From the Archives: December 2013

CFPB Publishes Fiduciary Guides 

The CFPB has published four guides for individuals acting in a fiduciary capacity for someone else. In a press release, Director Richard Cordray said that “… today, the consumer bureau is publishing a series of guides called ‘Managing Someone Else’s Money.’ The guides are designed to help people meet the responsibility of managing money for a loved one.”

The guides explain the four main responsibilities of a fiduciary, including acting in the beneficiary’s best interest, managing the beneficiary’s money and property carefully, keeping money separate from their own and maintaining good records.

The guides created by the CFPB are for agents under powers of attorney, court-appointed guardians, trustees and government fiduciaries. They walk individuals in this fiduciary capacity through their duties, inform them of scams and financial exploitation, and what to do if their loved one is a victim and provide resources to go for help. The resources can be found here.

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