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In October 2013, the CFPB released four “Managing Someone Else’s Money” guides for financial caregivers, particularly those who handle the finances of older Americans.  The booklets were designed for four different categories of financial caregivers: agents under powers of attorney, court-appointed guardians, trustees, and government fiduciaries, such as someone serving as a Social Security representative payee or Veterans Affairs fiduciary.… Continue Reading

The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers.  The event will feature remarks from Director Cordray and Virginia Attorney General Mark Herring and financial caregiving experts will be in attendance to answer questions.  The event is open to the public but an RSVP is required.… Continue Reading

The CFPB and Federal Deposit Insurance Corporation have jointly launched a new financial resource tool to assist older adults and their caregivers in avoiding elder financial exploitation.  Named “Money Smart for Older Adults,” the tool  is a stand-alone training module that provides information on how to prevent, identify and respond to elder financial exploitation, plan for a secure financial future, and make informed financial decisions. … Continue Reading

The CFPB, through its Office of Financial Protection for Older Americans, has issued a report to Congress and the SEC that makes recommendations for informing older consumers about the legitimacy of certifications of financial advisers to seniors, assisting older consumers in selecting the most appropriate financial adviser, and enabling older consumers to verify a financial adviser’s credentials. … Continue Reading

In a March 14 post  on the CFPB’s blog, Skip Humphrey, who heads the CFPB’s Office of Older Americans, reported on his meeting with Illinois bank regulators and other Illinois officials to discuss the state’s efforts to combat financial elder abuse. Mr. Humphrey noted that Illinois recently enacted a law that requires employees of state banks and other state financial institutions to receive training on how to recognize signs of such abuse.… Continue Reading