CFPB Releases Four Guides on Managing Someone Else’s Money

The CFPB has created four easy-to-understand booklets designed to help financial caregivers understand their role.

View the guides here.

The Consumer Financial Protection Bureau has released four guides to help financial caregivers understand their role as a fiduciary.

Millions of Americans are managing money or property for a loved one who is unable to pay bills or make financial decisions. This can be very overwhelming.

The four “Managing Someone Else’s Money” guides are for agents under:

Each easy-to-understand booklet is designed to help financial caregivers understand their role. In each guide, the financial caregiver will find information about:

  • What a fiduciary is, with details about the role they have accepted;
  • The four basic duties of a fiduciary:
    • Act only in the best interest of the principal;
    • Manage the principal’s money carefully;
    • Keep the principal’s money separate; and
    • Keep good records and report as required;
  • Other things the fiduciary should know about their role;
  • Watching out for financial exploitation;
  • Being on guard for consumer scams; and
  • Where to go for help.

Credit unions may wish to provide new fiduciaries with these guides as part of their account-opening process. Being informed goes a long way.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.