CFPB's Office of Older Americans Releases Virginia Guides Designed for Financial Caregivers

CFPB

On August 17, the CFPB released Virginia state-specific Managing Someone Else’s Money guides, which are designed to make it easier for financial caregivers to follow the state’s unique fiduciary laws and procedures. According to Director Cordray’s remarks, the four guides – (i) Agents under powers of attorney; (ii) Court-appointed guardians; (iii) Trustees; and (iv) Government fiduciaries – will provide fiduciaries with “tips and answers to everyday questions people may have about managing someone else’s bank account, applying for federal benefits, and sharing information with family members.” Additionally, the guides are intended to alert caregivers to potential scams and financial exploitation, while also providing ways to respond if a beneficiary is the victim of either. The CFPB plans to release similar guides for Arizona, Florida, Georgia, Illinois, and Oregon. Following the nationally-applicable 2013 Managing Someone Else’s Money guide, the release of these state-specific guides represents the second phase of the Bureau’s Office of Older Americans’ initiative to assist financial caregivers.