Anthem
David Curtis
Director, Compliance Services
Phone: 206.340.4785
Toll-free: 800.995.9064 x151
David Curtis is the director of compliance services at the Northwest Credit Union Association. In this role he is responsible for responding to credit union compliance inquiries, informing and instructing credit unions on new compliance responsibilities through updates and council meetings. He is a liaison, facilitator, and presenter at both the compliance and collectors’ networking […]
Will Hall
Director, Legal Advocacy
Phone: 208.297.5877
Toll-free: 800.995.9064 x302
Will Hall serves as the Director of Legal Advocacy for the Northwest Credit Union Association, providing compliance expertise to the Association’s member credit unions, helping them navigate the many compliance challenges they face. After graduating from Davidson College in North Carolina, Hall moved to the nation’s capital, where he worked for several years before attending […]
CFPB Releases Four Guides on Managing Someone Else’s Money
October 31, 2013
Oct. 31, 2013
The CFPB has created four easy-to-understand booklets designed to help financial caregivers understand their role.
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:
- Powers of attorney;
- Court-appointed guardians;
- Trustees; and
- Government fiduciaries (Rep Payee, VA Fiduciaries).
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, compliance@nwcua.org.
Posted in Compliance.