EVGA, and only 3-4% of the 1080s were affected). This has no relation to the VRM operating temp on our cards. Because if it had, our cards would've all blown up by now.
What many sites did was the following: they picked up those faulty 1080 headlines and summed up with the article posted by Tom's Hardware that tested the heat signature from a 1070 FTW using Furmark. This is clickbait journalism in its finest. 
 
Yes, there are some reports of faulty 1070 FTWs, but that just happens as it happens with every product.
 
 
EVGA also states the thermal pads are optional and only for the users who want lower temps. Your card will run fine even without them.
This is all pretty much confirmed.
 
The only general doubt about those higher VRM operating temps is how much they will impact the life of our cards. 
 
Another thing to know is that Zotac 1070 VRMs operate even hotter than EVGAs, and still nobody has complained about explosive Zotacs. Which proves that both things are not correlated.
Just because a card explodes due to a faulty VRM doesn't mean it was caused by heat.
 
 
I'm not trying to support EVGA or anything like that. I'm just trying to be factual.
I paid for my card as did many other users, but spreading rumours and speculating won't help.